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2007 01 17 BAWA Minutes• • MINUTES OF THE REGULAR SESSION MEETING OF THE BOARD OF DIRECTORS OF THE BAYTOWN AREA WATER AUTHORITY January 17, 2007 at 8:00 a.m. The Board of Directors of the Baytown Area Water Authority, Harris County, Texas, met in regular session on Wednesday, January 17, 2007 in the Conference Room, 7425 Thompson Road, Baytown, Texas, with the following in attendance: Robert L. Gillette, President Dan Mundinger, Vice President Peter Buenz, Secretary Dan Conejo, Board Member. Knox Beavers, Board Member Robert L. Gillett, President, opened the meeting at 8:00 a.m. with a quorum present, and the following business was conducted: Consider approval of the minutes for the meeting held on December 20, 2006. Board Member Mundinger moved to approve the minutes of the meeting held on December 20, 2006. Board Member Conejo seconded the motion. The vote follows: Ayes: Board Members Buenz, Beavers, Mundinger and Conejo. President Gillette Nays: None. The motion carried. Consider Proposed Resolution No. 070117-1, to approve final payment and release of retainage to LEM Construction Co., Inc. and to accept the BAWA Expansion and Disinfection Improvements Project, Phase III. General Manager Jackson explained that the proposed resolution approves change order no. six, the final payment of $168,866.81 due to LEM Construction Co., Inc., and accepts the BAWA Expansion and Disinfection Improvements Project, Phase III. He explained that Change Orders One through Five were for a credit of $19,505.77 for miscellaneous changes in the scope of work and Change Order No. Six was for an additional credit of $76,377.24 for back charges for various work items contained within the contract. There was also a restoration adjustment for a net credit of $37,481.95 for work items within the contract that were not needed. The original contract amount was for $4,792,100 and the final contract amount was $4,658,735.04, which is a savings of 2.78 percent. The contractor finished the project with satisfactory workmanship. This project was funded through BAWA Revenue Bonds and BAWA CIPF. The project was discussed briefly and approval was recommended. Page 2 of 3 • Minutes of the Regular Session Meeting BAWA - January 17, 2007 Board Member Conejo moved to approve resolution no. 070117-1 as submitted. Board Member Buenz seconded the motion. The vote follows: The motion carried. Ayes: Board Members Buenz, Beavers, Mundinger and Conejo. President Gillette Nays: None. RESOLUTION NO. 2007-0001 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN AREA WATER AUTHORITY ACCEPTING THE BAWA EXPANSION AND DISINFECTION IMPROVEMENTS PROJECT, PHASE III; AUTHORIZING FINAL PAYMENT OF THE SUM OF ONE HUNDRED SIXTY-EIGHT THOUSAND EIGHT HUNDRED SIXTY-SIX AND 81/100 DOLLARS ($168,866.81) TO LEM CONSTRUCTION CO., INC., FOR SAID PROJECT; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF. Consider Proposed Resolution No. 070117-2, authorizing the issuance of the Baytown Area Water Authority Water Supply Contract refunding Revenue Bonds, Series 2007; setting certain parameters for the bonds; authorizing the Board President to approve the amount, the interest rate, price, and terms thereof and certain other procedures and provisions related thereto; authorizing the advance refunding of certain outstanding bonds and the execution and delivery of an escrow agreement and the subscription for and purchase of certain escrowed securities; and containing other matters related thereto. Mr. Drew Masterson, First Southwest Company explained that interest rates were at a 20 year low making it an excellent time for the bond market. They have been receiving proposals for the last year and a half but due to the in -climate weather conditions the proposals were not completed. He further explained that the bonds are marginal as far as refinancing is concerned and presented the parameters of $250,000 and 4.5% in savings. The item was discussed briefly. Board Member Buenz moved to approve the resolution as submitted. Board Member Conejo seconded the motion. The vote follows: The motion carried. Ayes: Board Members Buenz, Beavers, Mundinger and Conejo. President Gillette. Nays: None. Mr. Jackson, General Manager, reiterated that the Bond, Series 2007 was approved with the 111 understanding of the following parameters: $250,000 and 4.5% savings. Page 3 of 3 • Minutes of the Regular Session Meeting BAWA - January 17, 2007 RESOLUTION NO. 2007-0002 RESOLUTION AUTHORIZING THE ISSUANCE OF BAYTOWN AREA WATER AUTHORITY WATER SUPPLY CONTRACT REVENUE REFUNDING BONDS, SERIES 2007 (CITY OF BAYTOWN PROJECT); SETTING CERTAIN PARAMETERS FOR THE BONDS; AUTHORIZING THE PRESIDENT OF THE BOARD OF DIRECTORS TO APPROVE THE AMOUNT, THE INTEREST RATE, PRICE, AND TERMS THEREOF AND CERTAIN OTHER POROCEDURES AND PROVISIONS RELATED THERETO; AUTHORIZING THE REDEMPTION PRIOR TO MATURITY OF CERTAIN OUTSTANDING BONDS; AUTHORIZING THE ADVANCE REFUNDING OF CERTAIN OUTSTANDING BONDS AND THE EXECUTION AND DELIVERY OF AN ESCROW AGREEMENT AND THE SUBSCRIPTION FOR AND PURCHASE OF CERTAIN ESCROWED SECURITIES. Adjourn: With no further business Board President Gillette moved to adjourn. Board Member Conejo seconded the motion. The vote follows • The motion carried. Ayes: Board Members Mundinger, Buenz, Beavers and Conejo. President Gillette Nays: None. The meeting adjourned at 8:15 a.m. • Lorri Coody, Ass stant Secretary