2012 02 15 BAWA MinutesMINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS
OF THE BAYTOWN AREA WATER AUTHORITY
February 15, 2012
The Board of Directors of the Baytown Area Water Authority (BAWA) met in a
Regular Meeting on Wednesday, February 15, 2012, at 9:00 A.M., in the Council
Chamber of the Baytown City Hall, 2401 Market Street, Baytown, Texas with the
following in attendance:
Brenda Bradley Smith President
Dan Mundinger Vice - President
Wayne Baldwin Secretary
Mike Wilson Director
Robert D. Leiper General Manager
Karen Horner Assistant General Counsel
Leticia Brysch Assistant Secretary
President Bradley Smith convened the February 15, 2012, Baytown Area Water
Authority (BAWA) Board Regular Meeting with a quorum present at 9:00 A.M., all
members were present with the exception of Director Sandhop who was absent.
1. MINUTES
a. Consider Approving the Minutes of the Baytown Area Water Authority
(BAWA)Board Regular Meeting held on January 18, 2012 - Assistant Secretary.
A motion was made by Director Mike Wilson and seconded by Vice - President Dan
Mundinger approving the minutes of January 18, 2012, BAWA Board Regular Meeting.
The vote was as follows:
Ayes: Secretary Wayne Baldwin, President Brenda Bradley Smith, Vice -
President Dan Mundinger, Director Mike Wilson
Nays: None
Other: Director John Sandhop (Absent)
Approved
2. PROPOSED RESOLUTIONS
a. Consider Approving the Preliminary Official Statement and Appointing the
Paying Agent/Registrar and Underwriters related to the BAWA Water Supply
Contract Revenue and Refunding Bonds, Series 2012 - Finance.
BAWA Board Regular Meeting Minutes
February 15, 2012
Page 2 of 3
General Manager Leiper presented the agenda item and stated that Resolution No. 2012-
04 approves the preliminary official statement and appoints the paying agent/registrar and
underwriters related to the Baytown Area Water Authority, Water Supply Contract
Revenue and Refunding Bonds, Series 2012. The proposed bonds will be issued in a par
amount not to exceed $8,500,000. Approximately $6,265,000 of the sales proceeds will
be used to acquire and construct improvements to the Project and pay the costs associated
with issuing the bonds. Additionally, the Financial Adviser to the Baytown Area Water
Authority (BAWA) has identified an opportunity for the BAWA to refinance
approximately $2,235,000 of the BAWA's outstanding Bonds issued in 2002. The
refunding is expected to produce a net present value savings of approximately $290,000
as of February 03, 2012. This transaction is scheduled to close on March 21, 2012.
A motion was made by Secretary Wayne Baldwin and seconded by Vice- President Dan
Mundinger approving Resolution No. 2012 -04. The vote was as follows:
Ayes: Secretary Wayne Baldwin, President Brenda Bradley Smith, Vice -
President Dan Mundinger, Director Mike Wilson
Nays: None
Other: Director John Sandhop (Absent)
Approved
RESOLUTION NO. 2012-04
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
BAYTOWN AREA WATER AUTHORITY APPROVING THE
PRELIMINARY OFFICIAL STATEMENT; APPOINTING THE
PAYING AGENT /REGISTRAR AND UNDERWRITERS;
APPROVING OTHER MATTERS INCIDENTAL THERETO; AND
PROVIDING FOR THE EFFECTIVE DATE THEREOF.
3. MANAGER'S REPORT
a. BAWA Special Meeting on February 23, 2012 - Administration.
General Manager Leiper presented the agenda item as a reminder of the BAWA Special
Meeting scheduled for Thursday, February 23, 2012 at 5:00 P.M.
Mr. Steve Fife stated that the rain is starting to return to normal flow. The block wall is
almost up.
4. ADJOURN
BAWA Board Regular Meeting Minutes
February 15, 2012
Page 3 of 3
With there being no further business to discuss, President Bradley Smith adjourned the
February 15, 2012, Baytown Area Water Authority (BAWA) Board Regular Meeting at
9:07 A.M.