WEBVTT 00:00:00.500 --> 00:00:04.040 This meeting of the Texas Water Development Board is hereby called to order. The time is 9:31 AM 00:00:04.040 --> 00:00:09.020 For the record, my name is Peter Lake, and with me today are Kathleen 00:00:09.020 --> 00:00:15.410 Jackson and Brooke Paup. Todd, first item, please. - Consider approving the issuance, sail, and 00:00:15.410 --> 00:00:20.650 delivery of Texas Water Developed Born State Revolving Fund Revenue Bonds, New Series 2019; 00:00:20.650 --> 00:00:25.010 a preliminary official statement; and an authorization for the Executive Administrator, 00:00:25.010 --> 00:00:26.250 Chief Financial Officer, Development Fund Manager, and any authorized representative to act 00:00:26.275 --> 00:00:27.410 on behalf of the Texas Water Development Board in the sale and delivery of such bonds. 00:00:27.410 --> 00:00:29.020 We have Georgia Sanchez from staff here to present. Thank you, Georgia. - Thank you, Todd. 00:00:29.045 --> 00:00:30.650 For the record, I'm Georgia Sanchez with the Executive Administrator's 00:00:30.650 --> 00:00:39.269 staff. With this item, the Executive Administrator is recommending approval of the documents that are 00:00:39.269 --> 00:00:47.095 associated with issues of the State Revolving Fund, or 00:00:47.120 --> 00:00:54.920 SRF, revenue bonds, including the delegation authority. 00:00:54.920 --> 00:01:04.960 Proceeds of the bonds will be used to fund the financial assistant commitments and 00:01:04.960 --> 00:01:11.650 cleaning and drinking water SRF programs, the state matching funds for both as well as 00:01:11.650 --> 00:01:18.380 to pay for costs of issuance. The recommendation is that we not exceed 302 million dollars. The actual amount 00:01:18.380 --> 00:01:25.880 will be based on the applications that we anticipate to fund through the next year. 00:01:25.880 --> 00:01:31.460 Our consulting team of Hilltop is financial advisor. McCall Parker's important as bond 00:01:31.460 --> 00:01:35.470 counsel. And Bracewell as our disclosure counsel, as well as the underwriting syndicate that's 00:01:35.470 --> 00:01:40.050 led by Bank of America Merrill Lynch as the senior manager have all been previously selected by the 00:01:40.050 --> 00:01:48.220 board. As with all of our bond sales, we'll work diligently to keep cost of issuance 00:01:48.220 --> 00:01:54.440 low. We'll be looking at the expenses pertaining to the sale as well to keep them low. If 00:01:54.440 --> 00:02:04.620 you approve the sale today, we will then announce the sale, receive our ratings. (inaudible) We would 00:02:04.620 --> 00:02:13.819 like to price the bonds March 12, price March 13. Our board member had anticipated 00:02:13.844 --> 00:02:21.799 a fast close by the end of March. We may be pushing that out into April. 00:02:21.799 --> 00:02:28.060 Thank you, Georgia. Questions or comments? - Good to see moving forward with SRF projects, 00:02:28.060 --> 00:02:32.260 and it's seems like, you know, they're growing over time. I mean, just looking back when I 00:02:32.260 --> 00:02:37.799 came on the board and what we're doing today. So you know, a testament, I think, of the work 00:02:37.799 --> 00:02:45.680 of the teams and the work of our finance folks and getting, you know, the cost of issuance 00:02:45.680 --> 00:02:51.430 and the cost of bonds and interest rates as low as they can be. Becoming more and more popular and doing more and more good. 00:02:51.430 --> 00:02:59.700 And a result of our number one saleswomen, Queen of the Road. - Yeah, and others. 00:02:59.700 --> 00:03:07.219 Everybody's getting the word out. - Makes a big difference. - Uh, no LBB approval necessary? 00:03:07.219 --> 00:03:15.510 It is not required for these files. - All right, is there a motion? - Chairman, I move we adopt the proposed 00:03:15.510 --> 00:03:20.650 resolution authorizing the issuance, sale and delivery of Texas Water Development Board 00:03:20.650 --> 00:03:26.269 State Revolving Fund Revenue Bonds, New Series 2019, approving a preliminary 00:03:26.269 --> 00:03:31.570 official statement and authorizing the executive administrator, chief financial officer, development 00:03:31.570 --> 00:03:36.719 fund manager or any other authorized representative to act on behalf of the Texas Water Development 00:03:36.719 --> 00:03:42.170 Board in the sale and delivery of such bonds as recommended by our Executive Administrator. - Is there a second? 00:03:42.170 --> 00:03:49.017 - I second. - All in favor, say aye. - Aye. 00:03:49.042 --> 00:03:52.210 - Motion passes, next item please. - The Board will receive comments from the public. 00:03:52.235 --> 00:03:55.120 Mr. Chairman, at this time, I do not have anyone signed up who wishes to speak. 00:03:55.120 --> 00:03:58.963 If there's a member of the public who would like to address the board, now would be the time. 00:03:59.000 --> 00:04:04.739 Yes, sir. State your name for the record, please. - Good morning, everybody. My name is 00:04:04.939 --> 00:04:11.579 Ruben Sides. I'm from Robstown, Texas. But I also represent, uh, the coastal bend area 00:04:11.579 --> 00:04:17.600 on the Texas Silver Hair Legislature. I am the chairman of the Natural Resources 00:04:17.600 --> 00:04:21.190 Committee. And I want to thank you all for everything that you do for the coastal bend 00:04:21.190 --> 00:04:25.570 and we have numerous projects that are in progress down in the coastal bend area. And I just 00:04:25.570 --> 00:04:30.040 want to say thank you for the wonderful work that not only the staff, but the members themselves, 00:04:30.040 --> 00:04:34.750 do. So thank you for allowing you to be here today. - Thank you for being here. Thank you 00:04:34.750 --> 00:04:40.860 for the kind words. We could only do over do with great partners. - Well, everybody, we're 00:04:40.860 --> 00:04:46.710 having an executive committee meeting today. It's in Austin, and I just wanted to be here 00:04:46.710 --> 00:04:51.060 and tell of the wonderful work you do. And hopefully everything goes well with what you're 00:04:51.060 --> 00:04:59.060 all working here. I'll gladly and happily report to the executive committee of the Silver Hair 00:04:59.060 --> 00:05:06.350 Legislature that work is going on here. - Well, we appreciate it. Thank you very much. All 00:05:06.350 --> 00:05:11.220 right. If no one else wants to address the board, the board will meet in closed session today 00:05:11.220 --> 00:05:15.620 pursuant the provisions of Section 551.071 and 551.074 of the Texas Open Meetings Act 00:05:15.620 --> 00:05:22.090 Chapter 551 of the Texas government code. 00:05:22.090 --> 00:05:27.470 We will now recess into executive session. Time is 9:35 AM.