HomeMy WebLinkAbout1995-03-27 WUCFD MINUTES DISTRICT BOARD OF THE
WATER UTILITIES COMMUNITY FACILITIES DISTRICT
CITY OF APACHE JUNCTION, ARIZONA
MARCH 27, 1995 - 6:37 P.M.
MEETING MINUTES
BOARD OF DIRECTORS ROLL CALL: Others Present:
Chairman Jean Perkins District Attorney Bill Farrell
Vice Chairman Robin Barker District Clerk Kathy Connelly (Absent)
Mr. Douglas Coleman City Attorney Glenn Gimbut
Mr. Paul Perkins (Absent) Interim City Manager George Hoffman
Mrs. Anne Surra District Treasurer Keith Lewis
Mrs. Pat Richmond
Mr. Keith Hendricks
Mr. Farrell updated the Board on the district operating budget of $50,000 that
was loaned to the district by the city. He stated that as of February, $10,000
have been paid to his firm, $6,000 have been paid to Jennings, Strouss and
Salmon, plus an additional $4,000 which has not been paid yet, making that a
total of $20,000 and leaving a balance of $30,000.
Mr. Farrell asked the Board for authorization to pay $4,000 for March legal fees
and added that the estimated short-term fees will continue at the rate of $4,000
per month for both firms for April and May, and that they will have an obligation
of $5,000 to the law firm that is representing First Interstate Bank, which has
not been billed. He also asked for authorization to pay Rust Engineering and
Environmental $5,000; $1,000 for a title report and searches of the Uniform
Commercial Code {UCC) to determine whether or not Consolidated has any debts that
were not reported to the Bankruptcy Court: an additional $1,000 for the
consultant; and then a contingency fee that represents the one-half of one
percent of their loan.
Vice Chairman Barker moved to authorize payment of the March legal and consulting
fees. Mr. Coleman seconded the motion. Approved unanimously.
Mr. Farrell updated the Board on the Bankruptcy Court proceedings. He stated
that right now the court is conducting a hearing to determine whether or not the
JACO Oil plan, which calls for an auction sale of all the assets, or the
Consolidated Plan, which call for the present owners to remain in ownership and
to work out a debt payment plan, should be approved: and the judges are hearing
testimonies from both sides to determine which of the two plans would best serve
the creditors of Consolidated. He informed the Board that the next two days of
testimony are Monday, April 3, and Tuesday, April 4, at which time he will have
an opportunity to testify. He stated that if the auction is decided upon, they
will be prepared to bid at the sale and will seek the Board's direction in
executive session.
Water Utilities Community Facilities District
Meeting Minutes of March 27, 1995
Page 1 of 2
Mr. Gimbut inquired about the time of the next court hearings. Mr. Farrell
answered the time is 9:00 a.m. with a recess for lunch at noon, continuing at
1:00 p.m. and ending at 3:00 p.m.
Vice Chairman Barker moved to have an executive session at 6:00 p.m. and a
regular meeting at 6:30 p.m. on April 24, 1995. Mr. Hendricks seconded the
motion. Approved unanimously.
Adjournment at 7:00 p.m.
Tan er ins, airman
Robin Barker, Vice Chairman
Kathleen Connelly
District Clerk
Water Utilities Community Facilities District
Meeting Minutes of March 27, 1995
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