Public Improvement Trust

CITY OF HENDERSON PUBLIC IMPROVEMENT TRUST REGULAR MEETING MINUTES Wednesday, August 29, 2018 I. CALL TO ORDER Chairman Steve Grierson called the Public Improvement Trust meeting to order at 3:34 p.m. in the Mayor and Council Board Room, 4th Floor, 240 Water Street, Henderson, Nevada. II. CONFIRMATION OF POSTING AND ROLL CALL Lori Grossman, Secretary, confirmed the Public Improvement Trust meeting had been noticed in compliance with the Open Meeting Law by posting the Agenda three working days prior to the meeting at City Hall, the Multigenerational Center, the Whitney Ranch Recreation Center, Fire Station No. 86, the Nevada Public Notice Website, the City of Henderson Website, and by mailing a copy of the Agenda to everyone appearing thereon on the Agenda Master Mailing List. Present: Chairman Steve Grierson Ken Herman Derek Muaina Caron Richardson Absent: None Staff: Victoria Dasis, Deputy City Clerk Wade Gochnour, Assistant City Attorney III Lori Grossman, Secretary Tedie Jackson, Deputy City Clerk Jim McIntosh, Finance Director Jessica Oneto, Accountant II Rosa Reynolds, Administrative Analyst III Guests: Eric Lorenz, Ovist and Howard Cecilia Schafler Scott Shaver, Stradling Yocca Carlson & Rauth Sheri Valdez, Ovist and Howard Public Improvement Trust Page 2 of 8 Wednesday, August 29, 2018 – Minutes III. PUBLIC COMMENT There were no public comments presented. IV. ACCEPTANCE OF AGENDA (Motion) Ms. Richardson introduced a motion to accept the agenda as presented. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. V. NEW BUSINESS NB-1 MINUTES PUBLIC IMPROVEMENT TRUST APRIL 30, 2018 CITY MANAGER'S OFFICE Public Improvement Trust meeting minutes of April 30, 2018. (Motion) Mr. Herman introduced a motion to adopt the minutes as presented. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-2 PRESENTATION RECOGNITION OF RICHARD JOST, TRUST BOND COUNSEL CITY MANAGER'S OFFICE Recognize the service of Richard Jost of Fennemore Craig for his years of service to the City of Henderson, Nevada Public Improvement Trust. Lori Grossman, Senior Administrative Analyst, stated that Richard Jost could not be in attendance, and recognized his guidance and service over the last 15 years. Chairman Grierson commented that Mr. Jost has been an invaluable resource to the Trust and all Trustees concurred with his comments. NB-3 PRESENTATION RECOGNITION OF CECILIA SCHAFLER, TRUSTEE CITY MANAGER'S OFFICE Recognize the service of Cecilia Schafler, Trustee, to the City of Henderson, Nevada Public Improvement Trust. Public Improvement Trust Page 3 of 8 Wednesday, August 29, 2018 – Minutes The Trust acknowledged Cecilia Schafler for her time and accomplishments in the Henderson community. Ms. Schafler said that the Trust may contact her for questions in the future. NB-4 ELECT CHAIRMAN CITY MANAGER'S OFFICE Election of one of the Trustees of the Public Improvement Trust to serve as Chairman of the Public Improvement Trust for a one-year term. Mr. Herman nominated Mr. Grierson as Chairman. Mr. Grierson accepted the nomination. (Motion) Mr. Herman introduced a motion to elect Mr. Grierson as Chairman of the Public Improvement Trust for a one-year term. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-5 ELECT VICE CHAIRMAN CITY MANAGER'S OFFICE Election of one of the Trustees of the Public Improvement Trust to serve as Vice Chairman of the Public Improvement Trust for a one-year term. Chairman Grierson nominated Mr. Herman as Vice Chairman. Mr. Herman accepted the nomination. (Motion) Chairman Grierson introduced a motion to elect Mr. Herman as Vice Chairman of the Public Improvement Trust for a one-year term. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-6 ELECT TREASURER CITY MANAGER'S OFFICE Election of a Treasurer for the Public Improvement Trust to serve a one-year term. Recommendation is to elect Jim McIntosh, Director of Finance. Lori Grossman, Senior Administrative Analyst, provided an overview of this recommendation. Chairman Grierson inquired if there would be restrictions or conflicts with having a City employee as the Trust’s treasurer. Public Improvement Trust Page 4 of 8 Wednesday, August 29, 2018 – Minutes Wade Gochnour, Assistant City Attorney III, informed that the role of the treasurer would be bookkeeping, and he does not foresee any conflicts. He stated that all recommendations would be brought before the trustees, and that they make the final decision. A discussion ensued regarding practices of the board and potential gray areas of having a City of Henderson employee being in the appointed treasurer position. Responding to a question by Mr. Muaina regarding if finance staff would be assisting with treasurer duties, Jim McIntosh, Finance Director, stated that Jessica Oneto, Accountant II, would be assisting him. (Motion) Mr. Muaina introduced a motion to elect Jim McIntosh, Finance Director, as Treasurer for the Public Improvement Trust for a one-year term. