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MINUTES OF THE
ORO VALLEY MUNICIPAL PROPERTY CORPORATION
ANNUAL MEETING
WATER UTILITY CONFERENCE ROOM
11,000 N. LA CANADA DRIVE
OCTOBER 4, 2005
CALL TO ORDER: 5:30 p.m.
PRESENT: Bob Horn, Secretary
Tom Vetrano, Treasurer
ALSO PRESENT: Philip Saletta, Water Utility Director
Kathryn Cuvelier, Town Clerk
Paul Loomis, Mayor (arrived at 6:00 p.m.)
APPROVAL OF OCTOBER 19, 2004 MINUTES
pp
Tom
Vetrano MOVED to approve the minutes of the October 19, 2004 meeting.
MOTION SECONDED by Bob Horn. MOTION carried 2—0.
ELECTION OF BOARD OF DIRECTORS
Due to the death
of Steve Lucas, the election of the Board of Directors will be postponed
until his vacancy is filled.
STATUS OF THE RECLAIMED WATER SYSTEM
Water Utility
Director PhilipSaletta distributed a handout explaining the status of Phase
1 of the ReclaimedSystem. pointed Water S stemHe out that the following golf courses will be
ready to receive reclaimed water:
• Sun City Golf Course October 12, 2005
• The Golf Club at Vistoso November 1, 2005
• Stone Canyon Golf Course November 1, 2005
Mr. Saletta
stated that Phase II of the Reclaimed Water System will include the two 18-
holeg olf courses at the El Conquistador Resort and Country Club.
REVIEW OF THE 2006 BOND ISSUANCE
t distributed the first page of the Official Statement dated December 9, 2003
Mr. Saletta p g
Town of Oro ValleyMunicipal Property Corporation Senior Lien Water Project
for the p
Revenue Bonds, Series 2003, which total $31,750,000. He referred to Section 6.2
"Anticipated Funding"undin " of the Official Statement dated December 9, 2003. He explained
ar of the uses of proceeds from the sale of the Series 2003 Bonds (Phase 1)
the summary
and the Series 2006 Bonds (Phase II), which will be used to fund the planned
J
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10/04/05 Minutes,Oro Valley Municipal Property Corporation 2
improvements, excludingthose improvements scheduled for construction from FY 2010
p
to buildout:
1. Proposed Reclaimed Water System Requirements.
2. Existing Potable Water System Improvements.
3. Expansion-related Potable Water System Improvements.
Discussion regarding ar
followed re din sufficient revenues to support water debt by the balancing
of water impact fees and rate fees to support the water debt. It was pointed out that an
Impact Fee and Rate Fee and Impact Fee Analysis will be conducted in the near future
due to the Town's projected growth in the next 3 to 6 years.
ADJOURNMENT
AM
OTION was made byTom Vetrano to adjourn the annual meeting at 6:32 p.m.
MOTION seconded by Bob Horn. MOTION carried 2—0.
Respectfully submitted,
*C"eetee,z,Le
Kathryn E. Cuvelier, CMC
Town Clerk