Minutes of the TEXAS WATER RESOURCES FINANCE AUTHORITY July 19, 2000

Chairman Jack Hunt called to order the meeting of the Texas Water Resources Finance Authority at 9:20 a.m. in Room 118 in the Stephen F. Austin Building, Austin, Texas. The following Board members were present, constituting a quorum:

Jack Hunt, Chairman Noe Fernandez, Vice Chairman Wales H. Madden, Jr., Secretary/Treasurer William B. Madden, Member Bill Meadows, Member

Member Kathleen White 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 APRIL 19, 2000 MEETING.

Mr. Fernandez moved to approve the minutes as submitted; Mr. Meadows seconded the motion; it passed unanimously 5-0.

2. CONSIDER: (A) APPROVAL TO AMEND THE FY 2000 TWRFA OPERATING BUDGET; (B) APPROVAL OF THE FY 2001 TWRFA OPERATING BUDGET; AND (C) APPROVAL TO TRANSFER FUNDS FROM THE TWRFA REVENUE FUND TO THE OPERATING FUND.

Deputy Executive Administrator Kevin Ward explained that the FY 2000 budget would be amended to include indirect costs and fringe benefits associated with salaries previously included in the budget. He said the FY 2001 proposed budget represents a slight reduction from FY 2000 due to less anticipated refunding activity and underlying political subdivision bond transactions. Additional legislative related activity is expected. He recommended approval.

Mr. Wales Madden moved to approve the staff recommendation; Mr. Fernandez seconded the motion; it passed unanimously 5-0.

The meeting was adjourned at 9:25 a.m.

APPROVED and ordered of record this the 16th day of August, 2000.

TEXAS WATER RESOURCES FINANCE AUTHORITY

Jack Hunt, Chairman

ATTEST:

Wales H. Madden, Jr., Secretary/Treasurer