HomeMy WebLinkAbout08-12-1999 Meeting
LA PORTS AREA WATER A
MINUTES
AUGUST 12,1999
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HORIT SAN 14 2000 C
BY~
The meeting was called to order at 6:35 PM by President Jerry Bramlett
Members Present: President Jerry Bramlett, Vice President Rodney J.
Etchberger, Secretary Albert Fields, and Member Robert Roy.
Members Absent: Member Chester Pool.
Others Present: Assistant City Manager/Finance Director Jeff Litchfield,
Director of Public Works Steve Gillett, David and Moss Fetzer of Moroney &
Beissner.
2. The minutes from the regular meeting held February 15, 1999 were reviewed.
Motion by Albert Fields, seconded by Rodney Etchberger to accept the minutes as
written. Motion was unanimous.
3. The Oath of Office was administered by President Jerry Bramlett to Robert Roy,
Albert Fields and Rodney Etchberger.
4. The election of new officers was held. Motion by Jerry Bramlett, seconded by
Albert Fields to elect Rodney Etchberger as President. Motion was unanimous.
Motion by Albert Fields, seconded by Jerry Bramlett to elect Robert Roy as Vice
President. Motion was unanimous. Motion by Albert Fields, seconded by
Rodney Etchberger to elect Chester Pool as secretary. Motion was unanimous.
5. Assistant City Manager Jeff Litchfield presented the proposed 1999-2000
LPAWA Budget and answered questions from the Board. Motion by Robert Roy,
seconded by Rodney Etchberger to approve the proposed budget. Motion was
unanimous.
6. Assistant City Manager Jeff Litchfield reviewed the proposed refunding of the
outstanding LPAWA debt, which will save the Authority an estimated $1,592,432
and a present value savings of $1,243,654, depending on the interest rate at
closing.
The Principal Payment Date will be moved from December to March, which will
improve financial planning. Additionally, the proposed savings will be taken "up
front" to pay for the upcoming purchase of additional capacity from the City of
Galveston.
Motion to approve the Official Notice of Sale and Official Statement for the
$8,080,000 LPAWA Contract Refunding Bonds, Series 1999 by Albert Fields,
seconded by Robert Roy. Motion was unanimous.
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7. There was no General Managers Report.
8, There being no further business, the meeting adjourned at 7:25 PM.
Chester Pool, Secretary/Treasurer
PASSED AND
APPROVED
ON THIS DA - rA /~.~ ~"~7~
Ro ey J. Etchberger, Fre ent