Minutes TC 11/23/2015 - Special SessionMINUTES FROM A SPECIAL SESSION TOWN COUNCIL MEETING
FOR THE TOWN OF TROPHY CLUB
LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS
Monday, November 23, 2015 at 8:45 A.M.
Svore Municipal Building Boardroom
The Town Council of the Town of Trophy Club, Texas, met in a Special Session on Monday, November 23, 2015. The
meeting was held within the boundaries of the Town and was open to the public.
STATE OF TEXAS
COUNTY OF DENTON
TOWN COUNCIL MEMBERS PRESENT:
C. Nick Sanders
Mayor
Greg Lamont
Mayor Pro Tem, Place 5
Jim Parrow
Council Member, Place 1
Rhylan Rowe
Council Member, Place 3
Tim Kurtz
Council Member, Place 4
TOWN COUNCIL MEMBERS ABSENT:
Garrett Reed Council Member, Place 2
Philip Shoffner Council Member, Place 6
STAFF AND GUEST(S) PRESENT:
Stephen Seidel Town Manager
Patricia Adams Town Attorney
Steven Glickman Assistant Town Manager/CFO
Holly Fimbres Town Secretary/RMO
Mayor Sanders announced the date of Monday, November 23, 2015, called the Town Council to order and
announced a quorum at 8:51 a.m.
REGULAR SESSION
1. Consider and take appropriate action regarding an Ordinance approving and authorizing the Issuance and
Sale of the Town of Trophy Club Public Improvement District (PID) No. 1 Special Assessment Revenue
Refunding Bonds, Series 2015 in an aggregate principal amount not to exceed $26,155,000; approving and
authoring an Indenture of Trust, a Bond Purchase Contract, an Official Statement, a Continuing Disclosure
Agreement, an Escrow Agreement, a Bond Counsel Engagement Letter and Financial Advisory Services
Agreement and other agreements and documents in connection therewith; making findings with respect to
the issuance of such bonds; and providing an effective date.
Town Manager Seidel advised that the Town has been proceeding with the opportunity to refund the 2007 PID No.
1 Bonds that would provide savings for the PID residents and that this type of PID refunding is the first to be done
in Texas. He briefly explained Standard & Poor's (S&P) criteria to continue with the refunding specific to the tax
rolls and timing of the refunding.
Mark McLiney, with SAMCO Capital Markets (the Town's Financial Advisor), stated that the goal is to have the
refunding completed within the 2015 calendar year. He thoroughly explained S&P's criteria that will have to be
met in order to proceed with the refunding and advised that they will not be able to receive bond insurance
without an investment grade rating. He provided a summary of bonds refunded, which included: bonds that are
outstanding; sources and uses of funds, bond pricing and interest rates; bond debt service; savings; and a summary
of refunding results. He stated that permission from the Council was needed to move forward if there will be at
least $10 million in savings. Additionally, he stated that he believed that this refunding would be in the best
interest of the Town because residents within the PID are part of the Town and this would assist the PID
obligations being fulfilled earlier.
Motion:
Motion made by Mayor Sanders, seconded by Council Member Parrow, to approve Ordinance No. 2015-42,
approving and authorizing the Issuance and Sale of the Town of Trophy Club Public Improvement District No. 1
Special Assessment Revenue Refunding Bonds, Series 2015 in an aggregate principal amount not to exceed
$26,155,000; approving and authoring an Indenture of Trust, a Bond Purchase Contract, an Official Statement, a
Continuing Disclosure Agreement, an Escrow Agreement, a Bond Counsel Engagement Letter and Financial
Advisory Services Agreement and other agreements and documents in connection therewith; making findings with
respect to the issuance of such bonds; and providing an effective date.
Mayor Sanders agreed that the refunding would benefit the Town as a whole with approximately 1,400 homes
within the PID and an average of 2.5 residents per household.
The vote was taken.
Motion passed unanimously.
Mayor Sanders and Mr. McLiney acknowledged Town Staff and Bond Counsel Julie Partain, with Bracewell &
Giuliani LLP, for their hard work and dedication during this process.
EXECUTIVE SESSION
2. Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter 551
(Texas Open Meetings Act), the Council will convene into closed executive session to discuss the following:
Texas Government Code Section 551.071(2) Consultation with Attorney, in order to consult with its attorney
on a matter in which the duty of the attorney to the Governmental Body under the Disciplinary Rules of
Professional Conduct of the State Bar of Texas clearly conflict with the Open Meetings Act:
(A) Legal Advice regarding zoning, comprehensive plan, platting, and other Town development and code
regulations
CONVENED INTO EXECUTIVE SESSION — START TIME — 9:22 A.M.
RECONVENED INTO REGULAR SESSION — START TIME —10:40 A.M.
RECONVENED INTO REGULAR SESSION
3. Consider and take appropriate action regarding the Executive Session.
No action was taken on this item.
ADJOURN
Mayor Sanders adjourned the meeting at 10:40 a.m.
r
Holly Fimbr s, Town Secretary/RMO
Town of Trophy Club, Texas
i
C. Nick Sanders, Mayor
Town of Trophy Club, Texas
Town Council Special Session Minutes November 23, 2015 Page 2 of 2