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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. I.43L1111 0 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 �171►if �i[17.�-�1 `�7 �CZ17�1� 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. I:7_' _1]ia 1[If11► 11►1iJ1111L.� 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. Lw A%-�A-Iz, Jam Hicks President 090602jw `'Carol Cotton Secretary