Minutes TC 08/12/2002 - Special SessionMINUTES OF JOINT SPECIAL SESSION FOR THE TOWN COUNCIL /ECONOMIC DEVELOP
CORPORATION A AND ECONOMIC DEVELOP CORPORATION B
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 Reineke
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
?2oger Unger
Director of Finance
fan Woodruff
Financial Analyst
Diane Cockrell
Town Secretary
?atricia Adams
Town Attorney
Dan Almon
South West Securities
vlark Malveaux
Bond Attorney
--ALL MEETING TO ORDER
Mayor Smith announced a quortun 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
Dicks 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.
ECONOMIC DEVELOPMENT CORPORATION 4BTO ADJOURN.
Economic Development Corporation 4B did not adjourn.
ADJOURN.
Mayor Pro Tem Williams made a motion to adjourn at 7:40 p.m. Council Member Matthai seconded; motion carried
unanimously.
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ATTEST: r�
Town Secretary, Town of Trophy Club, Texas