Amador County – Amador Water Agency Finance Manager Mike Lee told his board Thursday that a $1 million bond payment was a few days late but the agency was not in default. The board last Friday approved a loan from the county to help make the bond payment for the Amador Transmission Pipeline, which was due May 15th to a trustee, but had not been wired to the company by Thursday (May 20th). Agency General Manager Gene Mancebo said missing the payment could have triggered “remedies” for a default, and he reminded the board of documents the attorney prepared for them about what those remedies are. Board President Bill Condrashoff asked if the agency was in default. Lee said he told the bond trustee Monday that “we were juggling some funds” and would wire them to her, and “she said fine, and there would be no default.” Lee said the money would be wired to the New York trustee Thursday, and received by today. Lee said without the loan, “we wouldn’t have had enough to send the wire.” Vice President Debbie Dunn said the “payment is a big deal” and equal to “10 percent of our budget.” Dunn said last week “was the fifth time in the last 6 months that the day before a big decision, huge pieces of information show up, change or disappear.” She said the payment due date changed from May 30th to May 15th, although AWA Directors Gary Thomas and Terence Moore said they were well aware that the payment due date was May 15th, for the agency was to pay the $1 million. Dunn said the apparent date change “affected my decision,” and she said the same thing happened when they made a “$20 million decision” on the Gravity Supply Line. She said the GSL “changed on the day of the decision,” and “got smaller” for the same cost. Director Terence Moore told Dunn: “You’re out of order. You’re trying to justify it Debbie, and I’m not buying it.” Dunn sent an e-mail that Moore said accused staff of “improper practices.” Moore said: “I don’t ever want to see a letter with a highlight indicating improper practices by our employees.” The next Amador Transmission Pipeline payment will be $500,000, and is due to the trustee on November 15th. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
Friday, 21 May 2010 03:00
AWA Wires Late Payment on $1M ATP Bond
Amador County – Amador Water Agency Finance Manager Mike Lee told his board Thursday that a $1 million bond payment was a few days late but the agency was not in default. The board last Friday approved a loan from the county to help make the bond payment for the Amador Transmission Pipeline, which was due May 15th to a trustee, but had not been wired to the company by Thursday (May 20th). Agency General Manager Gene Mancebo said missing the payment could have triggered “remedies” for a default, and he reminded the board of documents the attorney prepared for them about what those remedies are. Board President Bill Condrashoff asked if the agency was in default. Lee said he told the bond trustee Monday that “we were juggling some funds” and would wire them to her, and “she said fine, and there would be no default.” Lee said the money would be wired to the New York trustee Thursday, and received by today. Lee said without the loan, “we wouldn’t have had enough to send the wire.” Vice President Debbie Dunn said the “payment is a big deal” and equal to “10 percent of our budget.” Dunn said last week “was the fifth time in the last 6 months that the day before a big decision, huge pieces of information show up, change or disappear.” She said the payment due date changed from May 30th to May 15th, although AWA Directors Gary Thomas and Terence Moore said they were well aware that the payment due date was May 15th, for the agency was to pay the $1 million. Dunn said the apparent date change “affected my decision,” and she said the same thing happened when they made a “$20 million decision” on the Gravity Supply Line. She said the GSL “changed on the day of the decision,” and “got smaller” for the same cost. Director Terence Moore told Dunn: “You’re out of order. You’re trying to justify it Debbie, and I’m not buying it.” Dunn sent an e-mail that Moore said accused staff of “improper practices.” Moore said: “I don’t ever want to see a letter with a highlight indicating improper practices by our employees.” The next Amador Transmission Pipeline payment will be $500,000, and is due to the trustee on November 15th. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it. Latest from
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