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<br />LA PORTE AREA WATER AUTHORITY <br />MINUTES <br />FEBRUARY 11,2003 <br /> <br />l. The meeting was called to order at 6:31 PM by Secretary Chester Pool. <br /> <br />Members Present: Secretary Chester Pool and Members Paul Berner and Robert <br />T. Herrera. <br />Members Absent: Vice President Robert Roy <br />Others Present: Acting City Manager John Joerns, Director of Public Works <br />Steve Gillett, Finance Director Cynthia Alexander, Assistant Finance Director <br />Michael Dolby and Chris Breaux, CPA of Null Lairson. <br /> <br />2. The minutes from the meeting held September 17, 2002 were reviewed. Motion <br />by Paul Berner, seconded by Robert Herrera to accept the minutes as presented. <br />Motion was unanimous. <br /> <br />3. The Oath of Office was administered before the meeting to Robert T. Herrera by <br />Notary Genitha Smith. <br /> <br />4. John Joerns explained the need for new officers, due to the resignations of Board <br />President Rodney Etchberger and Member Albert Fields. Motion by Paul Berner, <br />seconded by Robert Herrera to elect Robert Roy as President. Motion was <br />unanimous. Motion by Chester Pool, seconded by Robert Herrera to elect Paul <br />Berner as Vice President. Motion was unanimous. <br /> <br />5. Chris Breaux of Null Lairson reviewed the audit process, and stated that they <br />were issuing an unqualified opinion of the Authority's financial reports. He <br />presented the Annual Financial Report for Fiscal Year Ending September 30, <br />2001. . Cynthia Alexander and Chris Breaux answered questions from the Board. <br />Robert Herrera questioned the feasibility of refinancing the outstanding bonds, <br />due to the low current interest rates. Cynthia Alexander stated that staff was <br />investigating this and was comparing refinancing costs to projected savings. <br />Robert Herrera requested a special purpose board meeting to review staffs <br />findings when completed. Robert Herrera made the suggestion that Note lOon <br />Page 13 be changed to say "In addition, the Authority contracts with the City of <br />La Porte to provide administrative oversight and operate the Authority <br />Transmission System". Finally, the Board suggested that the Finance and Public <br />Works Department meet on a regular basis to discuss the billings from the City of <br />Houston to ensure that the costs billed to customer cities are the same as costs <br />billed to the Authority by Houston. Motion by Robert Herrera, seconded by Paul <br />Berner to accept the Annual Financial Report for Fiscal Year Ending September <br />30, 2002 as amended. Motion was unanimous. <br />