Minutes EDC 4B 08/12/2002 - Special Joint SessionMINUTES OF JOINT SPECIAL SESSION FOR THE
ECONOMIC DEVELOP CORPORATION B/ECONOMIC DEVELOP CORPORATION A/
AND TOWN COUNCIL
FOR THE
TOWN OF TROPHY CLUB
AUGUST 12, 2002
STATE OF TEXAS
COUNTY OF DENTON
The Town Council of the Town of Trophy Club, Texas, met in Special Session on Monday, August 12, 2002.
The meeting was held within the boundaries of the Town and was open to the public.
TOWN COUNCIL PRESENT:
Scott Smith
Roger Williams
Susan Edstrom
Beverly Foley
Bill Matthai
Scott Spence
JOINT SPECIAL SESSION
Mayor
Mayor Pro Tem
Council Member
Council Member
Council Member
Council Member
ECONOMIC DEVELOP CORPORATION A MEMBERS PRESENT:
Gary Cantrell
Dwight Morrow
Neal Twomey
Pete Reincke
J. D. Harvey
ECONOMIC DEVELOP CORPORATION B MEMBERS PRESENT:
Carol Cotton
Pam Cates
Terry Christlieb
Jim Hicks
John Carter
Jonathan Witherspoon
STAFF AND GUESTS PRESENT:
Donna Welsh
Town Manager
Roger Unger
Director of Finance
Jan Woodruff
Financial Analyst
Diane Cockrell
Town Secretary
Patricia Adams
Town Attorney
Dan Ali -non
South West Securities
Mark Malveaux
Bond Attorney
CALL 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 Hicks announced a quorum for Economic Development Corporation B and called the meeting to
order at 6:37 p.m.
INVOCATION. 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 ON 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.
There were no citizen presentations.
ECONOMIC DEVELOPMENT CORPORATION 4A TO CONSIDER AND ADOPT A RESOLUTION
TO ENTER A SERVICE CONTRACT WITH THE TOWN COUNCIL.
Roger 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. J.D. Harvey made a motion to accept the resolution to enter a service contract with the
Town Council amending the date to 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 Town Council. Carol Cotton seconded; motion carried unanimously.
TOWN COUNCIL TO CONSIDER AND ADOPT A RESOLUTION AUTHORIZING THE EXECUTION
OF A SERVICE CONTRACT WITH ECONOMIC DEVELOPMENT CORPORATION 4A AND
ECONOMIC DEVELOPMENT CORPORATION 4B.
Council Member Edstrom made a motion to accept the resolution authorizing the service contract amending the
date to May 4`", 1996 in the resolution. Mayor Pro Tem Williams seconded; motion carried unanimously.
TOWN COUNCIL TO CONSIDER AND ADOPT AN ORDINANCE AUTHORIZING THE ISSUANCE,
SALE AND DELIVERY OF TOWN OF TROPHY CLUB, TEXAS GENERAL OBLIGATION BONDS,
SERIES 2002-A, IN THE PRINCIPAL AMOUNT OF $1,400,000 FOR A MUNICIPAL PARK AND
SWIMMING POOL; PROVIDING FOR DESIGNATION OF THE BONDS; PROVIDING FOR INITIAL
DATE, DENOMINATION, NUMBER, MATURITIES, INITIAL REGISTERED OWNER, AND
CHARACTERISTICS OF THE INITIAL BOND; PROVIDING FOR INTEREST; PROVIDING FOR
THE FORM OF THE INITIAL BOND; DEFINING ADDITIONAL CHARACTERISTICS OF THE
BONDS; PROVIDING FOR THE FORM OF SUBSTITUTE BONDS; PROVIDING FOR TAX LEVY;
PROVIDING FOR DEFEASANCE OF BONDS; PROVIDING FOR DAMAGED, MUTILATED, LOST,
STOLEN OR DESTROYED BONDS; ESTABLISHING GUIDELINES FOR CUSTODY, APPROVAL,
AND REGISTRATION OF BONDS, BOND COUNSEL'S OPINION, CUSIP NUMBERS, AND
CONTINGENT INSURANCE PROVISION, IF OBTAINED; PROVIDING COVENANTS REGARDING
TAX EXEMPTION; PROVIDING FOR THE DISPOSITION OF PROJECT; PROVIDING FOR
CONTINUING DISCLOSURE; PROVIDING FOR SALE OF BONDS; PROVIDING FOR APPROVAL
OF THE OFFICIAL STATEMENT; PROVIDING FOR INTEREST EARNINGS ON BOND
PROCEEDS; PROVIDING FOR AN INTEREST AND SINKING FUND; PROVIDING FOR
INSURANCE; PROVIDING FOR PUBLIC NOTICE; GENERALLY AUTHORIZING THE MAYOR TO
EXECUTE ALL NECESSARY DOCUMENTS; PROVIDING A CUMULATIVE CLAUSE; PROVIDING
SEVERABILITY; PROVIDING FOR PUBLICATION; PROVIDING 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 Edstrom seconded; motion carried unanimously.
