HomeMy WebLinkAbout1999-10-26 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
OCTOBER 26, 1999
The Board of Directors of the Euless Development Corporation met on Tuesday, October
26, 1999, in the City Council Chambers, 201 North Ector Drive, Euless Texas.
The following persons were in attendance:
Mayor Mary Lib Saleh, Chairman
Mayor Pro Tem Charles Miller
Council Member Carl Tyson
Citizen Member Wayne Marrs
Citizen Member Letty Lynn Maloney
City Manager Joe Hennig, President
Deputy City Manager Gary McKamie, First Vice President
Director of Economic Development Andrea Baxter, Second Vice President
Finance Director Loretta Getchell, Treasurer
City Secretary Susan Crim, Secretary
Council Member Bobby Baker and Citizen Member Sonja Adams were not present.
CALL TO ORDER
The meeting was called to order at 3:05 p.m. by Chairman Mary Lib Saleh.
ACCEPTANCE OF BID FOR EULESS DEVELOPMENT CORPORATION SALES TAX
REVENUE BONDS. SERIES 1999
Boyd London, First Southwest Company, presented the tabulation of sealed bids received
that date for the sale of $1,000,000 Euless Development Corporation Sales Tax Revenue
Bonds, Series 1999. He stated the rates ranged from 5.8076% to 6.0633%, and that the
large range was due to the fluctuation in the stock market the past few days. He said that
while these rates might seem high, based on an 18 year history, 5.8076% is a very good
rate. He stated that Moody's credit rating was A2, which is a very good rating for sales tax
revenue bonds because of the uncertainty of sales tax revenues.
Upon motion by Wayne Marrs and second by Carl Tyson, the bid of 5.8076% by Morgan
Keegan was accepted by unanimous vote.
APPROVAL OF RESOLUTION NO. 07-99 AUTHORIZING THE ISSUANCE OF EULESS
'-" DEVELOPMENT CORPORATION SALES TAX REVENUE BONDS. SERIES 1999
At the request of Carl Tyson, Boyd London explained the method his company uses to
solicit bids for bond sales.
EULESS DEVELOPMENT CORPORATION OCTOBER 26. 1999 PAGE 2
Upon motion by Letty Lynn Maloney and second by Carl Tyson, Resolution No. 07-99
authorizing the issuance of Euless Development Corporation Sales Tax Revenue Bonds,
Series 1999 was approved by unanimous vote.
APPROVAL OF RESOLUTION NO. 08-99 DECLARING EXPECTATION TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
City Manager Joe Hennig explained that some design work will be done prior to the funding
of the bond sale, on the project being funded, which includes parking, associated drainage,
landscaping and irrigation, fencing and an entryway for the Dr. Pepper Stars Center being
constructed at the Parks at Texas Star. This resolution will allow the Corporation to pay
those costs prior to the funding of these bonds, and then the reimbursement would be
made after the funding.
Upon motion by Wayne Marrs and second by Letty Lynn Maloney, Resolution No. 08-99
declaring an expectation to reimburse expenditures with proceeds of future debt was
approved by unanimous vote.
AUTHORIZATION OF EXECUTION OF DESIGN SERVICES CONTRACT WITH
SCHRICKEL. ROLLINS AND ASSOCIATES. INC.
A contract in the amount of $62,000 was presented for consideration by the Board for
professional services including landscape architecture, civil engineering, and irrigation
design for improvements to be built by Centex Construction Company and for
improvements to be built by separate contract by the City of Euless as a part of the Dr.
Pepper Star Center.
Upon motion by Lefty Lynn Maloney and second by Wayne Marrs the contract with
Schrickel, Rollins and Associates, Inc., for professional services was approved by
unanimous vote.
ADJOURN
There being no further business before the Board, the meeting was adjourned at 3:45 p.m.
APPROVED:
ATTEST:
Mary Lib baleh
�, Chairman
Susan Cri
Secretary