MONTHLY BOARD MEETING:
DATE: Thursday, May 10, 2018
TIME: 10:30 A.M.
PLACE: Tamarack Conference Center
One Tamarack Park
Beckley, WV 25801
PURPOSE: To consider and act upon all matters that may properly come before a meeting of the Parkways Authority Board. These matters may include discussion of and possible Board action on the following: Approval of the minutes of the April 5, 2018 Board Meeting; Design fees for Bridge Painting Project BP-3-19 for various bridges along the Turnpike; Tree Cutting Project TC-1-19; and Bridge Deck Replacement Projects BDR-1-20, BDR-2-20, BDR-3-20 and BDR-4-20; Renewal for the final year of the Bridge Facility Retrofit BFR-1-17 3-Year Contract; Equipment Budget for FY 2018/2019; Draft Operating Budget for FY 2018/2019; Replacement of the Tamarack Entrance Sign; Updating and amending the existing Interest Rate Exchange Policy (the “Swap Policy”) adopted July 10, 2008 by the Authority. In conjunction with the proposed issuance of new bonds in the second or third quarter of this calendar year, the Swap Policy will need to be updated and amended; Staff (in consultation with the Authority’s counsel and financial advisor) has prepared a multi-page draft of “Frequently Asked Questions” (the “FAQ document”) for the purpose of disseminating that information at or prior to the upcoming Public Meetings required before any final action on proposed toll policy changes (including the proposed new single fee discount program and the limited [one-time] early enrollment option thereunder, as well as proposed toll rate changes), proposed issuance of new bonds, and related matters. The draft FAQ document includes staff’s recommendations on several operational details for possibly implementing these proposed changes (including the proposed new single fee discount program and the limited (one-time) early enrollment option that is part of that proposed program). The Authority members may review, ask questions about, and to the extent deemed appropriate take action with regard to, the draft FAQ document that is being presented including authorizing staff to continue the development and dissemination of the FAQ document; Clarify updates concerning (a) changes in bond market conditions that have taken place since adoption of the Resolution at the Authority’s April 5, 2018 meeting, resulting in recent and potential future increases in interest rates on bonds, and (b) recent experience in highway construction bid results and the potential impact on estimated project costs, and (c) other matters, that have a bearing on the sizing of the proposed bond sale. These updates will include information developed after appropriate analyses by the Authority’s financial advisor, Public Resources Advisory Group (PRAG) concerning these recent developments and the potential impact(s) on proposed bond sizing; Purchase of E-ZPass Transponders for Customer Service; Protective Bridge Deck Overlay Contract BDO-1-18 and The Kanawha City Community Association, Inc. has requested the cooperation of the Parkways Authority to allow installation of beautification improvements along West Virginia Route 61 in Kanawha City involving plantings and other related matters on the Parkways Authority right-of-way. Approval may be sought to cooperate with the Kanawha City Community Association, Inc. and its beautification efforts, provided that the appropriate agreements between that Association and the Parkways Authority can be prepared and that the circumstances are approved by the consulting engineers, HNTB and by Counsel. (The Authority Maintenance Division will agree to provide traffic control at the site); Other items which may become apparent or need attention and may be added to the business agenda of the meeting; attention is called to the fact that the agenda of the meeting will be available three days in advance by calling 304-926-1900 or at the website www.wvturnpike.com; items of business may be added to the agenda up to 48 hours prior to the date of the meeting.
JOINT FINANCE COMMITTEE AND AUTHORITY MEMBER WORKSHOP SESSION:
Monday, June 4, 2018
West Virginia Parkways Authority Administration Building
PURPOSE: (A) to discuss, ask questions, and obtain and/or provide information and/or input from or to Authority staff as well as the Authority’s professional consultants, financial advisor, legal counsel, engineer, but not vote upon, the following: (1) the proposed new toll rate schedule that has been the subject of public meetings held on May 10, 2018 at Riverside High School in Kanawha County, West Virginia; on May 11, 2018 in the Court Room of the Fayette County Courthouse, Fayette County, West Virginia; on May 14, 2018 at the Raleigh County Armory/Convention Center, Raleigh County, West Virginia; on May 15, 2018 in the Court Room on the second floor of the Mercer County Courthouse, 1501 West Main Street, Princeton, Mercer County, WV 24740; (2) the West Virginia Turnpike 2018 Revenue Bond Study prepared and submitted by CDM Smith, Inc. (Parkways Traffic Engineers) and scenarios of traffic and toll revenues recommended by said traffic engineers and/or related scenarios or information developed by said traffic engineers for consideration by the Authority; (3) proposed toll discount programs including but not limited to the Single Fee Discount Program and its Limited Early Enrollment Option and proposed toll increases, and other proposed toll policy changes, and implementation thereof if the same are approved; (4) any analyses of the said toll revenue bond study and related scenarios or information developed by said traffic engineers; (5) public comments received by the Authority, including both written comments (including those deposited in the comment boxes at the Public Meetings or otherwise received by U.S. mail or by e-mail transmission) and oral comments made during any or all of the 4 public meetings held as indicated above or received by email transmission; (6) the report of the Authority’s Consulting Engineers (HNTB Corporation) concerning future annual operating and maintenance costs, renewal and replacement costs, and costs of essential capital projects through 2050; (7) the proposed issuance of Parkways toll revenue bonds by the Authority and potential projects to be funded in whole or in part with proceeds from said proposed Parkways toll revenue bonds; (8) analyses and/or projections of cash flow, debt service on the proposed Parkways toll revenue bonds, debt service coverage ratios, and other financial projections prepared by the Authority’s financial advisor (Public Resources Advisory Group, Inc.); (9) legal matters and/or questions relating to any of the various matters and/or topics discussed during the session, and to review the same, and/or receive legal advice and input from counsel on, certain legal matters or questions, if deemed necessary in executive session; and (10) any proposed resolutions which may be prepared by counsel and/or staff and presented or circulated for comment and questions; and (B) to allow the members of the Authority and the members of the Authority Finance Committee (who are also members of the Authority) the opportunity to ask such other questions, seek such other information, and discuss such other points or issues as are deemed relevant, all pertaining to the foregoing matters, including without limitation the various toll scenario(s) which have been recommended and which provide for toll increases that represent an amended toll rate schedule along with discount programs that will all be before the Authority and its Committee. Said meeting/workshop may recess and reconvene from time to time, and the time and place of reconvening shall be announced at the time of any such recess; and, without limiting the foregoing, may recess at the end of the June 4, 2018 session and reconvene at 9:00 a.m. on June 7, 2018 at the Raleigh County Armory/Convention Center (Main Arena Floor) at 200 Armory Drive, Beckley, WV, 25801. In such case, it is anticipated that a separately noticed monthly meeting of the Finance Committee will be scheduled and noticed for Thursday June 7, 2018, to convene at 9:00 a.m. Eastern time or as soon thereafter as the reconvened joint meeting/workshop session of the Authority and its Finance Committee concludes, and to be held at the Raleigh County Armory/Convention Center (Main Arena Floor) at 200 Armory Drive, Beckley, WV, 25801. Upon proper motion, second and vote, the Authority may move into executive session for purposes that will be stated on the record during the initial session or any reconvened sessions. The agenda for this meeting will be available three (3) days in advance by calling 304-926-1900 or at the website www.wvturnpike.com; items of business may be added to the agenda up to 48 hours prior to the date of meeting.