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Home My WebLink About02-03-10 La Porte Area Water Authority minutes LA PORTE AREA WATER AUTHORITY MINUTES FEBRUARY 3, 2010 1. The meeting was called to order at 6:00 PM by President Steve Valerius. Members Present: President Steve Valerius, Vice President David Janda, Secretary Kenneth Schlather, Members Dennis Steger and Robert Roy. Members Absent: None Others Present: General Manager Ron Bottoms, City Secretary Martha Gillett, Director of Public Works Steve Gillett, Director of Finance Michael Dolby, Controller Phyllis Rinehart and Paula Lowe of Pattillo, Brown & Hill. 2. The Oath of Office was administered to Steve Valerius and Dennis Steger by City Secretary Martha Gillett. 3. Steve Valerius nominated Dennis Steger as President, seconded by Robert Roy. Motion was unanimous. Steve Valerius nominated David Janda as Vice President. Seconded by Dennis Steger. Motion was unanimous. Motion by Steve Valerius to nominate Kenneth Schlather as Secretary. Seconded by Dennis Steger. Motion was unanimous. 4. The minutes from the meeting held July 1, 2009 were reviewed. Motion by Kenneth Schlather, second by Robert Roy to approve the minutes as presented. Motion was unanimous. 5. Auditor Paula Lowe distributed copies of the Audit Report. She reviewed the audit process, and stated that Pattillo, Brown & Hill was issuing an unqualified opinion of the Authority's annual financial reports, which is the highest opinion that can be given. She also reviewed the three (3) main sections of the Report: (1) Management's Discussion and Analysis; Basic Financial Statements and (3) Supplemental Information. Michael Dolby additionally stated that the Authority's Credit Rating had been upgraded to AA. The Auditor and staff fielded several questions and the Board offered several minor changes to the Report to improve clarity and correct dates. Motion by Robert Roy, seconded by David Janda to accept the Audit as presented. Motion was unanimous. 6. Ron Bottoms reported that staff was investigating the refinancing of the 1999 Refunding Bonds, which become callable in March 2010. It appears that the Authority may be able to save approximately $166,000 by taking advantage of more favorable rates. The refinancing will not extend the debt. Staff is consulting with the bond attorney whether the refinancing will require a special Authority meeting. 7. Robert Roy submitted his letter of resignation from the Authority. His letter stated that his family had recently moved outside the boundaries of the Authority. Steve Valerius expressed his thanks on behalf of the Board for Robert Roy's servIce. 8. There being no further business, the meeting adjourned at 6:20 PM. ~#~ S etary PASSED AND APPROVED ON THIS DA Y Pt-a,~ I () 20 j 0 I Jj cwJ ~tL- President ( i r r ~O r- " g ~ .f'-< Q) '" Q) OCD ::: 0" ~ 00< ~. (') -a ~ ::r o -' ..... '" CD 0 0 g. ~ g~ g 0 Co it ~ - N *"""'" 0 . " ~ n 0 0 )> ::s ..... ... 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