Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
AGENDA - 04172012 - Annotated Agenda
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¶$VVQ/RFDO1R$P)HG6WDWH&RXQW\ 0XQ(PSO/RFDOVDQG &DOLI1XUVHV$VVQ6HUYLFH(PSO,QW¶O8QLRQ/RFDO'LVWULFW$WWRUQH\¶V,QYHVWLJDWRUV$VVQ'HSXW\6KHULIIV$VVQ8QLWHG 3URI)LUHILJKWHUV/RFDO3K\VLFLDQV¶ 'HQWLVWV¶2UJRI&RQWUD&RVWD:HVWHUQ&RXQFLORI(QJLQHHUV8QLWHG&KLHI2IILFHUV $VVQ6HUYLFH(PSO,QW¶O8QLRQ8QLWHG+HDOWK&DUH:RUNHUV:HVW(DVW&RXQW\)LUHILJKWHUV¶$VVQ&RQWUD&RVWD&RXQW\'HIHQGHUV $VVQ3UREDWLRQ3HDFH2IILFHUV$VVQRI&RQWUD&RVWD&RXQW\&RQWUD&RVWD&RXQW\'HSXW\'LVWULFW$WWRUQH\V¶$VVQDQG3URI 7HFK(QJLQHHUV/RFDO$)/&,2 $JHQF\1HJRWLDWRUV'DYLG7ZDDQG7HG&ZLHN 8QUHSUHVHQWHG(PSOR\HHV$OOXQUHSUHVHQWHGHPSOR\HHV %&21)(5(1&(:,7+/(*$/&2816(/(;,67,1*/,7,*$7,21*RY&RGHD &RQWUD&RVWD&RXQW\Y9LWXJHWDO&RQWUD&RVWD&RXQW\6XSHULRU&RXUW&DVH1R& &RQWUD&RVWD&RXQW\Y(TXLORQHWDO&RQWUD&RVWD&RXQW\6XSHULRU&RXUW&DVH1R& &KHYURQ86$,QFHWDOY&RXQW\RI&RQWUD&RVWD&RQWUD&RVWD6XSHULRU&RXUW&DVH1R& ,QWKHPDWWHURI&+(952186$EHIRUHWKH$VVHVVPHQW$SSHDOV%RDUG$SSOLFDWLRQIRU&KDQJHV$VVHVVPHQW1RV WKURXJKWKURXJKWKURXJKWKURXJK &LW\RI%UHQWZRRGHWDOY5REHUW&DPSEHOO&RQWUD&RVWD&RXQW\6XSHULRU&RXUW&DVH1R1 7KHUHZHUHQRDQQRXQFHPHQWVIURP&ORVHG6HVVLRQ $0&DOOWRRUGHUDQGRSHQLQJFHUHPRQLHV ,QVSLUDWLRQDO7KRXJKW,WLVRQO\WKHIDUPHUZKRIDLWKIXOO\SODQWVVHHGVLQWKH6SULQJZKRUHDSVKDUYHVWLQWKH $XWXPQa%&)RUEHV &216,'(5&216(17,7(06,WHPVOLVWHGDV&WKURXJK&RQWKHIROORZLQJDJHQGD±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¶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³1HZ'DZQ´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¶VUHSUHVHQWDWLYHWRWKH$YLDWLRQ$GYLVRU\ &RPPLWWHHDVUHFRPPHQGHGE\WKH3OHDVDQW+LOO&LW\&RXQFLO $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &5($332,176\GQH\$QGHUVRQWRWKH,Q+RPH6XSSRUWLYH6HUYLFHV3XEOLF$XWKRULW\$GYLVRU\ &RPPLWWHHDVWKH'LVWULFW93URYLGHU5HSUHVHQWDWLYHDVUHFRPPHQGHGE\6XSHUYLVRU*ORYHU $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$332,170DU\(UEH]'LVWULFW9$OWHUQDWH3RVLWLRQRQWKH(DVWHUQ&RQWUD&RVWD7UDQVLW$XWKRULW\ 7UL'HOWD7UDQVLW%RDUGDVUHFRPPHQGHGE\6XSHUYLVRU*ORYHU $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$332,176X]DQQH'DYLVDVWKH&RQFRUG/RFDO&RPPLWWHH5HSUHVHQWDWLYHRQWKH$GYLVRU\&RXQFLO RQ$JLQJDVUHFRPPHQGHGE\WKH(PSOR\PHQWDQG+XPDQ6HUYLFHV'LUHFWRU $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$332,17$UWKXU.HHDVWKH%UHQWZRRG/RFDO&RPPLWWHH5HSUHVHQWDWLYHRQWKH$GYLVRU\&RXQFLORQ $JLQJDVUHFRPPHQGHGE\WKH(PSOR\PHQWDQG+XPDQ6HUYLFHV'LUHFWRU $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &5($332,175XVVHOO5RHWRWKH'LVWULFW,,6HDWRIWKH&RQWUD&RVWD&RXQW\$YLDWLRQ$GYLVRU\ &RPPLWWHHDVUHFRPPHQGHGE\6XSHUYLVRU8LONHPD $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &&255(&7DSSRLQWPHQWWRWKH2YHUVLJKW%RDUGRIWKH2DNOH\5HGHYHORSPHQW6XFFHVVRU$JHQF\DV UHFRPPHQGHGE\6XSHUYLVRU3LHSKR $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$0(1'DFWLRQWDNHQRQ0DUFK$JHQGD,WHP1R&E\DSSRLQWLQJ&DUO1LFKROVWRWKH %RDUGRI6XSHUYLVRUVVHDWRQWKH2YHUVLJKW%RDUGRIWKH'DQYLOOH5HGHYHORSPHQW6XFFHVVRU$JHQF\DV UHFRPPHQGHGE\6XSHUYLVRU8LONHPD $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$0(1'DFWLRQWDNHQRQ0DUFK$JHQGD,WHP1R&E\DSSRLQWLQJ(G'LRNQRWRWKH 6SHFLDO'LVWULFWVHDWRQWKH2YHUVLJKW%RDUGRIWKH3LWWVEXUJ5HGHYHORSPHQW6XFFHVVRU$JHQF\DV UHFRPPHQGHGE\6XSHUYLVRU*ORYHU $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &5($332,17&DWKHULQLH&UDWW\WRWKH&RQVXPHURU2OGHUVHDWDQG:LOVRQ&KHQJWRWKH &RQVXPHU8QGHU6HDWRQWKH,Q+RPH6XSSRUWLYH6HUYLFHV3XEOLF$XWKRULW\$GYLVRU\&RPPLWWHH ZLWKWHUPVH[SLULQJRQ0DUFKDVUHFRPPHQGHGE\WKH)DPLO\DQG+XPDQ6HUYLFHV&RPPLWWHH $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$332,17'RQDOG%RXFKHWWRWKH%RDUGRI6XSHUYLVRUV5HSUHVHQWDWLYHVHDW-HURPH+DWILHOGWRWKH 3XEOLF1RVHDW(GJDU*UXEEWRWKH3XEOLF1RVHDWDQG'DQ+HLQULFKWRWKH3XEOLF1RVHDWRQWKH 7UHDVXU\2YHUVLJKW&RPPLWWHHDVUHFRPPHQGHGE\WKH,QWHUQDO2SHUDWLRQV&RPPLWWHH $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$332,17DQG5($332,17WKHIROORZLQJLQGLYLGXDOVWRWKH0DQDJHG&DUH&RPPLVVLRQDV UHFRPPHQGHGE\WKH)DPLO\DQG+XPDQ6HUYLFHV&RPPLWWHH 6HDW $SSRLQWHH 7HUP 0HPEHU$W/DUJH5HDSSRLQW0LFKDHO*DUFLD $XJXVW 0HPEHU$W/DUJH$SSRLQW+HQU\7\SVRQ $XJXVW 2WKHU3URYLGHU 5HDSSRLQW-RDQ/DXWHQEHUJHU $XJXVW 0HGLFDUH6XEVFULEHU 5HDSSRLQW5LFKDUG6WHLQIHOG $XJXVW &RPHUFLDO6XEVFULEHU $SSRLQW)UDQFHV7UDQW $XJXVW $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 3HUVRQQHO$FWLRQV &$'2373RVLWLRQ$GMXVWPHQW5HVROXWLRQ1RWRHVWDEOLVKWKHFODVVRI'LUHFWRURI0HQWDO+HDOWK 6HUYLFHV([HPSWXQUHSUHVHQWHGDOORFDWHLWWRWKHVDODU\VFKHGXOHDGGRQHIXOOWLPHSRVLWLRQDQGFDQFHO RQH$VVLVWDQW'LUHFWRURI+HDOWK6HUYLFHVSRVLWLRQLQWKH+HDOWK6HUYLFHV'HSDUWPHQW&RVW6DYLQJV $<( 'LVWULFW,6XSHUYLVRU-RKQ*LRLD'LVWULFW,,,6XSHUYLVRU0DU\13LHSKR'LVWULFW,96XSHUYLVRU .DUHQ0LWFKRII'LVWULFW96XSHUYLVRU)HGHUDO'*ORYHU 2WKHU 'LVWULFW,,6XSHUYLVRU*D\OH%8LONHPD$%6(17 &$'2373RVLWLRQ$GMXVWPHQW5HTXHVW1RWRDGMXVWWKHVDODU\VWHSRIWKHLQFXPEHQWLQWKH FODVVLILFDWLRQRI%RDUGRI6XSHUYLVRUV$VVLVWDQW±*HQHUDO6HFUHWDU\±([HPSWIURPVWHSIRXUWRVWHSILYH HIIHFWLYH$SULOLQWKH%RDUGRI6XSHUYLVRU¶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³*UDQWVWR(QFRXUDJH$UUHVW3ROLFLHVDQG(QIRUFHPHQW RI3URWHFWLRQ2UGHUV3URJUDP´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¶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¶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¶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¶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