MINUTES OF THE SPECIAL BOARD OF DIRECTORS' MEETING
September 6, 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 Arant, Barrett, Bowersox, Brammell, Craver, Croucher,
Dailey, Ferguson, Hilliker, Johnson, Knutson, Lewinger, Lewis, Linden, Martin,
McMillan, Parker, Pocklington, Price, Saunders, Smith, Steiner, Thompson, Howard
Williams, and Wornham. Directors absent were Bond, Hogan, Lizzul, Morrison,
Muir, Petty, Quist, Tu, Watton, Kenneth Williams, and Representative Slater-Price.Staff
present was General Manager Stapleton, General Counsel Hentschke, Deputy General
Manager Lanspery, Director of Finance/Treasurer Brust, and Deputy Director of
Finance Sandler.
Public comment
There were no members of the public that wished to speak.
Action/Discussion
3-A Discussion on the upcoming Fiscal Year ended June 30, 2007 audit
plan and auditor’s scope of work.
Mr. Richard Kikuchi, CPA, Lance, Soll, & Lundhard, gave a presentation which
covered the Board of Directors role in oversight of financial reporting and
oversight of internal controls. His presentation covered the following items
in detail:
• Financial audit objectives
• Planning the audit
• Interim audit test work
• Year end audit test work
• Financial Statement results
• New auditing standards
• Upcoming pronouncements
The Directors made comments and asked questions about the presentation.
Directors Brammell and Lewinger left at 2:00 p.m.
Director Dailey requested information regarding cost of post retirement benefits.
Ms. Brust stated the item would be brought back to the Board in the next few
months.
3-B. Refunding of Water Revenue Certificates of Participation.
Staff recommendation: Adopt the resolutions, a) conditionally approving the
issuance of two series of Water Revenue Refunding Certificates of Participation,
b) approving the forms of financing documents, including the Preliminary Official
Statements and disclosure documents, and c) authorizing and directing the Water
Authority Officers and staff to execute and deliver final documents within a
six-month period; and approve the selection of Citigroup and Lehman Brothers
as underwriters for the transaction.
Mr. Sandler gave a presentation on Water Authority debt refunding. He reviewed
the six outstanding Water Authority fixed-rate issues, market saving opportunities,
debt the Water Authority is considering refunding, suggested Board action, the
Board’s role in approving the Preliminary Official Statement, and next
steps.
Director Pocklington moved, Director Craver seconded and the motion passed
at
81.56% of the vote.
Adjournment
There being no additional business to come before the Board, Chair Steiner adjourned
the meeting at 2:25 p.m.
______________________________
Fern M. Steiner, Chair
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