Min - Community Development Corporation - 2006 - 02/20 - RegularMINUTES
ALLEN COMMUNITY DEVELOPMENT CORPORATION BOARD
REGULAR MEETING
FEBRUARY 20, 2006 — 7:00 P.M.
COUNCIL CONFERENCE ROOM
ALLEN CITY HALL
305 CENTURY PARKWAY
ALLEN,TEXAS
BOARD MEMBERS:
Lee Howard, President
Sue Johnson, Vice -President
Richard Kessler, Secretary
Debbie Stout (Absent)
George Chrisman
Lonnie Simmons (Absent)
Lori Stitt
CITY STAFF:
Peter H. Vargas, City Manager
Tim Deader, 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.
2) Approve Minutes of the January 16, 2006, Meeting.
MOTION: Upon a motion by Board Member Chrisman and a second by Board
Member Kessler, the Board voted five (5) for and none (0) opposed to
approve the minutes from the January 16, 2006, meeting. The motion
carried.
3) Citizens' Comments.
4) Other Business.
A) Adopt and Approve a Resolution Authorizing the City's Bond Counsel, the City's
Financial Advisor, and City Staff to Proceed with the Arrangements for the Sale
of Community Development Corporation Sales Tax Revenue Refunding Bonds,
Series 2006.
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Community Development Corporation Agenda
Page 2
MOTION: Upon a motion by Board Member Chrisman and a second by Board
Member Johnson, the Board voted five (5) for and none (0) opposed to
approve Resolution No. 102 -CDC -06 (R) authorizing the sale of
Community Development Corporation Sales Tax Revenue Refunding
Bonds, Series 2006.
B) Sales Tax Analysis
Discussion was held regarding the Sales Tax Analysis.
C) Balance Sheet
Discussion was held regarding the Balance Sheet.
D) Project Status Reports and Map
E) Items of Interest
Tim Dentler Gave an update on Molsen Farm
➢ Town Hall Meeting— March 20, 2006, at 7:00 p.m.
5) Adjourn.
MOTION: Upon a motion by Board Member Johnson and a second by Board
Member Stitt, the Board voted five (5) for and none (0) opposed to
adjourn the meeting at 7:33 p.m. The motion carried.
These minutes approved on the 20" day of March, 2006.
Lee Howard, PRESIDENT
Richard Kessler, SECRETARY
RESOLUTION NO. 102 -CDC -06
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ALLEN COMMUNITY
DEVELOPMENT CORPORATION, COLLIN COUNTY, TEXAS, AUTHORIZING
APPROPRIATE PERSONNEL AND CONSULTANTS TO PROCEED WITH
ARRANGEMENTS AND THE PREPARATION OF DOCUMENTS FOR THE ISSUANCE
AND SALE OF REVENUE REFUNDING 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 demonstrating that in today's market the refinancing of certain outstanding "Allen
Community Development Corporation Sales Tax Revenue Bonds, Series 1997' and "Allen Community
Development Corporation Sales Tax Revenue bonds, Series 1999" will result in interest costs savings of
approximately 3%; 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 appropriate officials of 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 an official statement and other documents for the offering and sale of
refunding bonds to realize the savings in substantially the percentage provided herein;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ALLEN
COMMUNITY DEVELOPMENT CORPORATION, COLLIN COUNTY, TEXAS, THAT:
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 authonzed 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 $5,615,000; and
the appropriate officials of the Corporation and/or the City are hereby authorized and directed to furnish said
consultants with information and data, including the amount of bonds ultimately to be offered for sale, necessary
for the preparation of an official statement and other documents for the authorization of such bonds to occur and be
approved by the Board of Directors at a meeting to be held on or about March 20, 2006.
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. Tins Resolution shall be in force and effect from and after its passage on the date shown below.
DULY PASSED AND APPROVED BY THE BOARD OF DIRECTORS OF THE ALLEN COMMUNITY
DEVELOPMENT CORPORATION, COLLIN COUNTY, TEXAS, ON THIS THE 20an DAY OF
FEBRUARY 2006.
APPROVED:
—Lee �HwhrdPmide:t
ATTEST:
C _
Richard Kessler, Secretary