Minutes EDC 4A 08/12/2002 - Joint SessionMINUTES OF JOINT SPECIAL SESSION FOR THE TOWN COUNCIL /ECONOMIC DEVELOP
CORPORATION A AND ECONOMIC DEVELOP CORPORATION B
FOR THE
TOWN OF TROPHY CLUB
AUGUST 12, 2002
STATE OF TEXAS §
COUNTY OF DENTON §
file Town Council of the Town of Trophy Club, Texas, met in Special Session on Monday, August 12, 2002. The
neeting was held within the boundaries of the Town and was open to the public.
TOWN COUNCIL PRESENT:
Scott Smith
2oger Williams
Susan Edstrom
3everly Foley
3ill Matthai
;Cott Spence
JOINT SPECIAL SESSION
Mayor
Mayor Pro Tem
Council Member
Council Member
Council Member
Council Member
ECONOMIC DEVELOP CORPORATION A MEMBERS PRESENT:
3ary Cantrell
Dwight Morrow
Meal Twomey
'ete Reincke
1. D. Harvey
ECONOMIC DEVELOP CORPORATION B MEMBERS PRESENT:
'arol Cotton
'arn Cates
terry Christlieb
im Hicks
ohn Carter
onathan Witherspoon
)onna Welsh
Town Manager
Wger Unger
Director of Finance
an Woodruff
Financial Analyst
Diane Cockrell
Town Secretary
'atricia Adams
Town Attorney
)an Almon
South West Securities
✓lark Malveaux
Bond Attorney
--ALL MEETING TO ORDER
Mayor Smith announced a quorum for Town Council and called the meeting to order at 6:37 p.m. President J. D. Harvey
announced a quorum for Economic Development Corporation A and called the meeting to order at 6:37 p.m. President
licks announced a quorum for Economic Development Corporation B and called the meeting to order at 6:37 p.m.
[NVOCATION. John Carter gave the invocation.
PLEDGE OF ALLEGIANCE TO THE AMERICAN FLAG.
PLEDGE OF ALLEGIANCE TO THE TEXAS FLAG.
`Honor the Texas flag; I pledge allegiance to thee, Texas one and indivisible."
Jim Hicks led the pledges.
CITIZEN PRESENTATIONS: THIS IS AN OPPORTUNITY FOR CITIZENS TO ADDRESS THE COUNCIL
DN ANY MATTER WHETHER OR NOT IT IS POSTED ON THE AGENDA. THE COUNCIL IS NOT
PERMITTED TO TAKE ACTION ON OR DISCUSS ANY PRESENTATIONS MADE TO THE COUNCIL AT
THIS TIME CONCERNING AN ITEM NOT LISTED ON THE AGENDA. THE COUNCIL WILL HEAR
PRESENTATIONS ON SPECIFIC AGENDA ITEMS PRIOR TO THE COUNCIL ADDRESSING THOSE
ITEMS.
Fhere were no citizen presentations.
ECONOMIC DEVELOPMENT CORPORATION 4A TO CONSIDER AND ADOPT A RESOLUTION TO
ENTER A SERVICE CONTRACT WITH THE TOWN COUNCIL.
Zoger Unger explained that EDC A originally would pay 75% ($77,809) EDC B 25% ($25,936). Economic Development
corporation B will review each entities proportionate share annually to ensure each entity is paying an appropriate
amount.
I.D. Harvey made a motion to accept the resolution to enter a service contract with the Town Council amending the date
o May 6, 2000. Neal Twomey seconded; motion carried unanimously.
ECONOMIC DEVELOPMENT CORPORATION 4B TO CONSIDER AND ADOPT A RESOLUTION TO
ENTER A SERVICE CONTRACT WITH THE TOWN COUNCIL.
John Carter made a motion to accept the resolution to enter a service contract written to include 25% ($25,936) with the
Fown Council. Carol Cotton seconded; motion carried unanimously.
TOWN COUNCIL TO CONSIDER AND ADOPT A RESOLUTION AUTHORIZING THE EXECUTION OF A
;ERVICE CONTRACT WITH ECONOMIC DEVELOPMENT CORPORATION 4A AND ECONOMIC
)EVELOPMENT CORPORATION 4B.
�ouncil Member Edstrom made a motion to accept the resolution authorizing the service contract amending the date to
Oay 0', 1996 in the resolution. Mayor Pro Tem Williams seconded; motion carried unanimously.
TOWN COUNCIL TO CONSIDER AND ADOPT AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE
kND DELIVERY OF TOWN OF TROPHY CLUB, TEXAS GENERAL OBLIGATION BONDS, SERIES 2002-A,
N THE PRINCIPAL AMOUNT OF $1,400,000 FOR A MUNICIPAL PARK AND SWIMMING POOL;
'ROVIDING FOR DESIGNATION OF THE BONDS; PROVIDING FOR INITIAL DATE, DENOMINATION,
�UMBER, MATURITIES, INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL
3OND; PROVIDING FOR INTEREST; PROVIDING FOR THE FORM OF THE INITIAL BOND; DEFINING
kDDITIONAL CHARACTERISTICS OF THE BONDS; PROVIDING FOR THE FORM OF SUBSTITUTE
3ONDS; PROVIDING FOR TAX LEVY; PROVIDING FOR DEFEASANCE OF BONDS; PROVIDING FOR
)AMAGED, MUTILATED, LOST, STOLEN OR DESTROYED BONDS; ESTABLISHING GUIDELINES FOR
_-USTODY, APPROVAL, AND REGISTRATION OF BONDS, BOND COUNSEL'S OPINION, CUSIP
vUMBERS, AND CONTINGENT INSURANCE PROVISION, IF OBTAINED; PROVIDING COVENANTS
2EGARDING TAX EXEMPTION; PROVIDING FOR THE DISPOSITION OF PROJECT; PROVIDING FOR
--ONTINUING DISCLOSURE; PROVIDING FOR SALE OF BONDS; PROVIDING FOR APPROVAL OF THE
OFFICIAL STATEMENT; PROVIDING FOR INTEREST EARNINGS ON BOND PROCEEDS; PROVIDING
OR AN INTEREST AND SINKING FUND; PROVIDING FOR INSURANCE; PROVIDING FOR PUBLIC
vOTICE; GENERALLY AUTHORIZING THE MAYOR TO EXECUTE ALL NECESSARY DOCUMENTS;
'ROVIDING A CUMULATIVE CLAUSE; PROVIDING SEVERABILITY; PROVIDING FOR PUBLICATION;
'ROVIDING FOR ENGROSSMENT AND ENROLLMENT; AND PROVIDING AN EFFECTIVE DATE.
Dan Almon explained the summary of bids received and the official notice of sale, the true interest cost of 4.5321% in the
amount of 1.4 million dollars. Council Member Matthai made a motion to pass the ordinance as written. Council Member
E'dstrom seconded; motion carried unanimously.
ECONOMIC DEVELOPMENT CORPORATION 4A AND ECONOMIC DEVELOPMENT CORPORATION 4B
TO ADJOURN.
economic Dev lopmen Corporation 4A adjourned at 7:04 p.m.
f
r
1. D. Harvey _ Neil Twomey /
?resident Secretary/Treasurer
)82902 jiw