03-07-1989 Meeting - Laserfiche WebLink

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w • LA PORTE AREA WATER AUTHORITY MINUTES MARCH 7, 1989 1. The meeting was called to order at 6:07 P.M. by President Jerry Bramlett. MEMBERS PRESENT: President Jerry Bramlett, Vice President Richard Matthews, Secretary Claude Graves, Member Mike Wadsworth. MEMBERS ABSENT: None OTHERS PRESENT: John Joerns, Assistant City Manager; Steve Gillett, Director of Public Works; John Armstrong, Authority Attorney; Dale Conger, Espey Huston & Associates, Inc.; David Schwartz, Baker & Botts; David Fetzer, Moroney & Beissner. 2. The minutes from the February 7, 1989 regular meeting were read. Motion was made to accept the minutes as presented by Vice President Richard Matthews and seconded by Member Mike Wadsworth. Motion was unanimous. 3. Invoice from Peat Marwick Main & Company was discussed. John Joerns explained that this was a progress payment, with the total authorized amount being four thousand dollars ($4,000.00), along with expenses, not-to-exceed five hundred dollars ($500.00). It is estimated that the audit will be complete by the next Authority meeting. Motion was made by Vice President Richard Matthews to approve payment of Peat Marwick Main & Company invoice in the amount of two thousand dollars ($2,000.00) and seconded by Member Mike Wadsworth. Motion was unanimous. Secretary Claude Graves arrived for the meeting at 6:1~+ P.M. 4. President Jerry Bramlett introduced the resolution to authorize the sale of $~.8 million contract revenue bonds, Series II 1888, and to authorize an agreement with the paying agent/registrar, with motion being made by Vice President Richard Matthews and seconded by Member Mike Wadsworth. John Armstrong, Authority Attorney, outlined the resolution. Mr. Armstrong stated this resolution is very similar to the resolution passed earlier to authorize the issuance of bonds to buy into the Southeast Water Purification Plant. This issuance is to fund construction of the water transmission facilities. David Schwartz of Baker & Botts summarized two changes in this resolution. Mr. Schwartz stated that (1) the interest rate is the same, but the payment schedule is pushed back a year; and (2) the Water Development Board has requested that any unused bond proceeds, after a final accounting, be returned to the Water Development Fund. President Jerry Bramlett called for a vote. The motion was unanimous.