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<br />Fage Three <br />LPAWA-Minutes <br />August 8, 1989 <br />• <br />Vice President Rick Matthews questioned the ownership of the <br />investment pool operated by the City of La Porte for various <br />funds, including the La Porte Area Water Authority. Mr. <br />Litchfield stated that the pool was in the City of La <br />Porte 's name, and the financial books and annual audit was <br />proof of the Authority's ownership of funds. Rick Matthews <br />requested clarification that these documents were the legal <br />indication of the Authority's account balance. A monthly <br />financial report stating the condition of the Authority's <br />funds is needed. John Joerns indicated that the City would <br />furnish this information. Mr. Litchfield then fielded <br />questions from the Board on how the City invests its money, <br />and how the debt service for the Authority is funded. <br />9. President Jerry Bramlett asked if any Board members wished <br />to attend the upcoming meeting with Morgan's Point. The <br />consensus was that too many attendants would be counter- <br />productive. <br />10. There being no further business, Vice President Rick <br />Matthews made motion to adjourn, seconded by Secretary <br />Claude Graves. Motion was unanimous and the meeting was <br />adjourned at 8:05 P.M. <br />Claude Graves, Secretary, Treasurer <br />PASSED AND APPROVED: <br />ON THIS DAY `~ , 19~_ <br />J y Br , President <br />