HomeMy WebLinkAbout2007-08-14 - Finance-Accounting Committee Meeting MinutesITEM NO. AZ t .
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
August 14, 2007
APPROVED BY THE M',RD Of O,RECTO%
OF THE YORBA LINCAWATER DISTRICT
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A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chair William R. Mills at 4.00 p.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT: STAFF PRESENT:
Director William R. Mills, Chair Michael Payne, General Manager
Director Michael J. Beverage Kenneth Vecchiarelli, Assistant GM
Diane Cyganik, Finance Director
VISITORS PRESENT:
Mr. Tom DeMars, Fieldman/Rolapp & Associates
ACTION ITEMS:
1. Consider Issuance of Certificates of Participation for Capital Projects.
a) Adopt Resolution No. 07-15; A Resolution of the Board of Directors of the
Yorba Linda Water District Regarding Its Intention To Issue Tax-Exempt
Obligations;
b) Authorize the transfer of funds from the annexation account until the
certificates have been issued at which time the funds will be transferred
back into that account.
c) Approve a Professional Services Agreement with Fieldman, Rolapp &
Associates to serve as the District's Financial Service Advisor for
administering the issuance of the certificates of participation; and
d) Approve a Professional Services Agreement with Stradling, Yocca, Carlson
& Rauth to serve as the District's Bond Counsel for this transaction.
Ken Vecchiarelli presented the committee with a list of water and sewer capital facilities
that were approved by the Board of Directors at the time the budget was adopted.
Diane Cyganik then presented a recap of the District's various reserve accounts. Tom
DeMars, Fieldman/Rolapp Associates provided the committee with a brief recap of the
2003 Certificates of Participation and answered questions about options on issuing the
second series.
The committee discussed the issues in detail with staff and consultant and will
recommend the Board adopt the Resolution of Intent, approve the transfer of funds, and
approve both agreements in regards to the issuance of certificates of participation for
capital projects.
DISCUSSION ITEMS:
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar items
for which staff is seeking the advice and counsel of the Committee Members. This portion of the agenda may also
include items for information only.
2. Monthly status of Wells Capital investments as of July 31, 2007. Mr. Keith
Khorey of Wells Capital Management gave a status report on the Wells Capital
Investments for the month of July 2007. The Committee asked several
questions.
3. Orange County Treasurer/Tax Collector issues and co-mingled funds. Michael
Payne, General Manager gave an update to a breaking story involving the
Orange County Treasurer. Mr. Payne reported the District is watching this issue
very closely. Staff is in the process of withdrawing $1,000,000 of the $1,200,000
to pay for construction progress payments.
4. MWDOC Tier 2 Contingency Fund & Capacity Charge Reserve Fund refund
checks. Michael Payne reported the District received a check from MWDOC for
excess reserves in the Tier 2 contingency fund & capacity charge. These funds
have been deposited into the District's checking account. A report will be made
to the Board of Directors at the same time the rate hearing is scheduled. This is
tentatively scheduled for the second Board meeting in November.
5. Discussion on Water & Sewer Rate Structure. The committee members
discussed with staff several issues involving the approved sewer rates. Staff will
prepare additional information for the committee and Board members. Staff
indicated that work is underway on the water rate study.
ADJOURNMENT:
The Committee adjourned at approximately 6:50 p.m. The next Finance-Accounting
Committee meeting is scheduled for September 11, 2007 at 4:00 p.m. at District
Headquarters, 4622 Plumosa Drive, Yorba Linda, CA.
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