Minutes of the TEXAS WATER RESOURCES FINANCE AUTHORITY December 12, 2001
Chairman Jack Hunt called to order the meeting of the Texas Water Resources Finance Authority at 9:29 a.m. in Room 118 of the Stephen F. Austin Bldg. Austin, Texas. The following Board members were present, constituting a quorum:
- Jack Hunt, Chairman
- Wales H. Madden, Jr., Secretary/Treasurer
- William B. Madden, Member
- Noe Fernandez, Member
- Member Bill Meadows was absent
Persons attending were among those present at the Texas Water Development Board meeting of the same date.
The Authority then considered items on the formal agenda in the following order.
1. CONSIDER APPROVAL OF THE MINUTES OF THE OCTOBER 17, 2001 MEETING.
Mr. Fernandez moved to approve the minutes as submitted; Mr. Bill Madden seconded the motion; it passed unanimously 4-0.
2. CONSIDER AUTHORIZING: (A) THE SELECTION OF A FIRM TO ACT AS FINANCIAL ADVISOR ON ALL ITEMS RELATED TO FINANCING FOR THE TEXAS WATER RESOURCES FINANCE AUTHORITY; AND (B) THE EXECUTIVE ADMINISTRATOR TO EXECUTE A CONTRACT FOR FINANCIAL ADVISORY SERVICES.
Ms. Nancy Marstiller, Director of Debt Management, explained that the request for qualifications for financial advisor approved by the Board in October was distributed to 19 firms statewide. Four responses were received, three of which declined to submit a proposal and opted to serve as potential underwriters instead of vying for the position of financial advisor. She recommended approval of the proposal from First Southwest Company and authorization for the Authority and the Board to enter into a two year contract with First Southwest Company for all financing matters through December 31, 2003, with two (2) one-year options for renewal.
Mr. Wales Madden moved to approve the staff recommendation; Mr. Bill Madden seconded the motion; it passed unanimously 4-0.
3. CONSIDER ELECTION OF A VICE CHAIRMAN TO SERVE UNTIL THE FEBRUARY, 2003 TWRFA MEETING.
Mr. William B. Madden moved to elect Bill Meadows as vice chairman; Mr. Wales Madden seconded the motion. It passed unanimously 4-0.
The meeting adjourned at 9:35 a.m.
APPROVED and ordered of record this the 16th day of July, 2002.
TEXAS WATER RESOURCES FINANCE AUTHORITY
Jack Hunt, Chairman
Wales H. Madden, Jr., Secretary/Treasurer