1999-04-06
SOUTHLAKE PARKS DEVELOPMENT CORPORATION SPECIAL MEETING
April 6, 1999
MINUTES
Board Members Present: President Scott Martin; Members: Ralph Evans, Robin Jones, Ronnie
Kendall, Norm Lyons, Bethann Scratchard, and Rick Stacy.
Staff Present: City Manager Curtis E. Hawk, Assistant City Manager Shana Yelverton, Director of
Community Services Kevin Hugman, Parks Planning and Construction Superintendent Ben Henry,
Chief Accountant Lynn Martinson, and Secretary to the City Manager Kim Bush.
Agenda Item No. 1, Call to order. The meeting was called to order by President Scott Martin at
5:50 p.m.
Agenda Item No. 2, Executive Session.
President Martin announced that the Board would be going into Executive Session pursuant to the
Open Meetings Act, Chapter 551 of the Texas Government Code, Section 551.072, land acquisition.
SPDC adjourned for Executive Session at 5:50 p.m.
SPDC returned to open session at 5:55 p.m.
Agenda Item No. 3. Reconvene.
There was no action necessary as a result of the Executive Session.
Agenda Item No. 4A. Resolution No. 99-02 SPDC, authorizing the issuance of "Southlake Parks
Development Corporation Sales Tax Revenue Bonds, Series 1999"; pledging certain "Pledged
Revenues" of the Corporation, including "Gross Sales Tax Revenues," to the payment of the
principal of and interest on said Bonds and enacting other provisions incident and related to the
issuance, payment, security and delivery of said bonds, including the approval and execution of
a Paying Agent/Registrar Agreement, a Purchase Contract and a Financing/Use Agreement with
the City and the approval and distribution of an Official Statement, and resolving other matters
incident and related to the issuance and sale of the Bonds.
PUBLIC HEARING
Financial Consultant Jim Sabonis with First Southwest was present to explain Resolution No. 99-02
and presented to the Board a notebook on the $4,655, 000 SPDC Sales Tax Revenue bonds, Series
1999 and Summary of Bond Sales. Mr. Sabonis reported that the bond rating for SPDC from
body's Investment was increased from BAA1 to A3 and the bond rating from Standard and Poors
zmained the same at A-.
SOUTHLAKE PARKS DEVELOPMENT CORPORATION SPECIAL MEETING MINUTES
April 6, 1999 Page 1 of 2
Mr. Sabonis stated that First Southwest, on behalf of SPDC, applied to AMBAC Indemnity
,orporation and received a bid with 49 basis points on the sales tax bonds debt service bond
insurance, and they also applied for a Reserve Fund Surety Bond at $18,000 (which is AMBAC's
minimum fee).
Mr. Sabonis informed the Board that First Southwest sold the $4,655,000 worth of bonds at an
average net interest cost of 5.078 He stated that upon approval of the Resolution No. 99-02,
SPDC will be issuing $4,655,000 of bonds, and after the cost of issuance are paid, there will be a
deposit into the project fund of $4,388,860.20 on May 4.
There were no comments during the Public Hearing.
Motion was made to approve Resolution No. 99-02.
Motion: Evans
Second: Scratchard
Ayes: Evans, Jones, Kendall, Lyons, Martin, Scratchard, Stacy
Nays: None
Approved: 7-0
Agenda Item No. 5. Adjournment.
lotion was made and carried to adjourn the meeting at 6:15 p.m.
resident Scott Martin
P
ATTEST: Alu
Kim ush
Sec tary to the City Manager
SOUTHLAKE PARKS DEVELOPMENT CORPORATION SPECIAL MEETING MINUTES
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