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<br />LA PORTE AREA WATER AUTHORITY <br />MINUTES <br />May 28, 2003 <br /> <br />1. The meeting was called to order at 6:32 PM by President Robert Roy. <br /> <br />Members Present: President Robert Roy, Vice President Paul Berner, and <br />Member Robert T. Herrera. <br /> <br />Members Absent: Secretary Chester Pool <br /> <br />Others Present: General Manager Debra Feazelle, Director of Public Works <br />Steve Gillett and Assistant Director of Finance Michael Dolby. <br /> <br />2. The minutes from the meeting held February 11, 2003 were reviewed. Motion by <br />Robert Herrera, second by Paul Berner to approve the minutes as presented. <br />Motion was unanimous. <br /> <br />3. The proposed FY 2003-2004 LPAWA budget was presented by Debra Feazelle. <br />Ms. Feazelle answered questions from the Board. Motion by Robert Herrera, <br />second by Paul Berner to approve the budget as presented. Motion was <br />unammous. <br /> <br />4. General Manager Debra Feazelle discussed the request from the last meeting to <br />examine the feasibility of refinancing outstanding bonds. She explained that the <br />interest savings would not pay the issuing costs. She did note that should the <br />Authority issue bonds for new projects, the fixed issuing costs could be spread to <br />refinancing existing bonds. <br /> <br />Ms. Feazelle discussed the upcoming City of Houston Project to update the <br />Southeast Water Purification Plant. The estimated cost to the Authority is <br />approximately $800,000. Staff has suggested to Houston that the funding of this <br />Project be delayed until actual bids are received. Current time line for receiving <br />bids is spring of 2004, with award for summer 2004. Because of the uncertainty <br />of the final cost, and timing of the bid award by Houston, the Authority will not <br />budget this expense, but will consider a budget adjustment at that time. Funding <br />is available in the Authority's Capital Reserve Fund ($500,000) and retained <br />earnings. Robert Herrera suggested that staff inform customer cities of the <br />upcoming expense, and advise them that rates may be adjusted to recover this <br />expense. Ms. Feazelle will include this information in the letter transmitting the <br />Authority's budget to the member cities. <br />