Min - Community Development Corporation - 2007 - 07/16 - RegularL
ALLEN COMMUNITY DEVELOPMENT CORPORATION
BOARD MEETING MINUTES
JULY 16, 2007
Lee Howard, President
Sue Johnson, Vice -President
Richard Kessler, Secretary
Debbie Stout
George Chrisman (Absent)
Lonnie Simmons
Lori Stitt
City Staff:
Peter H. Vargas, City Manager
Tim Dentler, Director of Parks and Recreation Department
Kevin Hammeke, Director of Finance Department
Brian Bristow, Landscape Architect
Tina Burnside, Senior Administrative Assistant
1. Call to Order and Announce a Quorum is Present
With a quorum of the Community Development Corporation Board present, the
Meeting was called to order by President Howard at 7:00 p.m. on Monday, July 16,
2007, in the Council Conference Room.
2. Approve Minutes of the June 18, 2007, Meetin¢
Motion: Upon a motion by Board Member Johnson and a second by Board
Member Stitt, the Board voted six (6) for and none (0) opposed to approve
the minutes from the June 18, 2007, meeting. The motion carried.
3. Citizens' Comments
4. A Resolution Authorizing City Staff, Bond Counsel, and Financial Advisor to
Proceed with the Arrangements Relating to the Issuance of Sales Tax Revenue
Bonds
1 5.
Motion: Upon a motion by Board Member Stitt and a second by Board Member
Stout, the Board voted six (6) for and none (0) opposed to authorize a
Resolution for City Staff, Bond Counsel, and Financial Advisor to Proceed
with the Arrangements Relating to the Issuance of Sales Tax Revenue
Bonds. The motion carried.
Such Bonds and Resolving Other Matters Incident and Related Thereto
Community Development Corporation Minutes
July 16, 2007
Page 2
Motion: Upon a motion by Board Member Stitt and a second by Board Member
Johnson, the Board voted six (6) for and none (0) opposed to Approve a
Resolution Approving a Date for the Sale of Revenue Refunding Bonds
Authorizing Appropriate Personnel and Consultants to Proceed With
Arrangements and the Preparation of Documents for the Issuance and Sale
of Such Bonds and Resolving Other Matters Incident and Related Thereto.
The motion carried.
6. Motion to Amend the FY 2008 Proposed Budeet
Motion: Upon a motion by Board Member Johnson and a second by Board
Member Stout, the Board voted six (6) for and none (0) opposed to amend
the FY 2008 proposed budget to include a debt service allocation for a
proposed event center. The motion carried.
7. A Resolution Declarine Expectation to Reimburse Expenditures With Proceeds
of Future Debt
Motion: Upon a motion by Board Member Stitt and a second by Board Member
Stout, the Board voted six (6) for and none (0) opposed to approve a
Resolution Declaring Expectation to Reimburse Expenditures with
Proceeds of Future Debt. The motion carried.
8. Other Business
a) Sales Tax Analysis
b) Balance Sheet
c) Project Status Reports and Map
Brian Bristow gave a PowerPoint presentation of the Heritage Village project
d) Items of Interest to the Board
• Community Events
• Next Meeting — August 20, 2007
9. Adjourn
Motion: Upon a motion by Board Member Johnson and a second by Board
Member Stout, the Board voted six (6) for and none (0) opposed to
adjourn the meeting at 7:47 p.m. The motion carried.
These minutes approved on the 20th day of August, 2007.
�- Lee Howard, PRESIDENT Richard Kessler, SECRETARY
RESOLUTION NO. 103 -CDC -07
A RESOLUTION APPROVING A DATE FOR THE SALE OF REVENUE
REFUNDING BONDS; AUTHORIZING APPROPRIATE PERSONNEL AND
CONSULTANTS TO PROCEED WITH ARRANGEMENTS AND THE
PREPARATION OF DOCUMENTS FOR THE ISSUANCE AND SALE OF SUCH
BONDS AND RESOLVING OTHER MATTERS INCIDENT AND RELATED
THERETO.
WHEREAS, the Board of Directors of the Allen Community Development Corporation (the
"Corporation") has been presented with information regarding refinancing the outstanding "Allen
Community Development Corporation Sales Tax Revenue Bonds, Series 1997" and "Allen
Community Development Corporation Sales Tax Revenue bonds, Series 1999"; and
WHEREAS, the Board of Directors hereby finds and determines such refinancing should be
undertaken and, the staff of the City of Allen, Texas (the "City") and the Corporation, Estrada
Hinojosa & Company, Inc., financial advisor, and Fulbright & Jaworski, L.L.P., bond counsel,
should be authorized and directed to proceed with the preparation of documents for the offering
and sale of refunding bonds; now, therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ALLEN COMMUNITY
DEVELOPMENT CORPORATION:
SECTION 1: The appropriate officials of the City and the Corporation, together with Estrada
Hinojosa & Company, Inc., financial advisor, and Fulbright and Jaworski LLP, bond counsel, are
hereby authorized and directed to proceed on behalf of the Corporation with the preparation of
the documents and make the appropriate arrangements for the offering and sale of revenue
refunding bonds in the approximate amount of $1,630,000; and the appropriate officials of the
Corporation and/or the City are hereby authorized and directed to furnish said consultants with
information and data necessary for the sale of such bonds to occur and be approved by the
Board of Directors at a meeting to be held on or about September 17, 2007.
SECTION 2: It is officially found, determined and declared that the meeting at which this
Resolution is adopted was open to the public and public notice of the time, place, and subject
matter of the public business considered at said meeting, including this Resolution, was given,
all as required by V.T.C.A., Government Code, Chapter 551, as amended.
SECTION 3: This Resolution shall be in force and effect from and after its passage on the date
shown below.
PASSED AND ADOPTED, this the 16th day of July , 2007.
ALLEN COMMUNITY DEVELOPMENT
CORPORATION
Lee Howard, President
ATTEST:
Richard Kessler, Secretary
RESOLUTION NO. 104 -CDC -07
A RESOLUTION APPROVING A DATE FOR THE SALE OF REVENUE
BONDS; AUTHORIZING APPROPRIATE PERSONNEL AND CONSULTANTS
TO PROCEED WITH ARRANGEMENTS AND THE PREPARATION OF
DOCUMENTS FOR THE ISSUANCE AND SALE OF SUCH BONDS AND
RESOLVING OTHER MATTERS INCIDENT AND RELATED THERETO.
WHEREAS, the Board of Directors of the Allen Community Development Corporation (the
"Corporation") hereby finds and determines approval and authorization to proceed with the sale
of revenue bonds on or about October 23 , 2007 to finance the construction of an events
center complex "the Project" should be given; now, therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ALLEN COMMUNITY
DEVELOPMENT CORPORATION:
SECTION 1: The appropriate officials of the City and the Corporation, together with Estrada
Hinojosa & Company, Inc., financial advisor, and Fulbright & Jaworski L.L.P., bond counsel, are
hereby authorized and directed to proceed on behalf of the Corporation with the preparation of
the documents and make the appropriate arrangements for the offering and sale of revenue
bonds in the approximate amount of $ 36,000,000 ; and the appropriate officials of the
Corporation and/or the City are hereby authorized and directed to furnish said consultants with
information and data necessary for the sale of such bonds to occur and be approved by the
Board of Directors at a meeting to be held on or about October 15 2007, including the
amount of bonds ultimately to be offered for sale.
SECTION 2: It is officially found, determined and declared that the meeting at which this
Resolution is adopted was open to the public and public notice of the time, place, and subject
matter of the public business considered at said meeting, including this Resolution, was given,
all as required by V.T.C.A., Government Code, Chapter 551, as amended.
SECTION 3: This Resolution shall be in force and effect from and after its passage on the date
shown below.
PASSED AND ADOPTED, this the 16th day of July , 2007.
ALLEN COMMUNITY DEVELOPMENT
CORPORATION
Lee Howard, President
ATTEST:
Richard Kessler, Secretary
RESOLUTION NO. 105 -CDC -07
RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH
PROCEEDS OF FUTURE DEBT
THE STATE OF TEXAS §
§ ALLEN COMMUNITY DEVELOPMENT
COUNTY OF COLLIN § CORPORATION
WHEREAS, the Allen Community Development Corporation (the "Issuer") intends to issue debt
for the construction of an event center (the "Project") and expects to reimburse the capital
expenditures with proceeds of such debt;
WHEREAS, prior to the issuance of such obligations, the City of Allen (the "City") is to make
expenditures for the Project from existing funds on hand, and it is the intent of the Issuer to
reimburse the City with the proceeds of sale of such obligations; and
WHEREAS, the Issuer desires to preserve its ability to reimburse the capital expenditures with
proceeds of taxable or tax exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ALLEN
COMMUNITY DEVELOPMENT CORPORATION THAT:
the Issuer reasonably expects to reimburse capital expenditures with respect to the
Project with proceeds of debt hereafter to be incurred by the Issuer, and that this resolution shall
constitute a declaration of official intent. The maximum principal amount of obligations expected
to be issued for the Project is $36,000,000.
PASSED AND APPROVED, this the 16th day of July , 2007.
ALLEN COMMUNITY DEVELOPMENT
CORPORATION
Lee Howard, President
ATTEST:
Richard Kessler, Secretary