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Board Report Archive
MID Board Meeting of Tuesday, March 18, 2008
Media contact: MID Public Affairs Department, Kate Hora, 209 526-7454
The next MID Board meetings will be April 8, 22, May 13 and 27.
The MID Board Report is a summary of highlights of meetings of the MID Board of Directors and not a complete or official record of proceedings. Official records of proceedings of the MID Board of Directors are contained in the Minutes of meetings of the Board of Directors. For information about the Minutes, please contact the Office of the Board Secretary, 1231 Eleventh Street, Modesto, telephone 209 526-7360, 8:00 a.m. – 5:00 p.m., Monday – Friday, excluding holidays, or email Board@mid.org.
Staff reports
Water Report
Walt Ward, Assistant General Manager of Water Operations, reported that water began to fill the canals as scheduled
on Sunday, March 16. Water deliveries can begin as early as Wednesday, March 19.
March is typically a wet month in Modesto, but it has been dry so far. Looking at the rainfall index, numbers
are trending for this to a below normal to dry year. The rain last week only yielded 0.01 inch. With the lack of precipitation, there has been little change in the snow censor data – year to date numbers have the Northern Sierra and Southern Sierra at 110 percent and the Central Sierra at approximately 95 percent.
Don Pedro Board of Control
Director John Kidd reported that resort reservations were down due to the wet January weather. Reservations are expected to increase as more local recreation is predicted this summer as a result of rising gas prices.
Forever Resorts is meeting with houseboat owners on the new rates for houseboat slips and buoys. The group examined the new marina in the Blue Oaks area.
Bear Stearns, Inc.
JP Morgan & Chase Co. announced their proposed purchase and acquisition of Bear Stearns, Inc., MID’s senior investment banker. Controller Jake Sonke updated the Board on MID’s two interest rate swaps involving Bear Sterns and the investment banks’ subsidiaries. Both swaps are now guaranteed by JP Morgan Chase. MID’s bond rating remains A-plus and its financial health is currently sound.
Approved by unanimous vote
A resolution authorizing the General Manager to appoint an Appeals Panel to act on behalf of MID Board of Directors for the purpose of resolving potential appeals by contractors bidding work related to the EIFS and Roof Replacement Project.
Approved by majority vote
A resolution approving MID’s Board Member Code of Conduct.
Phase II Development of the Comprehensive Water Resources Management Plan Workshop
Dr. Charles Burt of the Irrigation Training and Research Center (ITRC) at California State University Cal Poly, San Luis Obispo presented an overview for Phase II development of MID’s Comprehensive Water Resources
Management Plan. The proposal includes organizing information from Phase I of the plan and preparing preliminary infrastructure design options, including SCADA system upgrades and tentative spill recovery options. Action on the resolution approving the General Manager to execute an agreement for ITRC to proceed with development of Phase II of the Comprehensive Water Resources Management Plan was postponed. The Board will tour various irrigation facilities like those discussed in the workshop and will reconvene on Thursday, March 20 at 1 p.m. in the MID Board Room to review and vote on next steps.
MID Audit Committee
Convening as the MID Audit Committee, the Board heard from Russ Hissom of Virchow Krause, MID’s auditor, regarding his team’s presence at MID for the past few weeks. Representatives from Virchow Krause are evaluating MID’s business processes, reporting procedures, revenues, debts and other aspects of MID’s finances. A presentation of the audit reports is planned for a future Board meeting in the spring.
Thursday, March 20 - Continuation of Tuesday, March 18 Board meeting
Approved by unanimous vote
Resolution approving the General Manager to execute an agreement for ITRC to proceed with Phase II of the Comprehensive Water Resources Management Plan.
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