Minutes of the Special Meeting Of the Board of Directors Arrowhead Metropolitan District December 14, 2016
A Special Meeting of the Board of Directors of the Arrowhead Metropolitan District, Eagle County, Colorado, was held on December 14, 2016, at 2:00 p.m., at the offices of Marchetti & Weaver, LLC, 28 Second Street, Suite 213, Edwards, Eagle County, Colorado, in accordance with the applicable statutes of the State of Colorado.
The following Directors were present and acting:
- Dick Bourret
- Bob Rosen
- Bob Shafer
The following Directors were absent and excused:
- Chris Matlon
- Thomas Svoboda
Also in attendance were:
- Jerry Hensel, Operations
- Jonanthan Heroux, Piper Jaffray (via Telephone)
- Stacey Berlinger, Piper Jaffray (via Telephone)
- Rick Bross, Arrowhead at Vail Association ( via Telephone)
- Ken Marchetti, Marchetti & Weaver, LLC (via Telephone)
- Matt Jones, Marchetti & Weaver, LLC
Call To Order
The Special Meeting of the Board of Directors of Arrowhead Metropolitan District was called to order by Chairman Matlon on December 14, 2016, at 2:00 p.m. noting a quorum was present.
Consideration of Changes To the Agenda
2017 Bond Refinancing
Jonathan Heroux joined the meeting to review the example term sheet received back from JP Morgan Chase Bank. The Board reviewed the terms provided in the example hand out. Director Rosen had several legal questions on the example term sheet and reported that he didn’t feel that this was satisfactory to lock in a rate. The Board and Mr. Heroux agreed that the non-callable option was the better way to go between the two options.
The Board discussed modifying the bond parameter agreement to reflect the changes made since the first approval. The Board agreed that they would approve the term sheet subject to the non-callable term and a minimum 5% NPV savings. The Board will table the discussion until the final term sheet is received.
There being no further business to come before the Board, by motion duly made
and seconded it was unanimously.
RESOLVED to adjourn the Special Meeting of the Arrowhead Metropolitan District Board of Directors this 14th day of December, 2016.
Secretary for the Meeting