ECONOMIC DEVELOPMENT CORPORATION 4A AND ECONOMIC DEVELOPMENT
CORPORATION 4B TO ADJOURN.
Economic Development Corporation 4A adjourned at 7:04 p.m.
TOWN COUNCIL TO CONSIDER AND ADOPT A RESOLUTION OF THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS, PLACING A PROPOSAL ON THE SEPTEMBER 9, 2002, TOWN
COUNCIL AGENDA TO ADOPT A 2002 TAX RATE THAT WILL EXCEED THE LOWER OF THE
ROLLBACK RATE OR 103 PERCENT OF THE EFFECTIVE TAX RATE, SUCH TAX RATE
CURRENTLY PROPOSED TO BE $0.4690 PER $100 VALUATION• CALLING A SPECIAL PUBLIC
HEARING ON SUCH TAX INCREASE TO BE HELD ON AUGUST 27, 2002; REQUIRING
PUBLICATION OF A NOTICE OF PUBLIC HEARING ON A TAX INCREASE IN ACCORDANCE
WITH THE LAW AND PROVIDING AN EFFECTIVE DATE.
Donna Welsh explained that the proposed tax rate is for an increase in the amount of $.02849. Roger Unger gave
a hand out showing the money expended for repair of the storm sewer on Summit Cove in the amount of
$138,264. There was nothing in writing saying that the money should go back into the street repair. The auditor
agreed that the $138,264 could go back into the general fund. Mayor Pro Tem Member Williams made a motion
to reject the resolution as written. Council Member Foley seconded the motion; motion carried unanimously.
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Mayor Pro Tem Williams made a motion for the Town Council to adjourn at 7:40 p.m. Council Member Matthai
seconded; motion carried unanimously.
SPECIAL EDCB WORKSHOP SESSION
No workshop session was held, went into regular session
REGULAR EDCB SESSION
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Tommie Baines with the Knolls made a presentation about Trophy Club promotion. He suggested that a billboard
be erected on Highway 114 near Solana since the highway dips down after that area. He suggested that later
another billboard be erected on Highway 377. The Public Relations Committee will return with specifics in
September. The billboards could be a shared expense with builders and businesses in the area.
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Director Cotton made a motion to approve the July 8, 2002, minutes with the amendment of the wording for the
funding of the Arts Council to reflect that the motion died from the lack of a second. Director Carter seconded the
motion. Director Witherspoon abstained. The motion passed unanimously.
APPROVAL OF FINANCIAL STATEMENTS.
Director Cotton made a motion to approve the July 2002 financial statements. Director Witherspoon seconded the
motion. The motion passed unanimously.
ADJOURN.
Director Carter made a motion to adjourn the meeting at 8:46 p.m. Director Cates seconded the motion and it
passed unanimously.
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Jam Hicks
President
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`'Carol Cotton
Secretary