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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. • 991 1 10-2 Minutes of the BAWA Meeting — November 10, 1999 • • 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