Committee backs cooperative endeavor for Deepwaterizer Services LLC to request foreign-trade zone; subject to attorney review
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Summary
The finance committee recommended the board approve a five-year cooperative endeavor agreement tied to a foreign-trade zone request by Deepwaterizer Services LLC for July 1, 2025through June 30, 2030, contingent on board attorney review for legal compliance.
The finance, insurance and Section 16 lands committee on May 20 recommended that the full school board approve a cooperative endeavor agreement related to a foreign-trade zone request by Deepwaterizer Services LLC for a five-year period from July 1, 2025, through June 30, 2030, provided the board attorney reviews and approves the final document.
Committee members said staff had a draft of the document under review and that the board attorney would check for terms that conflict with state law, confidentiality agreements or other legal problems. "We look for terms that conflict with state law or confidentiality agreements and things like that," the board attorney said.
Board members also asked what would trigger counsel to return the agreement to the board; counsel said the review focuses on legal terms, conditions and conflicts of interest, while the central business office reviews financial numbers. Committee members acknowledged that the financial or business conclusions behind a proposal are the board's to evaluate, but that legal counsel restricts review to legal and conflict-of-interest matters.
The committee motion recommending approval and subjecting final execution to the board attorneys review passed with no objections.