2005-03-15
SOUTHLAKE PARKS DEVELOPMENT CORPORATION SPECIAL MEETING:
MARCH 15, 2005
LOCATION: 1400 Main Street, Southlake, Texas OFFICIAL RECORD
Council Chambers in Town Hall
Board Members Present: President Keith Shankland, Vice-President Cara White, Secretary Sherry
Berman, and Members Michael Mills, Virginia M. Muzyka and Carolyn Morris
Board Members Absent: Member Andy Wambsganss
Staff Present: City Manager Shana Yelverton, Director of Community Services Malcolm Jackson,
Deputy Director of Community Services Steve Polasek, Director of Finance Sharen Elam, and Deputy
City Secretary Tara Brooks
Agenda Item No. 1. Call to order. The meeting was called to order by President Shankland at 4:45
p.m.
Agenda Items No. 2. Executive Session/Agenda Item No. 3. Reconvene. No executive session was
necessary.
Agenda Item No. 4. Public Forum. No one spoke during the public forum.
Agenda Item No. 5. Administrative Comments. There were no administrative comments.
Agenda Item No. 6. Consent Agenda. There were no items on this agenda.
Agenda Item No. 7A. Approval of Resolution No. 05-001-SPDC, consider all matters incident and
related to the issuance and sale of "Southlake Parks Development Corporation Sales Tax Revenue
Refunding Bonds, Series 2005," including the adoption of a resolution authorizing the issuance of
such bonds and providing for the redemption of the bonds being refunded. Jim Sabonis, First
Southwest Company, presented this item to the Board in conjunction with agenda item no. 7B. Due to
the current market, City staff and the City's financial advisors recommended refunding this bond. The
refunding will result in saving approximately $2,967,052 in debt service payments and further provide
present value savings of approximately $998,636.
President Shankland thanked and congratulated Director Elam and Mr. Sabonis for their hard work and
for recognizing this extraordinary opportunity to save the City money.
No one spoke during the public hearing.
Motion was made to approve Resolution No. 05-001-SPDC, consider all matters incident and related to
the issuance and sale of "Southlake Parks Development Corporation Sales Tax Revenue Refunding
Bonds, Series 2005."
Motion: White
Second: Muzyka
Southlake Parks Development Corporation Special Meeting Minutes
March 15, 2005
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Ayes: Berman, Mills, Morris, Muzyka, White, and Shankland
Nays: None
Approved: 6-0
Agenda Item No. 7B. Approval of Resolution No. 05-002- SPDC, consider all matters incident and
related to the issuance and sale of "Southlake Parks Development Corporation Sales Tax Revenue
Refunding Bonds, Taxable Series 2005," including the adoption of a resolution authorizing the
issuance of such bonds and providing for the redemption of the bonds being refunded. Jim Sabonis,
First Southwest Company, presented this item to the Board in conjunction with agenda item no. 7A.
Due to the current market, City staff and the City's financial advisors recommended refunding this
bond. The refunding of this bond will result in saving approximately $27,406 in debt service payments
and further provide present value savings of approximately $25,110. The refunding of this bond will
complete the total refunding package.
Motion was made to approve Resolution No. 05-002-SPDC, consider all matters incident and related to
the issuance and sale of "Southlake Parks Development Corporation Sales Tax Revenue Refunding
Bonds, Taxable Series 2005."
Motion: White
Second: Morris
Ayes: Berman, Mills, Morris, Muzyka, White, and Shankland
Nays: None
Approved: 6-0
Agenda Item No. 8. Discussion. There were no items on this agenda.
Agenda Item No. 9. Adiournment.
With there being no other business to discuss, President Shankland adjourned the meeting at 5:10 p.m.
Keith Shank and
ATTEST: President
~ Aa AL a 16)
Tara Brooks
Deputy City Secretary
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March 15, 2005
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