Minutes EDC 4A 03/06/2002 - Joint SessionMINUTES OF WORKSHOP/REGULAR SESSION
ECONOMIC DEVELOPMENT CORPORATION 4A
TOWN OF TROPHY CLUB
SPECIAL ,IOINT SESSION WITH EDC 413
March 6, 2002
STATE OF TEXAS
COUNTY OF DENTON
The Economic Development Corporation 4A of the Town of Trophy Club, Texas, met in a
Special Session on March 6, 2002. The meeting was held within the boundaries of the Town and
was open to the public.
DIRECTORS PRESENT:
J. D. Harvey
Nei 1 'Twomey
Pete Reincke
Barry Huizenga
David Neal
DIRECTORS ABSENT:
None
STAFF AND GUEST(S) PRESENT
President
Secretary/Treasurer
Vice -President
Council/Liaison
Director
Arrived at 7:08
Roger Unger Staff Liaison
Jan Woodruff Recording Secretary
Paul Rosenberger Community Development/Parks Manager
Dan Almon Speaker, with SWS Securities
EDC 4B Directors
WORKSHOP SESSION
CALL TO ORDER AND ANNOUNCE A QUORUM:
President Harvey called the meeting to order at 6:33 pm.
DISCUSSION OF REGULAR AGENDA ITEMS:
Roger Unger made a presentation of the different costs and combination of debt issuance
and repayment. Dan Almon with SWS Securities answered questions on the possible
options of debt service.
ADJOURN WORKSHOP SESSION:
Director Twomey made a motion to adjourn the workshop session. Director Neal
seconded the motion. Motion passed unanimously.
REGULAR SESSION
CALL TO ORDER AND ANNOUNCE A QUORUM:
Director Harvey called the meeting to order and announced a quorurn at 8:07 p.m.
PAGE 2 TROPHY CLUB EDC4A MARCH 6, 2002
DISCUSSION AND APPROPRIATE ACTION FOR THE POSSIBILITY OF
ISSUING BONDS FOR THE CONSTRUCTION OF THE POOL AND PHASE 2
AND PHASE 3 OF THE IO -ACRE PARK.
Director Twomey made a motion to submit a recommendation that the Town issues
bonds up to 1.4 million and that EDC4A will negotiate a contract with the Town for 75%
of debt payments upon receipt of the Parks application. Director Reinke seconded the
motion and the vote was unanimous.
Director Twomey made a second motion to submit to the Town a second option for
EDC4A and EDC 413 to take revenue bonds to issue joint debt denoting that the
advantage would be that it doesn't obligate the town but the disadvantages are that there
are significantly higher costs and it is harder to sell the debt. Director Huizenga seconded
the motion and the vote was unanimous.
OTHER BUSINESS:
ADJOUI
Director eal rade a motion to adjourn the meeting at 9:20 p.m. Director Huizenga secondecl.
Motion pa r imously.
f�
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6-7
J. D. arvey F Neil Twomey
President Secretary/Treasurer
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