|Date/Time: 4/5/2018 -- 10:30 AM|
Tamarack Conference Center
1 Tamarack Park
Beckley, WV 25801
|Purpose: To consider and act upon all matters that may properly come before a meeting of the West Virginia Parkways Authority members. These matters may include discussion of and possible action on the following: Approval of the minutes of the March 8, 2018 Board Meeting; Approval to upgrade the fueling system for five (5) Parkways facilities; To receive the recommendation of the Finance Committee regarding, as well as review, discuss and act on any motions properly made and duly seconded to recommend adoption of/or recommend a request for modification to, the draft West Virginia Turnpike 2018 Revenue Bond Study (the Study) prepared and delivered pursuant to that certain Agreement dated September 1, 2017, between the Parkways Authority and CDM Smith Inc., Traffic Engineer and reviewed by the Finance Committee at its last meeting held on March 27, 2018; and any and all other discussion, review and/or scheduling of matters that may properly come before the meeting. The primary purpose of the Study was to establish the immediate and long-term impacts of prospective toll policy changes on the West Virginia Turnpike toll transactions and revenue. Those prospective toll policy changes are set out in the Study, and the Study includes, without limitation, an analysis of a new annual single fee discount program for West Virginia E-ZPass customers, applicable to passenger motor vehicles only, (Class 1 Parkways Toll System) and a toll rate increase for other Turnpike users/vehicles. The proposed toll policy changes are being considered and developed to provide funds for future operating and maintenance expenses and renewal and replacement projects and capital projects needed by and for the Turnpike and the contemplated sale of Turnpike toll revenue bonds as part of Governor Justices Roads to Prosperity initiative (which bonds also would provide funds to finance a portion of the costs of capital projects for the Turnpike). The further purpose of the meeting is to receive any committee recommendations to the West Virginia Parkways Authority deemed necessary or appropriate regarding future bond sizing and toll rate schedule changes for the West Virginia Turnpike (including a new single fee discount program for Parkways Toll System Class 1 passenger motor vehicles and toll increases for other vehicles, and related changes to the Authoritys existing toll schedules) after reviewing, analyzing and considering the (1) CDM Smith Inc. (Traffic Engineer) West Virginia Turnpike 2018 Revenue Bond Study; (2) the draft report and certification letter prepared by HNTB Corp. (General Engineering Consultant) regarding operations and maintenance of the Turnpike as well as the renewal and replacement budget items, and estimated future capital needs for the Turnpike (the GEC Report); (3) the estimated capital needs for future bonding and toll increases, (4) the cash flow analyses and modeling prepared by Public Resources Advisory Group (PRAG) (Financial Advisor) including estimates of the appropriate bond sizing and debt service possible of being supported by available net revenues as forecast in the Study and in light of the GEC Report; and (5) any other matters deemed pertinent to the foregoing subject matter and/or to related matters. Without limitation of the foregoing, an additional purpose of the meeting will be to consider the recommendation(s) of the Finance Committee, and to take possible action to adopt a Resolution whereby the Authority would, among other things: (A) preliminarily approve prospective toll policy changes for users of the Turnpike (including a new single fee discount program for Parkways Toll System Class 1 passenger motor vehicles and toll increases for other vehicles, and related changes to the Authoritys existing toll schedules for the Turnpike), and proposed issuance of toll revenue bonds, which toll policy changes could not take effect until after compliance with: (1) the public notice and meeting requirements of West Virginia Code §17-16A-13a, and (2) the provisions of West Virginia Code §17-16A-29; and (B) approve and direct staff, in consultation with General Counsel and Bond Counsel and other professional advisors, as appropriate, to take steps to provide public notice of and attend public meetings and achieve compliance with (1) the public notice and meeting requirements of West Virginia Code §17-16A-13a, and (2) the provisions of West Virginia Code §17-16A-29, and after further action of the Authority giving final approval to toll policy changes and proposed issuance and sale of toll revenue bonds of the Authority. This meeting may be recessed and reconvened and /or moved into executive session at the discretion of and upon proper motion, duly adopted, by the Board, in accordance with applicable law. If the meeting is recessed and reconvened, the date, time and location at which the recessed meeting will be reconvened (A) shall be announced during the meeting (or reconvened meeting) at or prior to the time such meeting is recessed, and (B) further shall be posted on the Authoritys web site as well. 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.||Notes: |
This is a compliant meeting.
|Meeting was approved : 3/29/2018 12:56:35 PM|