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2011-04-05: Board Meeting Minutes
VIRGIN VALLEY WATER DISTRICT REGULAR BOARD MEETING
VIRGIN VALLEY WATER DISTRICT OFFICE
APRIL 5, 2011
Minutes of a Regular Board Meeting of the Virgin Valley Water District Board held on April 5, 2011, at the Virgin Valley Water District Office at 5:00 p.m. Attending were President Karl Gustaveson, Vice-President Mark McEwen, Secretary-Treasurer Kenyon Leavitt, and Board Members Ted Miller and Sandra Ramaker. Also present were District General Manager Ken Rock, District Legal Counsel Bo Bingham, District Hydrologist Aaron Bunker, District Administrative Assistant Mary Johnson taking minutes and other interested parties of agenda items.
President Karl Gustaveson called the meeting to order at 5:04 p.m.
Kenyon Leavitt offered a Prayer and Ted Miller led the pledge.
Public Comment – There was no public comment at this time.
Discussion: Board Comments - None
President of Board Comments - None
CONSENT AGENDA:
Kenyon Leavitt made a motion to approve the consent agenda as listed below. Mark McEwen seconded this motion and it was unanimously carried. 5-0
1. Discussion & Action - Approve Agenda
2. Discussion & Action – Approve Minutes from 3/10/11 Work Session
3. Discussion & Action – Approve Minutes from 3/15/11 Regular Meeting
4. Discussion & Action – Approve Bills Paid - $523,340.30
** End of Consent Agenda**
5. Discussion & Possible Action – Consideration to approve service agreement with TraceDetect for technical support contract not to exceed $30,346.50
The District’s Treatment Plant Supervisor, William “Pete” Peterson, was present to answer any questions the Board may have regarding this item. Kenyon questioned how long we have used this service. Pete answered that we have used their services since conception and it originally began with five machines at a cost of $60,000 per year. Pete has cut this back for the budget ending June 30, 2011 to $40,000 and nothing has been spent from this line item. Pete further explained that this service is something that the District cannot do; that TraceDetect is a proprietary vendor for these services; and that their expertise is vital to the treatment plants.
Karl informed Pete that the District’s Legal Counsel has developed a standard contract that protects the District’s interests and that we would rather incorporate this contract wording in lieu of the contract forwarded from TraceDetect. Pete stated that he did not see any problems with this.
Kenyon also asked if we paid this amount right away or if it was billed as services performed and Pete stated that this was paid out in full to guarantee their services as listed.
Kenyon Leavitt made a motion that District’s Legal Counsel fill out a contract to TraceDetect for technical support for 2011-2012 not to exceed $30,346.50. Ted Miller seconded the motion and it was unanimously carried. 5-0
6. Discussion – Report by Marty Johnson and Ken Rock on the re-sale of the 2001 Bonds
Ken opened up by stating that the assistance of Marty Johnson, Kendra Follett (Bond Counsel) and John Gleave has been exceptional and that Marty made a very good call when he said let’s go out for a bond sale on Monday because there would not be a lot of people and the District may be one of the few on the market. Ken further stated that they were encouraged with two responses, but disappointed in that interest rates were not as low as Marty was hoping for. Ken also stated that he and Marty had a heart to heart discussion deciding whether to go ahead with the sale. Marty, Kendra and John Gleave all agreed with Ken’s rationale for signing this and going ahead with the bond sale where the District would save some money. Ken then stated that he would let Marty proceed.
Marty distributed two pieces of paper demonstrating the interest rate changes and the debt service comparison between the existing 2001 Bonds and the 2011 Refunding Bonds. Marty further stated that within the last two days, the market has changed from a fair number of buyers for a fair number of sellers to there being very few buyers of bonds for a small number of sellers. If more people are issuing bonds, the rates are going to start skyrocketing because there is no demand right now. The District’s big benefit of doing this by general obligation revenue bonds is basically that the payments the District would have made on the 2001 Bonds to the payments that we are going to make on the 2011 Refunding Bonds will save almost $81,000 over the life of the bonds. The biggest benefits for the District are the reduction of the reserve requirements. The money that we set aside and lock up until the bonds are paid off will save $500,000. The $116,000 the District has been transferring monthly that has five months left, we will now only have to pay two more months and we will not have to reserve anymore of the District’s proceeds. This will also change the coverage on these bonds from 125% of debt service to 100% of debt service. Marty continued and stated that these benefits are what led Marty to recommend going forward with the sale. Marty also stated that there are no indications that rates will be lowered and that there is a savings and benefit to the District and the rate payers.
7. Hydrologist’s Report
Aaron had included a written report and stated that if any Board Members had any questions, he would be glad to answer them. Aaron also stated that since completing the report he has been working on retrieving information on well #30 and will bring that information to the next Board Meeting.
8. General Manager’s Report
Ken had included a written report informing the Board of his activities since the last Board meeting. Ken also stated that he and Aaron would present a report of their findings of well #30 at the next meeting.
Ken also stated that three candidates out of nine applications were interviewed for the Senior Accountant/Fiscal Analyst position and that all three were highly qualified, but the position was offered to Wesley Smith and he has accepted.
Ken further stated that he has been talking with Forsgren regarding issues to be presented to the Board at the next Board Meeting.
9. Public Comment
Rob Fuller, CFO of Wolfcreek Golf Course wished to reiterate the positive nature of the new agreement for river water and was wondering about a timeline when to expect to sign an agreement so that they can notify other lenders. Ken proceeded to inform everyone that some issues have come up regarding Coyote Willows Golf Course and he has discovered that some new terms need to be included in the river water connection regulations and this would come back to the Board at the next meeting for approval.
10. Adjournment
President Karl Gustaveson adjourned the meeting at 5:30 p.m.
NOTE): The minutes of this meeting have been tape-recorded and will remain on file in the District office for a one-year period for public examination.