HomeMy WebLinkAboutMinutes_GTEC_04.10.2007Minutes of the Meeting of
Georgetown Transportation Enhancement Corporation
and the Governing Body of the
City of Georgetown, Texas
Special Meeting
Tuesday, April 10, 2007
The Georgetown Transportation Enhancement Corporation Special Meeting of the City of Georgetown,
Texas, met on Tuesday, April 10, 2007.
Board Members Present:
Gabe Sansing - President, Pat Berryman - Vice-President, Ray Armour - Secretary, Paul Brandenburg -
General Manager, Micki Rundell - Finance Director, Henry Carr, Farley Snell, Ricki Salazar
Board Members Absent:
Henry Boecker
Staff Present:
Jim Briggs, Jana Kern
Others Present:
Carol Polumbo - McCall, Parkhurst, & Horton L.L.P.
Minutes
Regular Meeting
Special Meeting called to order by Mr. Gabe Sansing at 5:31 p.m.
Board may, at any time, recess the Regular Session to convene in Executive Session at the request of the
President, a Board Member, the City Manager in his capacity as General Manager of the GTEC
Corporation , the Assistant City Manager, or legal counsel for any purpose authorized by the Open
Meetings Act, Texas Government Code Chapter 551, and are subject to action in the Regular Session that
follows.
A. Consideration and possible action with respect to and "Resolution of the Georgetown Transportation
Enhancement Corporation Authorizing the issuance of Georgetown Transportation Enhancement
Corporation Senior Lien Sales Tax Revenue Bonds, Series 2007; Approving a Paying Agent/Registrar
Agreement, an Amended and Restated Sales Tax Remittance Agreement, and a Bond Pu rchase
Agreement; Approving and Official Statement; and Approving Other Matters Related Thereto." --
Micki Rundell
Discussion: Rundell opened the meeting this special meeting to approve a resolution authorizing the
issue of sales tax revenue bonds, that GTEC is issuing for SE1 and to complete the payment of the
TxDOT project at Lakeway and the bridge. GTEC had budgeted to issue these bonds at 5.25%, but
please notice that GTEC got a rate of 4.45%. Note that this is half a point less that what was budgete d
for. What this means to GTEC is staff budgeted about $927,000.00 for debt services; it will now be
closer to $830,000.00. This is about $100,000.00 less in debt services annually. At this time Rundell
turned the meeting over to Carol Polumbo who went through the rest of the process.
Carr asked what would happen if the sales taxes just collapsed. Polumbo stated that there is a reserve
fund that would give some cushion of time – maybe about six months. Snell stated that the
contingence reserve that is set up for the GTEC Board is for situations like this. Rundell state that this
true; GTEC has about 90 days worth of cash in its contingence reserve.
Action: Motion by Carr, seconded by Berryman to approve the Resolution of the Georgetown
Transportation Enhancement Corporation Authorizing the issuance of Georgetown Transportation
Enhancement Corporation Senior Lien Sales Tax Revenue Bonds, Series 2007; Approving a Paying
Agent/Registrar Agreement, an Amended and Restated Sales Tax Remittance Agreement, and a B ond
Purchase Agreement; Approving and Official Statement; and Approving Other Matters Related
Thereto.
Approved 6-0 (Henry Boecker absent)
Motion by Snell seconded by Salazar to adjourn.
Approved 6-0 (Boecker absent)
Adjournment
The meeting was adjourned at 10:30 PM.
Approved : Attest:
_______________________ ________________________
Gabe Sansing - President Ray Armour - Secretary