ALP 6

disc
he had with the three rating agencies and their on -going concerns with the existing repurchase
and the potential credit rating risk associated with the agreements.
In a po 1 of the Authority Board members, each was able to provide their opinion and comment on their
concerr s and preferences for refunding options. Alan Matlosz was also given the opportunity to address
the Board and stated his clients (specifically, the City of Florence and Colorado City Metropolitan
District) were requesting the opportunity to pre -pay and were denied, and stated that the borrowers should
be alloN ied the option to prepay if they choose. Also, Mr. Matlosz requested greater communication with
the bor owers before any final decisions were made on any bond refundings with an option to prepay as
some b rrowers have other motivation than lower interest rates.
After urther discussion; a motion was made to accept staff's and the Financial Advisor's
recon endation: to refund certain outstanding bonds to generate significant debt service savings, allocate
the saN ings to the Borrowers and terminate the associated repurchase agreements to reduce the
Authority's exposure to certain investment agreement counterparties.
Motion by: Greg Fisher
2" d by: Don Carlson
Vote: Motion carried 6 -2, Nichols and Monger opposed
The meting was adjourned at 3:50 p.m.
ly submitted,
Keith NIcLaughlin, Assistant Secretary
NOTE -F R INFORMATION ONLY- COPIES OF THE DOCUMENTS REFERRED TO IN THE TEXT OF THESE MINUTES
ARE ON FILE IN THE AUTHORITY OFFICE AND MAY BE OBTAINED BY SUBMITTING A "REQUEST FOR PUBLIC
RECD S." PLEASE CALL CAROLYN SIMON AT (303) 830 -1550, EXT. 13, FOR INFORMATION.