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<br />LA PORTE AREA WATER AUTHORITY <br />MINUTES <br />MARCH 10,2010 <br /> <br />1. The meeting was called to order at 6:03 PM by Vice President David Janda. <br /> <br />Members Present: Vice President David Janda, Secretary Kenneth Schlather, <br />Member Steve Valerius. <br />Members Absent: President Dennis Steger <br /> <br />Others Present: General Manager Ron Bottoms, Director of Public Works Steve <br />Gillett, Director of Finance Michael Dolby and Ryan O'Hara of RBC Capital <br />Markets. <br /> <br />2. The minutes from the meeting held February 3, 2010 were reviewed. Motion by <br />Steve Valerius, second by Kenneth Schlather to approve the minutes as presented. <br />Motion was unanimous. <br /> <br />Ryan O'Hara of RBC Capital Markets discussed the reason for the proposed <br />refunding of bonds, the current state of the municipal bond market and reviewed <br />the potential savings. He discussed the schedule of events to refund the bonds <br />and answered questions from the Board. He stated that the market is fairly stable, <br />but the refunding could be delayed or called off if the rates moved up <br />significantly. Standard and Poor will rerate the bonds. The Board will need to <br />meet again in early April to approve the sale. After discussion, April 13, 2010 <br />was identified as a date that all could attend. Steve Gillett will confirm the date <br />with all members. <br /> <br />3. There was no General Manager's report. <br /> <br />There were no Board comments. <br /> <br />4. There being no further business, the meeting adjourned at 6:11 PM. <br /> <br />~~~ <br /> <br />Sec ary <br /> <br />PASSED AND APPROVED <br /> <br />ON THIS: :Ps- <br />~ -- <br /> <br />President <br />