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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.