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<br />LA PORTE AREA WATER AUTHORITY <br />MINUTES <br />FEBRUARY 3, 2010 <br /> <br />1. The meeting was called to order at 6:00 PM by President Steve Valerius. <br /> <br />Members Present: President Steve Valerius, Vice President David Janda, <br />Secretary Kenneth Schlather, Members Dennis Steger and Robert Roy. <br />Members Absent: None <br /> <br />Others Present: General Manager Ron Bottoms, City Secretary Martha Gillett, <br />Director of Public Works Steve Gillett, Director of Finance Michael Dolby, <br />Controller Phyllis Rinehart and Paula Lowe of Pattillo, Brown & Hill. <br /> <br />2. The Oath of Office was administered to Steve Valerius and Dennis Steger by City <br />Secretary Martha Gillett. <br /> <br />3. Steve Valerius nominated Dennis Steger as President, seconded by Robert Roy. <br />Motion was unanimous. Steve Valerius nominated David Janda as Vice <br />President. Seconded by Dennis Steger. Motion was unanimous. Motion by <br />Steve Valerius to nominate Kenneth Schlather as Secretary. Seconded by Dennis <br />Steger. Motion was unanimous. <br /> <br />4. The minutes from the meeting held July 1, 2009 were reviewed. Motion by <br />Kenneth Schlather, second by Robert Roy to approve the minutes as presented. <br />Motion was unanimous. <br /> <br />5. Auditor Paula Lowe distributed copies of the Audit Report. She reviewed the <br />audit process, and stated that Pattillo, Brown & Hill was issuing an unqualified <br />opinion of the Authority's annual financial reports, which is the highest opinion <br />that can be given. She also reviewed the three (3) main sections of the Report: (1) <br />Management's Discussion and Analysis; Basic Financial Statements and (3) <br />Supplemental Information. Michael Dolby additionally stated that the Authority's <br />Credit Rating had been upgraded to AA. <br /> <br />The Auditor and staff fielded several questions and the Board offered several <br />minor changes to the Report to improve clarity and correct dates. <br /> <br />Motion by Robert Roy, seconded by David Janda to accept the Audit as <br />presented. Motion was unanimous. <br /> <br />6. Ron Bottoms reported that staff was investigating the refinancing of the 1999 <br />Refunding Bonds, which become callable in March 2010. It appears that the <br />Authority may be able to save approximately $166,000 by taking advantage of <br />more favorable rates. The refinancing will not extend the debt. Staff is <br />