MINUTES OF THE SPECIAL BOARD OF DIRECTORS' MEETING
April 12, 2007
Call to Order/ Roll call – determination of a Quorum
Chair Steiner called the meeting to order at 1:30 p.m. Chair Steiner called
roll. Directors present were Bond, Bowersox, Brammell, Dailey, Ferguson, Hilliker,
Johnson, Knutson, Lewis, Linden, Martin, McMillan, Parker, Petty, Price, Saunders,
Steiner, Thompson, Tu, Watton, Williams and Wornham. There was a quorum of the
Board. Directors absent were Arant, Barrett, Croucher, Hogan, Lewinger, Morrison,
Muir, Quist, Pocklington, Rogers, Smith and Representative Slater-Price. Staff
present was General Manager Stapleton, General Counsel Hentschke, Deputy General
Manager Lanspery, Assistant General Manager Cushman, Director of Finance/Treasurer
Brust, Director of Water Resources Weinberg, Deputy Director of Finance Sandler,
Engineering Manager Bianes, Senior Water Resource Specialist Gage, and others.
Public comment
There were no members of the public that wished to speak.
Chairs Report
Chair Steiner announced she had attended the opening of the Fire Wise Garden
at the Conservation Garden.
Action/Discussion
1. Completion of the Comprehensive Cost and Reliability Assessment Process.
Staff recommendation: Direct staff to prepare the fiscal year 2007-2008 and
fiscal year 2008-2009 Recommended Budget based upon the Revised Baseline alternative.
Director Knutson announced the purpose of the meeting was to select the reliability
and rate scenario to be used for planning and budgeting purposes. Mr. Lanspery
reviewed the agenda, activities since the March 8, 2007 Special Board meeting,
and reviewed the questions that were presented on the alternatives. He reviewed
the Ad Hoc Committee’s recommendation to approve scenario #1, revised
baseline, as the preferred scenario. He stated selection of a preferred scenario
does not limit future Board decisions or actions.
Director Knutson moved, Director Ferguson seconded and the motion carried
to approve scenario #1, the revised baseline alternative, as the preferred alternative
for reliability and rates to be used for planning and budgeting purposes.
2. Presentation on Investor Relations Marketing Plan.
Mr. Sandler began the presentation by covering what an Action Learning Team
was, how the team developed the plan, Water Authority debt, who the Water Authority
investors were, and why they are investing in the Water Authority. Ms. Gage
reviewed what the team learned about the Water Authority investors. Mr. Bianes
explained the strategies for implementing the plan.
The Directors asked questions and made comments about the presentation. Ms.
Stapleton stated that the Water Authority had done investor relations in the
past and noted Ms. Brust and her team had done a fantastic job that which was
reflected in the favorable interest rates obtained. She stated just a small
change in basis points can mean a huge change in the amount of debt service
the Water Authority pays each year.
Adjournment
There being no additional business to come before the Board, Chair Steiner adjourned
the meeting at 2:20 p.m.
______________________________
Fern M. Steiner, Chair
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