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Parkways Authority
Date/Time: 6/7/2018 -- 10:30 AM
Location:
Beckley-Raleigh County Convention Center (Main Arena Floor)
200 Armory Drive
Beckley, WV  25801
 
Purpose: (A) To discuss, ask questions, and obtain and/or provide information and/or input from or to Authority staff as well as the Authoritys professional consultants, financial advisor, legal counsel, and engineer, regarding all of the information listed below, and if deemed appropriate TO VOTE UPON any or all of the following: (1) the proposed new toll rate schedule that would increase tolls and provide certain new toll discount programs and 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, and public comments, and possible adjustments and/or revisions, if any, to such proposed new toll rate schedule in light of public comments received by the Authority, other input and information received by the Authority during the public comment period or during its joint work session with the Finance Committee and during this meeting, and the Authoritys deliberations during this meeting; (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 (with such adjustments and/or revisions, if any, relating thereto, as the Authority determines to be appropriate) 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 Authoritys 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 Authoritys 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 meeting, 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 by the Finance Committee or otherwise circulated for comment, questions and possible VOTE, including, without limitation: (a) resolutions approving and adopting a proposed new toll rate schedule that would increase tolls and provide certain new toll discount programs, and approving and authorizing the execution and delivery of all related agreements, certificates and other documents, and taking or omitting to take such other actions, by authorized officers and representatives of the Authority, as may be necessary or convenient to implement and carry out such resolutions and such toll policy changes, discount programs, and addressing certain related matters; and, (b) resolutions approving and authorizing the issuance and sale of Turnpike toll revenue bonds payable from and secured by Turnpike toll revenues for the purpose of financing costs of certain on-Turnpike, and certain off-Turnpike, highway, road and bridge construction, improvement and related projects, costs of issuing such bonds, and certain other related costs as referenced in such resolutions, and approving and authorizing the execution and delivery of all related agreements, certificates and other documents (including, but not limited to, a new master trust indenture, first supplemental trust indenture, bond purchase agreement or contract, preliminary official statement, final official statement, memoranda of understanding, certificates, reports, and any and all other related documents pertaining to such bond issue), and taking or omitting to take such other actions, by authorized officers and representatives of the Authority, as may be necessary or convenient to implement and carry out such resolutions and to issue and sell such Turnpike toll revenue bonds and carry out the transactions contemplated by the various bond documents, and addressing certain related matters; and (B) to allow the 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 FOR DECISION AT THIS MEETING. Upon proper motion, second and vote, the Authority may, at any time during this meeting, move into executive session for purposes that will be stated on the record during the initial session or any reconvened sessions. (C) To review, discuss, ask questions about and obtain information from the Authority Staff as well as counsel regarding any action, if deemed appropriate, on a Project Management Agreement sought by the West Virginia Division of Highways pursuant to which the Parkways Authority would actually manage the widening project on the Turnpike. The widening project consists of constructing additional lanes from approximately the North Beckley Interchange to the I-64 split, between approximate mile markers 40 and 48 in Raleigh County, West Virginia (the Project). The purpose of the Project Management Agreement (the Agreement) was to obtain the Project Management Services of the Parkways Authority to manage and administer the construction of the project through acceptance. The parties have been unable to reach agreement on a specific provision in the Agreement which represents a policy decision best left for Authority members. After hearing explanation by counsel and other members of staff, the Authority may determine to take action by vote on the Agreement as written or possibly as amended; Approval of the Parkways FY 2018/2019 Operating Budget; Approval of the replacement of data storage systems for the Parkways Toll Collection System; Approval of one 1.5 Ton Extended Cab with Enclosed Utility Body; Approval of Contract FD-1-18 Pavement Rehabilitation. 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.
Notes:

This is a compliant meeting.

Meeting was approved : 5/30/2018 3:36:05 PM

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Wednesday, August 15, 2018 — 1:01 AM