August 29 Transcript

Texas Department of Transportation Commission Meeting

Ric Williamson Hearing Room
Dewitt Greer Building
125 East 11th Street
Austin, Texas 78701-2483


Friday, August 29, 2008


Deirdre Delisi, Chair
Ted Houghton, Jr.
Ned S. Holmes
Fred A. Underwood
William Meadows


Amadeo Saenz, Executive Director
Bob Jackson, General Counsel
Roger Polson, Executive Assistant to the
Deputy Executive Director


MS. DELISI: Good morning. It is 8:07, and I'd like to call this special meeting of the Texas Transportation Commission to order. Note for the record that public notice of this meeting, containing all agenda items, was filed with the Office of Secretary of State at 4:07 p.m. on August 21, 2008.

If you wish to comment on an agenda item, we ask that you fill out a yellow speaker's card available at the registration table in the lobby. There will be no open comment period at the conclusion of today's meeting.

Amadeo, I'm going to turn it over to you now.

MR. SAENZ:  Good morning, and thank you, Madame Chair. As mentioned, there is only one agenda item for today's meeting, and James Bass will not come forward because he's already there and will present the minute order pertaining to bond issues and our Revenue Financing Program. James.

MR. BASS: Good morning. For the record, I'm James Bass, CFO at TxDOT.

This minute order requests approval for the issuance of the Fiscal Year 2009 statutory authority of $1.5 billion in Proposition 14 bonds in one or more series. It authorizes both fixed or variable rate bonds; it delegates authority to the CFO to amend related bond documents in order to accomplish the financing. Both the minute order and the fifth supplement contemplate credit agreements which would be brought back to the commission for approval if we utilize those.

There are a couple of amendments to the master resolution I'd highlight. It adds the Director of Finance position as an authorized department representative, again because of our recent department reorganization. And it also provides the CFO the ability to implement monthly set-aside deposits to an interest in-syncing fund to provide additional security to make the debt service payments. And importantly, as well, it approves, ratifies and confirms submission of a notice of intent to issue bonds to the Bond Review Board.

I'd be happy to answer any questions you might have.

MS. DELISI: Any questions? Is there a motion?

MR. UNDERWOOD: So moved.


MS. DELISI: All in favor?

(A chorus of ayes.)

MS. DELISI: No opposed; the motion passes.

Is there any other business?

MR. SAENZ: No, ma'am.

MS. DELISI: There being none, I will entertain a motion to adjourn.

MR. MEADOWS: So moved.


MS. DELISI: For the record, the time is 8:09 and this meeting stands adjourned.

(Whereupon, at 8:09 a.m., the meeting was concluded.)


MEETING OF: Texas Transportation Commission
LOCATION: Austin, Texas
DATE: August 29, 2008
I do hereby certify that the foregoing pages, numbers 1 through 6, inclusive, are the true, accurate, and complete transcript prepared from the verbal recording made by electronic recording by Nancy King before the Texas Department of Transportation.

(Transcriber) (Date)

On the Record Reporting, Inc.
3307 Northland, Suite 315
Austin, Texas 78731


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