2012 02 23 BAWA Minutes, SpecialMINUTES OF THE SPECIAL BAWA MEETING OF THE BOARD OF
DIRECTORS OF THE BAYTOWN AREA WATER AUTHORITY
February 23, 2012
The Board of Directors of the Baytown Area Water Authority (BAWA) met in a
Special Meeting on Thursday, February 23, 2012, at 5:01 P.M., in the Council Chamber
of the Baytown City Hall, 2401 Market Street, Baytown, Texas with the following in
attendance:
Brenda Bradley Smith President
Wayne Baldwin Secretary
John Sandhop Director
Robert D. Leiper
General Manager
Ron Bottoms
Deputy General Manager
Kevin Troller
Assistant General Manager
Ignacio Ramirez, Sr.
General Counsel
Leticia Brysch
Assistant Secretary
President Bradley Smith convened the February 23, 2012, Baytown Area Water
Authority (BAWA) Board Special Meeting with a quorum present at 5:01 P.M., all
members were present with the exception of Vice President Mundinger and Director
Wilson who were absent.
1. PROPOSED RESOLUTIONS
a. Consider Authorizing the Issuance and Awarding the Sale of BAWA Water
Supply Contract Revenue and Refunding Bonds, Series 2012 and Authorizing a
Contract Amendment between BAWA and the City of Baytown to Clarify the Term
of the Water Supply Agreement - Treated Water - Finance.
City Manager Leiper presented the agenda item and stated that Resolution No. 2012-
05 authorizes the issuance and awards the sale of BAWA Water Supply Contract
Revenue and Refunding Bonds, Series 2012, the redemption prior to maturity of certain
outstanding bonds, and a Contract Amendment between BAWA and the City of Baytown
to clarify the term of the Water Supply Agreement - Treated Water.
City Manager Leiper stated that the BAWA's Board of Directors discussed this matter at
its February 15th meeting and approved the preliminary official statement and appointed
the paying agent/registrar and underwriters. City Manager Leiper stated that this is
BAWA's final step in authorizing the sale and if this resolution is approved, the City
Council will consider approving the issuance of the Bonds also on February 23rd.
BAWA Board Special Meeting Minutes
February 23, 2012
Page 2 of 2
Finance Director, Louise Richman introduced members from First Southwest, Ashley
Allen and Kristin Garcia and the Bond Counsel from Bracewell & Giuliani LLP,
Jonathan Frels and Peggy Christman who were included in the sale of the bonds. Ms.
Richman stated that the present value savings for the refunding was higher than what was
listed in the agenda with the amount of savings being approximately $331,000 instead of
$290,000. Ms. Richman also stated that the interest cost for the new money was an
interest rate of 2.994.
A motion was made by Director John Sandhop and seconded by Secretary Wayne
Baldwin approving Resolution No. 2012 -05. The vote was as follows:
Ayes: Secretary Wayne Baldwin, President Brenda Bradley Smith,
Director John Sandhop
Nays: None
Other: Vice President Dan Mundinger (Absent) and Director Mike Wilson
(Absent)
Approved
RESOLUTION NO. 2012 -05
RESOLUTION AUTHORIZING THE ISSUANCE OF THE BAYTOWN
AREA WATER AUTHORITY WATER SUPPLY CONTRACT
REVENUE AND REFUNDING BONDS, SERIES 2012 (CITY OF
BAYTOWN PROJECT); AUTHORIZING THE REDEMPTION PRIOR
TO MATURITY OF CERTAIN OUTSTANDING BONDS;
APPROVING OTHER MATTERS RELATED THERETO; AND
PROVIDING FOR THE EFFECTIVE DATE THEREOF.
2. MANAGER'S REPORT
There was no report.
3. ADJOURN
With there being no further business to discuss, President Bradley Smith adjourned the
February 23, 2012, Baytown Area Water Authority (BAWA) Board Special Meeting at
5:04 P.M.
IV
eticia Brysch As ' Scc etary
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