HomeMy WebLinkAbout2000-11-01 Agenda Packet - Board (17) IA0
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101FLO'4471 Public Utility District
Staff Report
To: Board of Directors
From: Peter L. Holzmeister
Subject: Appointments to Nonprofit Financing Corporation
Date: October 26, 2000
The Board has discussed appointing itself to serve as the board of the Nonprofit Financing
Corporation.
• 1 discussed this with David Casnocha, bond counsel to the District. He says that the District
Board can appoint itself to be the Board of Directors of the nonprofit corporation. He suggests
that after you do that you amend the by-laws of the nonprofit corporation to state that the Board
of Directors of the District shall serve as the Board of Directors of the nonprofit corporation. The
by-laws currently say that the Board of Directors of the District shall appoint the Board of
Directors of the nonprofit corporation. This would be a housekeeping matter.
• Two members of the current Board of the nonprofit corporation resigned: Herb Gaarder and
Harry Smith. The terms of two other members recently expired: Bruce Turner and Sharon
Gutierrez. That leaves Ruth Frishman still a member of the Board. I spoke with Ruth and she is
willing to resign to allow the reorganization.
RECOMMENDATION
I recommend that
1. The Board appoint the Board of Directors of TDPUD to serve as the Board of Directors of the
nonprofit Financing Corporation; and
2. Direct the manager to schedule the annual meeting of the nonprofit Financing Corporation for
December 20, 2000 as part of the TDPUD regular Board meeting; and
3. Direct the manager to write letters of gratitude to the outgoing members of the nonprofit
Financing Corporation.
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