HomeMy WebLinkAbout2002-06-25 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
,.,. MINUTES
JUNE 25, 2002
The Board of Directors of the Euless Development Corporation met on Tuesday, June 25,
2002, in the Conference Room of Building A at the Municipal Complex, 201 North Ector
Drive, Euless Texas.
The following persons were in attendance:
Mayor Mary Lib Saleh, Chair
Mayor Pro Tern Carl Tyson, Vice Chair
Council Member Veva Lou Massey
Council Member Bob Edwards
Citizen Member Wayne Marrs
Citizen Member Carmen Deithloff
City Manager Joe Hennig, President
Deputy City Manager Gary McKamie, First Vice President
Director of Economic Development Bill Ridgway, Second Vice President
Finance Director Loretta Getchell, Treasurer
City Secretary Susan Crim, Secretary
Boyd London and Jason Hughes of First Southwest Company
Ed Esquivel of Fulbright and Jaworski
Citizen Member Sonja Adams was not present.
CALL TO ORDER
Chairman Mary Lib Saleh called the meeting to order at 5:40 p.m.
APPROVAL OF RESOLUTION NO. 12-02 AUTHORIZING THE ISSUANCE OF
EULESS DEVELOPMENT CORPORATION SALES TAX REVENUE REFUNDING
BONDS. SERIES 2002
Jason Hughes, Assistant Vice President of First Southwest Company reported that a final
true interest cost of 4.11% had been obtained for the refunding of the Euless
Development Corporation Series 1994 bonds in the amount of$6,480,000. He stated the
bond market had performed exceedingly well over the past few months with interest rates
dropping to historically low levels due to a slowing economy combined with very little
inflation. Loretta Getchell, Treasurer, stated that this refunding will save the Corporation
approximately$30,000 annually.
EULESS DEVELOPMENT CORPORATION JUNE 25,2002 PAGE 2
Upon motion by Carl Tyson and second by Veva Lou Massey, Resolution No. 12-02
authorizing the issuance of Euless Development Corporation Sales Tax Revenue
Refunding Bonds, Series 2002 was approved by unanimous vote.
ADJOURN
There being no further business before the Board, the meeting was adjourned at 5:55
p.m.
APPROVED: ATTEST:
06AVywni
Mary Lib Saleh Susan Cri
Chairman Secretary