11.10.2025 TC Minutes - Special MeetingTown of Trophy Club
Town Council Special Meeting
Meeting Minutes — November 10, 2025) 12:00 p.m.
1 Trophy Wood Drive, Trophy Club, Texas 76262
CALL SPECIAL MEETING TO ORDER
Mayor Tiffany called the meeting to order at 12:00 p.m.
COUNCIL MEMBERS PRESENT
Jeannette Tiffany, Mayor
Stacey Bauer, Council Member Place 1
Jeff Beach, Council Member Place 2
Dennis Sheridan, Council Member Place 3
Garry Ash, Council Member Place 5
Steve Flynn, Council Member Place 6
COUNCIL MEMBER ABSENT
Rhylan Rowe, Mayor Pro Tern
STAFF MEMBERS PRESENT
Brandon Wright, Town Manager
Tammy Dixon, Town Secretary
Dean Roggia, Town Attorney
April Duvall, Director of Finance
PUBLIC COMMENTS
There were none.
T1 j
Town Manager Brandon Wright explained that the purpose of the special meeting
was to allow timely approval of the bond sale prior to the Veterans Day holiday closure,
ensuring that financial institutions could process all documents and close within the
market's pricing window.
1. Consider an ordinance authorizing the issuance of Town of Trophy Club, Texas,
Combination Tax and Revenue Certificates of Obligation, Series 2025 in the
approximate principal amount of approximately $8,150,000; levying a tax, and
providing for the security for and payment of said certificates, authorizing the
execution and delivery of a bond purchase agreement and a paying agent
agreement, approving the official statement, and enacting other provisions relating
to the subject. (April Duvall, Director of Finance)
Ms. Duvall presented the ordinance authorizing issuance of the Series 2025
Combination Tax and Revenue Certificates of Obligation to fund street, sidewalk, and
other infrastructure improvements. She noted that Council had previously authorized the
notice of intent on June 23, 2025, and the bond sale in August 2025. Due to a
Town Council Special Meeting Minutes — November 10, 2025 Page 2
typographical error in one of the required notices, the Town, on the advice of financial
advisors, repeated the necessary portion of the process.
She reported that the sale was completed as a private placement with Piper
Sandler & Company, the same successful bidder from August. Favorable interest rate
movement resulted in net savings of $191,175 to the Town.
Representative from SAMCO Capital, Jack McLiney, presented the details of the
issuance. He noted that the true interest cost decreased from 3.6227% to 3.4878%, a
reduction of 14 basis points, and explained market trends that contributed to the savings.
He recommended Council's approval of the sale.
Council Member Sheridan moved to approve Ordinance 2025-36 authorizing the
issuance of Town of Trophy Club, Texas, Combination Tax and Revenue Certificates of
Obligation, Series 2025 in the approximate principal amount of $7,880,000; levying a tax,
and providing for the security for and payment of said certificates, authorizing the
execution and delivery of a bond purchase agreement and a paying agent agreement,
approving the official statement, and enacting other provisions relating to the subject.
Council Member Ash seconded the motion. The caption of the ordinance reads as follows:
ORDINANCE NO. 2025-26
AN ORDINANCE AUTHORIZING THE ISSUANCE OF TOWN OF TROPHY CLUB,
TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION,
SERIES 2025 IN THE PRINCIPAL AMOUNT OF $7,880,000; LEVYING A TAX, AND
PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES;
AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE
AGREEMENT AND A PAYING AGENT AGREEMENT; APPROVING THE OFFICIAL
STATEMENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT.
VOTE ON MOTION
AYES: Bauer, Beach, Tiffany, Sheridan, Ash, Flynn
NAYE S : Rowe
VOTE: 6-0-1
ADJOURNMENT
Mayor Tiffany ad t r � ! . ecial mei
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Attest: rh
Tammy Dixon, owncretarj;,.,.: