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Home My WebLink About2010-02-04 MinutesT MINUTES OF THE FEBRUARY 4, 2010 REGULAR MEETING OF THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS The Housing Authority of the City of Fayetteville, Arkansas met in Regular Session at : 500 p_m., February4, 2010,. in -the _City Administration Building, Room 111, — Fayetteville, AR. (The Regular Meeting was scheduled for January 28, 2010 but was rescheduled to February 4, 2010 due to inclement weather). Mark Kinion, Chairman called the meeting to order at approximately 5:00 p.m. Commissioners Present: Olivia Hom, Hugh Earnest. Mark Kinion, and Brittany Kendrick Commissioners Absent: Leon Jones, Jr. Others Present: Fredia Sawin , Laura Higgins (Fayetteville Housing Authority) and Dennis Hunt (Stephens, Inc.) New Business A. Approval of Minutes of Previous Regular Meeting -Mr. Earnest motioned to accept the December 17, 2009 Regular Meeting Minutes, seconded by Ms. Hom and carried unanimously. B. Approval of December 2009 Financial Statements -Ms. Hom motioned to accept the December 2009 Financial Statements, seconded by Mr. Earnest and carried unanimously. C. Approval of Resolution No. 861, Authorizing the Transfer of Funds to a Certificate of Deposit -Ms. Horn motioned to accept Resolution No. 861, seconded by Ms. Kendrick. Discussion was made by the board on this resolution. Ms. Sawin explained that this only applies to Public Housing funds in one bank account. The purpose of moving the money is to show to HUD that the Housing Authority is financially stable and if needed could sustain itself for up to six months. Mr. Earnest amended the original motion to include "Authorizing the Executive Director to move $200,000.00 from a checking account to a Certificate of Deposit to the bank with the highest rate, seconded by Ms. Kendrick and carried unanimously. D. Approval of Resolution No. 862, Approving of Contract for Capital Fund Program Architect, Engineering and Management Services -Ms. Hom motioned to accept Resolution No. 862, seconded by Mr. Earnest. Discussion was made by the board on this resolution. Mr. Earnest stated that he would like contracts to be at a local level, however Ms. Sawin did do her best to obtain this goal and that is all any executive director could do. The contract was awarded to Ledford Engineering which had the most experience in working with Housing Authorities. Motion to accept Resolution No. 862 was carried unanimously. E. Approval of Resolution No. 863, Authorizing the Award of Contract for Capital Funds Program Work for Year of 2009 CFRP Stimulus Project No. AR37S09750109-Mr. Earnest motioned to accept Resolution No. 863, seconded by Ms. Horn. Discussion was made by the board concerning the spending of the remaining money on this particular contract. Mr. Earnest explained he did have a _ _problem with replacing the cabinets.in.Lewis-Plaza- as -it -has-been-determined that -- eventually these apartments are going to be replaced. Mr. Kinion raised the issue that until this happened it would be better to give the tenants at Lewis Plaza a better place to live. Mr. Earnest and Ms. Kendrick requested that they have an opportunity to look at one of the apartments at Lewis Plaza and Ms. Sawin agreed to meet with them next week to do that. Mr. Earnest concurred that once he looks at one of the apartments it will probably change his mind. Motion to accept Resolution No. 863 was carried unanimously. F. Presentation by Dennis Hunt -Preliminary Plan of Finance -Mr. Hunt made his presentation to the board and questions were raised. Mr. Hunt passed out an outline of the keys steps for the Housing Authority to -take in moving forward on — financing. The board determined that the first two steps which include written authorization from HUD that funds can be used from the Capitol Fund Program to secure the issuance of debt and determining the ability to secure bonds with a first mortgage interest in the real property and improvements associated with the project were the most important. Mr. Earnest agreed to get to work on these with an emphasis on the second point and hopefully have an answer back to the board by the end of next week. The board then thanked Mr. Hunt for his time and effort in this matter. Further discussion of this item will be made at the next regularly scheduled board meeting. G. Executive Directors Report -Ms. Sawin reviewed her written report. There being no further business, meeting was adjourned. THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILL,E, ARKANSAS CHAIRPERSON ATTEST: A // /(� G� SECRETARY