MINUTES OF DEERHAVEN WCID MEETING Saturday, January 26th, 2019 at 9 A.M. Real Estate Office, 101 Deerhaven Drive, Horseshoe Bay, Llano County, Texas
A special meeting of the Board of Directors of the Deerhaven Water Control and Improvement District was held on the 26th day of January, 2019 at 9:00 A.M., at the Real Estate Office, 101 Deerhaven Drive, Horseshoe Bay, Llano County, Texas. Notices of the time, place and the subject of the meeting, and the actions to be taken at the meeting, were posted at the places and for the time required by the laws of the State of Texas.
IN ATTENDANCE:
Milton Dietert
Jeff Rudenstein
Tim Dykes
Ralph Hendricks
David Wuest
Tom Armagost was also present.
Director Dietert called the meeting to order at 9:00 A.M. with a quorum of Directors present, as indicated above.
- The next order of business was to approve the minutes from the November 17, 2018 Board meeting. A motion was made by Director Rudenstein and seconded by Director Wuest to approve the minutes. The motion carried unanimously.
- The next order of business was to approve the bills and invoices. Tom Armagost informed the Board that there were no bills or invoices to approve.
- The next order of business was to approve the Order Affirming Investment Policy and Investment Strategies. After considerable discussion a motion was made by Director Rudenstein and seconded by Director Hendricks to approve the Order Affirming the Investment Policy. The motion carried unanimously.
- The next order of business was to appoint an Investment Officer. After discussion a motion was made by Director Rudenstein and seconded by Director Hendricks to appoint Tom Armagost as Investment officer. The motion carried unanimously.
- The next order of business was to approve the draft of the Audited Financial Report.
Tom Armagost informed the board that he had thoroughly reviewed the report and found it to be accurate. A motion was made by Director Dykes and seconded by Director Rudenstein to approve the Audited Financial Report. The motion carried unanimously.
- The next order of business was to approve reinstating the TexPool Fund. Tom Armagost informed the board that he was concerned by the fact that the amount deposited at the First United Bank exceeded the $250,000 FDIC limit. After a meeting with a representative of the Bank Armagost learned that because the funds deposited at First United are public funds the bank has a requirement to insure the safety of these funds through a pledge of collateral. The bank emails Armagost a report of the amount of collateral pledged each month. As of January 5, 2019 the Market Value of Securities Pledged was $394,347.97 and adding the FDIC amount of $250,000 the WCID funds are protected up to $644,347.97. The report from First United is attached to these minutes. After considerable discussion it was determined by the board a reinstate the TexPool Fund and transfer a portion of the funds to TexPool to gain added interest earnings. A motion was made by Director Dykes and seconded by Director Rudenstein to reinstate the TexPool Fund. The motion carried unanimously.
- The next order of business was to approve Resolution 19-0126-01, transferring funds from the General and Money Market Accounts to TexPool. After lengthy discussion it was determined to close the Money Market Account and transfer those funds along with funds from the general account to TexPool. A motion was made by Director Rudenstein and seconded by Director Wuest authorizing Tom Armagost to transfer these funds. The motion carried unanimously.
- The next order of business was to approve the renewal of various insurance policies. This was tabled to the next meeting as the insurance agent has not presented the proposal of renewing these policies.
- Such other matters as may come before the Board. There were no other matters to come before the board.
- Adjourn: There being no other business to come before the Board a motion was made by Director Dykes and seconded by Director Rudenstein to adjourn. The motion carried unanimously.
Jeff Rudenstein
Secretary