HomeMy WebLinkAbout08-22-1988 Meeting..+
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LA PORTE AREA WATER AUTHORITY
MINUTES
AUGUST 22, 1988
1. The meeting was called to order at 6:00 p.m. by Vice President
Richard Matthews.
MEMBERS PRESENT: Vice President Richard Matthews, Secretary
Claude Graves, and Member Mike Wadsworth.
MEMBERS ABSENT: President Jerry Bramlett
OTHERS PRESENT: Steve Gillett, Director of Public Works; John
Armstrong, Authority Attorney; Pete Fischer of Maroney & Beissner.
2. The minutes of the meeting held on August 16, 1988 were read.
Claude Graves asked that Item 4, third paragraph, last sentence be
amended to avoid the impression that the analysis of water rates
are not important to the decision to sell bonds. Motion was made
by Mike Wadsworth to approve the minutes as amended and seconded
by Claude Graves. The motion was unanimous.
3. Pete Fischer presented a projected cash flow for the project,
showing a calculation of bond proceeds available for investment,
the construction fund cash flow, and the debt service and reserve
fund cash flow. Rick Mathews requested a projection of cash flow
if the Authority began selling water on October 1, 1989 in order
to see the effect of water sales on the debt service. A motion
was made by Mike Wadsworth and seconded by Claude Graves to
authorize issuance and sale of five million dollar ($5,000,000)
contract revenue bonds, series 1988, and authorize an agreement
with the capital paying agent/registrar. The motion was
unanimous.
4. Steve Gillett reported on the effort to change the survey of CWA
ROW to reflect changes required by CWA through their engineer.
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Page Two
Minutes
August 22, 1988
5. There was a motion to adjourn by Claude Graves and a second by
Mike Wadsworth. The vote was unanimous and the meeting was
adjourned at 6:47 P.M.
Respectfully Submitted,
au a Graves, Secretary/Treasurer
PASSED AND APPROVED:
ON THIS DAY ~ ~- ~- ~ , 19~~