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<br />LA PORTE AREA WATER AUTHORITY <br />MINUTES <br />APRIL 13, 2010 <br /> <br />1. The meeting was called to order at 6:00 PM by President Dennis Steger. <br /> <br />Members Present: President Dennis Steger, Vice President David Janda, Secretary Kenneth <br />Sch1ather, Member Steve Va1erius. <br />Members Absent: None. <br /> <br />Others Present: General Manager Ron Bottoms, Assistant City Manager John Joems, City <br />Secretary Martha Gillett, Director of Public Works Steve Gillett, Director of Finance Michael <br />Dolby, John Robuck ofRBC Capital Markets and Margo White of Andrews Kurth LLP. <br /> <br />2. The minutes from the meeting held March 10, 2010 were reviewed. Motion by Steve <br />Valerius, second by Kenneth Schlather to approve the minutes as presented. Motion was <br />unanimous. <br /> <br />3. John Robuck of RBC Capital Markets distributed bid tabulations for the Contract revenue <br />Refunding Bonds, Series 2010. Five (5) bids were received, with low bid submitted by Robert <br />W. Baird & Company, with a net interest rate of 2.2888896%. This results in a net savings to <br />the Authority of$314,685. <br /> <br />Motion by Steve Valerius, second by Kenneth Schlather to approve the Resolution <br />Authorizing Issuance of La Porte Area Water Authority Contract Revenue Refunding Bonds, <br />Series 2010. Motion was unanimous. <br /> <br />4. Margo White of Andrews Kurth LLP outlined the proposed agreement with the Bank of New <br />York as the Paying Agent for the Refunding Bonds. Motion by Steve Valerius, second by <br />David Janda to approve the agreement. Motion was unanimous. <br /> <br />5. Margo White reviewed the Engagement Letter for Bond Counsel. This engagement is for this <br />bond issue only. The proposed fee is a one-time fee and is included in the net savings <br />calculations outlined in Item 3 above. Motion by Steve Valerius, second by Kenneth <br />Schlather to approve the Agreement for Bond Counsel. Motion was unanimous. <br /> <br />6. There was no General Manager's report. <br /> <br />7. There were no Board comments. <br /> <br />8. <br /> <br />There being no further business, the meeting adjourned at 6: 12 PM. <br /> <br />~~ <br /> <br />Secr ary <br /> <br />21!'/~ <br /> <br />PASSED AND APPROVED <br />ON THIS DAY <br /> <br />