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-7 ELECT SECRETARY CITY MANAGER'S OFFICE Election of a Secretary for the Public Improvement Trust to serve a one-year term. Recommendation is to elect Rosa Reynolds, Administrative Analyst III. Lori Grossman, Senior Administrative Analyst, introduced Rosa Reynolds, Administrative Analyst III, and provided and overview of this recommendation. (Motion) Mr. Herman introduced a motion to elect Rosa Reynolds, Administrative Analyst III, as the Secretary for the Public Improvement Trust for a one-year term. The vote favoring approval was unanimous. Chairmen Grierson declared the motion carried. NB-8 TERMINATE ENGAGEMENT FENNEMORE CRAIG CITY MANAGER'S OFFICE Termination of engagement of Fennemore Craig (Fennemore Craig Jones Vargas) as representative of the Public Improvement Trust on revenue bond programs. Lori Grossman, Senior Administrative Analyst, provided an overview of this item, and stated that Richard Jost has retired, and that the firm of Fennemore Craig does not currently have an attorney on staff who specializes in public bond financing. Public Improvement Trust Page 5 of 8 Wednesday, August 29, 2018 – Minutes Wade Gochnour, Assistant City Attorney III, advised that, if approved, this motion would terminate the Trust’s engagement with Fennemore Craig Jones Vargas. (Motion) Mr. Muaiana introduced a motion to approve termination of the engagement of Fennemore Craig (Fennemore Craig Jones Vargas) as representative of the Public Improvement Trust on revenue bond programs. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-9 BOND COUNSEL CITY MANAGER'S OFFICE Consider the selection of a new bond counsel to replace Richard Jost of Fennemore Craig, who retired from practice on August 10, 2018. Recommendation is to select Scott Shaver, Stradling Yocca Carlson & Rauth. Lori Grossman, Senior Administrative Analyst, provided an overview of this recommendation and introduced Scott Shaver. Chairman Grierson inquired how staff decided on the recommendation of Mr. Shaver. Wade Gochnour, Assistant City Attorney III, stated that Mr. Shaver, and his firm, have previously been hired by the City to act as bond counsel for various City projects, and considers him a stable contact for the Trust. In addition, Mr. Gochnour said that Mr. Shaver has agreed to work on the same terms as the previous bond counsel. (Motion) Mr. Herman introduced a motion to approve Scott Shaver, Stradling Yocca Carlson & Rauth, as bond counsel for the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-10 APPROVE RETAINER AGREEMENT CITY MANAGER'S OFFICE Approve the retainer agreement with Stradling Yocca Carlson & Rauth, subject to the selection of a new bond counsel. Responding to a question by Chairman Grierson regarding the details of the retainer agreement, Wade Gochnour, Assistant City Attorney III, advised that their fees are slighter lower than the previous bond counsel’s. Public Improvement Trust Page 6 of 8 Wednesday, August 29, 2018 – Minutes Lori Grossman, Senior Administrative Analyst, noted that the previous consulting cap remains with this retainer agreement. (Motion) Ms. Richardson introduced a motion to approve the retainer agreement with Stradling Yocca Carlson & Rauth. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-11 FINANCIAL UPDATE CITY MANAGER'S OFFICE Review of the Public Improvement Trust financial documents. Lori Grossman, Senior Administrative Analyst, provided an overview of the City of Henderson, Nevada Public Improvement Trust, Statement of Financial Position. Ms. Grossman said a document with a comparison of last year’s income and expenditures would be provided at the next meeting. (Motion) Mr. Herman introduced a motion to approve the review of the Public Improvement Trust financial documents. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-12 ANNUAL AUDIT REPORT CITY MANAGER'S OFFICE Accept the Annual Audit Report for fiscal year ending June 30, 2018, as prepared by the accounting firm of Ovist and Howard, CPAs, and authorize the Chairman to sign the Management Representation letter. Lori Grossman, Senior Administrative Analyst, introduced representatives of Ovist and Howard. Eric Lorenz, Ovist and Howard, informed the Trust that a comparison of the profits and losses, or income and expenditures, from last year can be found on page six of the draft audit. Sheri Valdez, Ovist and Howard, provided an overview of the Annual Audit Report for the fiscal year ending June 30, 2018. Public Improvement Trust Page 7 of 8 Wednesday, August 29, 2018 – Minutes (Motion) Mr. Herman introduced a motion to accept the Annual Audit Report for fiscal year ending June 30, 2018, as prepared by the accounting firm of Ovist and Howard, CPAs, and authorize the Chairman to sign the Management Representation letter. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-13 AUTHORIZE ADDITIONAL SIGNER CITY MANAGER'S OFFICE Authorize Jessica Oneto, Accountant II, as an additional authorized signer on bank accounts held by the Public Improvement Trust in order to ensure the effective and efficient processing of payments authorized by the Treasurer. Lori Grossman, Senior Administrative Analyst, provided an overview of this item, and stated that it is good business practice to have an authorized backup signer in the event that an authorized signer is unavailable. (Motion) Mr. Herman introduced a motion to authorize Jessica Oneto, Accountant II, as an additional authorized signer on bank accounts held by the Public Improvement Trust in order to ensure the effective and efficient processing of payments authorized by the Treasurer. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. VI. CHAIRMAN\MEMBER COMMENTS There were no Chairman/Member comments presented. VII. SET NEXT MEETING The Trustees will meet as needed; therefore, no date has been set. VIII. PUBLIC COMMENT There were no public comments presented. Public Improvement Trust Page 8 of 8 Wednesday, August 29, 2018 – Minutes IX. ADJOURNMENT There being no further business to be discussed, the meeting was adjourned at 4:18 p.m. Respectfully submitted, ___________________________ Victoria Dasis, Deputy City Clerk