1999 11 10 BAWA Minutes, Special MeetingMINUTES OF THE SPECIAL MEETING
OF THE BOARD OF DIRECTORS
OF THE BAYTOWN AREA WATER AUTHORITY
November 10, 1999
The Board of Directors of the Baytown Area Water Authority, Harris County,
Texas, met in special session on November 10, 1999, at 1:30 p.m. in the Hullum
Conference Room, Baytown City Hall, 2401 Market, with the following in attendance:
Robert L. Gillette, President
Peter R. Buenz, Secretary
Knox Beavers, Board Member
Absent: Roy L. Fuller, Board Member
Dan Mundinger, Vice President
The meeting opened with a quorum present, and the following business was
conducted.
Consider Resolution Authorizing the Issuance of Baytown Area Water Authority Water
Supply Contract Revenue Bonds, Series 1999 (City of Baytown Project); Appropriating
the Proceeds of the Sale Thereof and Containing Other Provisions Related Thereto.
Seven bids were opened as follows:
Bidders True Interest Cost Rate
Griffin, Kubik, Stephens & Thompson, Inc. 5.5401
First Union Securities with SAMCO and R. W. Baird 5.512651
A. G. Edwards & Sons, Inc. with Dean Witter and Prudential Sec. 5.5116%
Salomon Smith Barney with Dain Raucher and Paine Webber 5.49844%
U. S. Bancorp Piper Jaffray 5.4951
Southwest Securities 5.48808%
William R. Hough & Co. with Nike Securities, J.C. Bradford,
Sun Trust and Betzold Berg 5.4870%
The best bid was that of William R. Hough & Co. at 5.4870 percent interest.
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Minutes of the BAWA Meeting — November 10, 1999
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Board Member Buenz moved to adopt the resolution accepting the bid of William
R. Hough & Co. Board Member Beavers seconded the motion. The vote follows:
Ayes:
Nays:
Board Members Beavers, Buenz, and Gillette
None
For resolution, see Attachment "A."
Drew Masterson, Fiscal Agent, explained each underwriter determined if
insurance should be purchased on an issue. He noted that Mike Daws, Finance
Director, and Fred Pack, Utilities Director, had done an excellent job in working with the
rating agencies to provide information.
Adjourn
There being no further business to be transacted, the meeting was adjourned.
Robert L. Gillette
President