1. Call to Order.

Vice President Johnson called the meeting of the Board of Directors of Bartonville Water Supply Corporation to order at 7:10P.M. on Tuesday, July 9, 2002 at the corporation office, 1911 East Jeter Road, Bartonville, Texas.

Directors in Attendance
Duane Johnson, Vice-President
Larry Kaufman, Secretary-Treasurer
Dale Mutschler
Scott Kilpatrick

Directors Absent
Michael Paulson, President
Kevin Alberts
Carla Anderson

Consultants in Attendance
Jennifer Drury, CPA
Wayne Ginn, P.E., The Ginn Corporation

Staff in Attendance
Jim Leggieri, General Manager
Marcy Gustafson, Administrative Assistant

 

2. Executive Session

Following the call to order, Johnson announced at 7:11 p.m. that the Board would convene in Executive Session concerning:

a. All Matters Regarding the Securing of Easements / Hilltop Road Water line Pursuant to Government code, Section 551.071.
b. All Matters Concerning Real Property of the Corporation Pursuant to Government Code, Section 551.071.
c. All Matters Concerning Request for Release of Water Service Rights to the Simpkins Tract Pursuant to Government Code, Section 551.071.

The Board took no action and reconvened in Open Session at 7:48 p.m.

 

3. Public Forum.

No one was present.

Consent Agenda

Motion by Kaufman and second by Kilpatrick to approve the Consent Agenda. Motion approved unanimously. The two items approved were:

4. Approve the Minutes of the June 11, 2002 Board Meeting.

5. Approve the June 2002 Disbursements and Financial Reports.

ITEMS FOR INDIVIDUAL CONSIDERATION

6. Discussion and Action on All Matters Regarding the Securing of Easements/Hilltop Road.

No discussion or action was taken on this item.

 

7. Discussion and Action on All Matters Concerning Real Property of the Corporation.

No discussion or action was taken on this item.

 

8. Discussion and Action on All Matters Concerning Request for Release of Water Service Rights to the Simpkins Tract.

No discussion or action was taken on this item.

 

9. Discussion and Action on Execution of the Loan Commitment for Renewal of The Corporation's Line of Credit with NorthStar Bank.

Drury explained that a copy of the renewal was included in the Board packets for review. NorthStar Bank offered a floor interest rate of 5.75% and a ceiling rate of 6.75%. Johnson questioned what the floor was for the current interest rate with Wells Fargo. Drury explained that since the previous line of credit expired in April 2002, there was no floor. Drury also explained that the loan officer with Wells Fargo could not guarantee the rates and did not know if Wells Fargo would offer a floor rate. Johnson asked if this was a commitment or execution letter. Drury explained it was a commitment letter. Motion by Kaufman and second by Mutchler to accept the commitment letter for renewal of the corporation's line of credit with NorthStar Bank. Motion carried unanimously.

10. Discussion and Action on All Matters Related the Master Plan.

After discussion, it was determined that no action was needed on this item at this time and further work would be done regarding financials and planning for the August meeting.

 

11. Staff Reports.

There were no additional reports.

 

12. Consultants Reports.

There were no additional reports.

 

13. Review Future Agenda Items, Activities, Announcements, and Set the Date for the August Meeting.

The next regular meeting is scheduled for Monday, August 19, 2002.

 

14. Adjournment.

Motion by Kaufman and second by Mutschler to adjourn the meeting. Motion approved unanimously. The meeting adjourned at 8:40 p.m.

 

Recorded by Marcy Gustafson, Administrative Assistant

Certified by Larry Kaufman, Secretary-Treasurer

 

Use the back button on your browser to return to the index or go to the Home Page.