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<br />LA PORTS AREA WATER A <br />MINUTES <br />AUGUST 12,1999 <br />f p~~L~OdC <br />HORIT SAN 14 2000 C <br />BY~ <br />The meeting was called to order at 6:35 PM by President Jerry Bramlett <br />Members Present: President Jerry Bramlett, Vice President Rodney J. <br />Etchberger, Secretary Albert Fields, and Member Robert Roy. <br />Members Absent: Member Chester Pool. <br />Others Present: Assistant City Manager/Finance Director Jeff Litchfield, <br />Director of Public Works Steve Gillett, David and Moss Fetzer of Moroney & <br />Beissner. <br />2. The minutes from the regular meeting held February 15, 1999 were reviewed. <br />Motion by Albert Fields, seconded by Rodney Etchberger to accept the minutes as <br />written. Motion was unanimous. <br />3. The Oath of Office was administered by President Jerry Bramlett to Robert Roy, <br />Albert Fields and Rodney Etchberger. <br />4. The election of new officers was held. Motion by Jerry Bramlett, seconded by <br />Albert Fields to elect Rodney Etchberger as President. Motion was unanimous. <br />Motion by Albert Fields, seconded by Jerry Bramlett to elect Robert Roy as Vice <br />President. Motion was unanimous. Motion by Albert Fields, seconded by <br />Rodney Etchberger to elect Chester Pool as secretary. Motion was unanimous. <br />5. Assistant City Manager Jeff Litchfield presented the proposed 1999-2000 <br />LPAWA Budget and answered questions from the Board. Motion by Robert Roy, <br />seconded by Rodney Etchberger to approve the proposed budget. Motion was <br />unanimous. <br />6. Assistant City Manager Jeff Litchfield reviewed the proposed refunding of the <br />outstanding LPAWA debt, which will save the Authority an estimated $1,592,432 <br />and a present value savings of $1,243,654, depending on the interest rate at <br />closing. <br />The Principal Payment Date will be moved from December to March, which will <br />improve financial planning. Additionally, the proposed savings will be taken "up <br />front" to pay for the upcoming purchase of additional capacity from the City of <br />Galveston. <br />Motion to approve the Official Notice of Sale and Official Statement for the <br />$8,080,000 LPAWA Contract Refunding Bonds, Series 1999 by Albert Fields, <br />seconded by Robert Roy. Motion was unanimous. <br />