BOND SALE

Staff Report & Agenda Item Details

BOND SALE General Manager Shadden ~ I got an email from Kate yesterday but then I got Mr. Gilley to call, and they said it was in administration and they were working on it and hoped to be finished shortly. Kate received an email requesting some pump sizing and how long it was going to take to sell the bonds. They had 3 questions from TCEQ, and we are responding to those right now. They were saying that we do not have enough pump capacity to give us 2 gallons per minute but we had a lot of that changed a few years ago to where you used to have 45 gallons per connection is how they calculated it, when we went to selling to Anahuac it added 900 and something connections to us so we had to go back and change our connection to 35 gallons a minute, and we were able to do it because we are in a rural area where people do not water their yard sand things like that, so we were able to change the paperwork and make it work. So, those are the 3 questions that they had. Mr. Gilley said it should take like 6 weeks to sell. As I mentioned before, back when we bought this building, we actually had a better rate on the open market than we did through the Water Development Board and it I a lot less paperwork. But either way, he will look for the best rates out there for us when it is time to sell them and hopefully that is getting close. We applied in July. President Caraway — But it is not slowing things down for us because we are moving forward with 2 of the 3 projects. General Manager