Public Improvement Trust

CITY OF HENDERSON PUBLIC IMPROVEMENT TRUST MINUTES August 20, 2014 I. CALL TO ORDER Chairman Steve Grierson called the meeting to order at 4:31 p.m. in the Executive Conference Room, located at the Touro University Nevada Campus at 874 American Pacific Drive, Henderson, Nevada. II. CONFIRMATION OF POSTING AND ROLL CALL Lori Grossman, Secretary, confirmed the meeting had been posted in accordance with the Open Meeting Law by posting the agenda three working days prior to the meeting at City Hall, Multigenerational Center, Whitney Ranch Recreation Center, Fire Station No. 86, Touro University, and online at www.cityofhenderson.com and notice.nv.gov. Present: Chairman Steve Grierson Ken Herman Caron Richardson Cecilia Schafler Quinton Singleton Absent: None Staff: Mark Backus, Assistant City Attorney Lori Grossman, Secretary Guests: Richard Jost, Fennemore Craig Jones Vargas (by phone) III. ACCEPTANCE OF AGENDA (Motion) Mr. Herman introduced a motion to accept the agenda as presented, seconded by Mr. Singleton. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. IV. PUBLIC COMMENT No comments were presented by the public. City of Henderson Public Improvement Trust Page 2 August 20, 2014 – Minutes V. NEW BUSINESS 1. Approval of Minutes from September 25, 2013 Trust Meeting (Motion) Mr. Herman introduced a motion to approve the minutes of November 28, 2012, as presented, seconded by Ms. Richardson. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. 2. Accept and Approve Professional Services Agreement with Fennemore Craig, PC Secretary Lori Grossman provided background information on the Trust’s relationship with Richard Jost as bond counsel for the Trust. Mr. Jost has represented the Trust in matters related to use of state bond capital projects as well as projects seeking public bond funding. There was also a desire by the Trust to negotiate a cap on legal fees for proposed projects that confer with Fennemore Craig who employs Mr. Jost. Mr. Backus confirmed that the form of engagement is standard and conforms with industry standards and Nevada rules of professional conduct. The scope of services and legal fees are clearly defined. A clarification was requested with regard to the terms stated in the letter of engagement and the terms of engagement. Mr. Jost stated that the letter of engagement contains the terms specific to the Trust and the terms of engagement are the standard terms for the firm. The Trustees requested and received clarification on additional fees and any potential future amendments. Mr. Jost and Mr. Backus confirmed that both parties would have to negotiate and agree to any amendments. The proposed professional services agreement formalizes the relationship between the Trust and Fennemore Craig. (Motion) Ms. Richardson introduced a motion to accept and approved the agreement, seconded by Mr. Herman. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. 3. Review of Warrant Register Ms. Grossman provided a review of the Warrant Register and noted that the total balance is $195,385.68. A trial balance and ledger for fiscal year end 2014 and for year-to-date was provided. She reviewed the deferred revenue liability of $13,517.00, which could be refunded to projects in the future, and the status of two certificates of deposit. 4. Approve Withdrawal of Existing Certificate of Deposit and Selection of New Financial Institution for Deposit Ms. Grossman stated that the amount of interest being earned on the Bank of America CD is 0.10%, where Bank of Las Vegas returns 0.75%. City of Henderson Public Improvement Trust Page 3 August 20, 2014 – Minutes She is suggesting the Trust discuss withdrawal of the existing CD with Bank of America and selecting a bank that offers a higher earning interest rate. The Trustees expressed an interest in keeping the investment with a local bank. It was clarified that any financial action for the Trust would require signature of two board members. (Motion) Mr. Singleton introduced a motion for the Secretary to solicit rates from banks in Clark County for a one-year CD, select a bank with the highest rate, and authorize the Secretary and Treasurer to transact the purchase, seconded by Ken Herman. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. 5. Election of Officers (1) Elect Chairman (Motion) Ms. Richardson nominated Steven Grierson as Chairman of the Public Improvement Trust, seconded by Mr. Herman. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. (2) Elect Vice-Chair (Motion) Ms. Schafler nominated Mr. Singleton as Vice-Chairman of the Public Improvement Trust, seconded by Mr. Herman. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. (3) Elect Treasurer (Motion) Mr. Singleton nominated Mr. Herman as Treasurer of the Public Improvement Trust, seconded by Ms. Schafler. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. VI. PUBLIC COMMENT No comments were presented by the public. VII. CHAIRMAN/MEMBER COMMENTS Chairman Grierson provided comments on a project presented to the Trust last year, Landsman Gardens. He commented how attractive the project is looking with the exception of the door color. Ms. Grossman will contact the project coordinator and provide feedback. Ms. Grossman also informed the Trust of two matters that will come before the Trust at the next meeting. The Henderson District Public Libraries have contacted the Trust to request a donation to rehabilitate their outdoor reading City of Henderson Public Improvement Trust Page 4 August 20, 2014 – Minutes patio at the Paseo Verde library. Mr. Backus is reviewing the declaration to ensure that the request falls within the ability of the Trust to consider. In addition, American Nevada Corporation has requested reconsideration of a forfeited balance on their project stating that this was an oversight on the part of their company and they would like the Trust to consider releasing the remaining funds to ANC. Lastly, the final annual audit was be presented to the Trust at the next meeting VIII. ADJOURNMENT There being no further business to be discussed, the meeting was adjourned at 5:10 p.m. Respectfully submitted, _______________________ Lori Grossman, Trust Secretary