HomeMy WebLinkAbout1996-08-27 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
AUGUST 27, 1996
The Board of Directors of the Euless Development Corporation met on Tuesday, August 27,
1996, in the Conference Room, Municipal Building A, 201 North Ector Drive, Euless, Texas.
Members present:
Mayor Mary Lib Saleh, Chairman of the Board of Directors
Mayor Pro Tem Bobby Baker, Vice Chairman of the Board of Directors
Council Member Charles Miller
Council Member Carl Tyson
Citizenmember Sonja Adams
Citizenmember Letty Lynn Maloney
City Manager Tom Hart, President
Assistant City Manager Joe Hennig, Vice President
Director of Economic Development Tom Cox, Second Vice President
Finance Director Diana Ortiz, Treasurer
City Secretary Susan Crim, Secretary
Members absent:
Citizenmember Edward Denari
Visitors:
Bond Counsel Ed Esquivel of Fulbright & Jaworski
Financial Advisor Boyd London of First Southwest Company
Council Member Glenn Walker
CALL TO ORDER
The meeting was called to order at 3:35 p.m. by Chairman of the Board of Directors, Mary
Lib Saleh.
APPROVAL OF MINUTES OF AUGUST 7, 1996 MEETING
City Manager Tom Hart explained that the City Council ratified the Fiscal Year 1996/1997
budget of the Euless Development Corporation with the understanding that the$400,000 loan
as reflected in the August 7, 1996, Euless Development Corporation minutes is not allowed
under State statutes. The City Council stated it is their intent to consider payment of up to
$400,000 from the hotel/motel occupancy tax, if available, for retirement of debt on the
clubhouse/conference center, thus freeing up such amounts in the General Revenue Fund
for future economic development projects.
.., Upon motion by Ms. Maloney and second by Ms. Adams, the minutes of the August 7, 1996
meeting were approved as presented by unanimous vote.
EULESS DEVELOPMENT CORPORATION MINUTES AUGUST 27, 1996 PAGE 2
ACCEPTANCE OF BID FOR "EULESS DEVELOPMENT CORPORATION SALES TAX
REVENUE BONDS, SERIES 1996"
Financial Advisor Boyd London distributed the tally of bids received on the sale of revenue
bonds. He stated that four bids were received, that they were all from very good companies,
and that they were bids representative of the current market.
Vice Chairman Bobby Baker moved to accept the bid of Southwest Securities, Inc., for the
purchase of$1,485,000"Euless Development Corporation Sales Tax Revenue Bonds, Series
1996" at a true interest cost of 5.749%. The motion was seconded by Mr. Miller and carried
by unanimous vote.
APPROVAL OF RESOLUTION NO. 05-96 AUTHORIZING THE ISSUANCE OF EULESS
DEVELOPMENT CORPORATION SALES TAX REVENUE BONDS, SERIES 1996
Ms. Adams moved to approve EDC Resolution No. 05-96 authorizing the issuance of
"Euless Development Corporation Sales Tax Revenue Bonds, Series 1996".
The motion was seconded by Vice Chairman Baker and carried by unanimous vote.
SCHEDULE NEXT MEETING
A meeting was scheduled for Tuesday, September 24, 1996, at 3:30 p.m. to hold a public
hearing on the Euless Development Corporation Fiscal Year Budget 1996-1997 as amended
by the City Council on August 13, 1996.
ADJOURN
There being no further business before the Corporation, the meeting was adjourned at 4:20
p.m.
ATTEST: APPROVED:
OPP _ea
Susan Crim, secretary Mary Lib S4eh, Chairman