HomeMy WebLinkAboutPRFD 2001-05-29 Minutes
MINUTES OF THE NORTH RICHLAND HILLS PARK AND
RECREATION FACILITIES DEVELOPMENT CORPORATION
HELD IN THE CITY HALL, 7301 NORTHEAST LOOP 820 _
MAY 29,2001 - 6:30 P.M.
1.
CALL TO ORDER
Chairman Scoma called the meeting to order at 6:45 p.m.
ROLL CALL
PRESENT:
BOARD OF DIRECTORS:
Charles Scoma
Lyle E. Welch
Joe Tolbert
Dave Davis
Mack Garvin
Scott Turnage, Jr.
Chairman/Mayor
Council Member
Council Member
Citizen Member
Citizen Member
Citizen Member
OFFICERS:
Larry Cunningham
Larry Koonce
Patricia Hutson
Rex McEntire
President
Treasurer
Secretary
Attorney
2.
FDC 2001-01 CONSIDERATION OF ACTION ON ALL MATTERS
PERTAINING TO THE AWARD AND SALE OF $7,225,000 IN
PARK AND RECREATION FACILITIES DEVELOPMENT CORPORATION
SALES TAX REVENUE REFUNDING BONDS, SERIES 2001 AND APPROVE
RESOLUTION NO. FDC 2001-001
APPROVED
Mr. David Medanich, First Southwest Company, and Mr. Ed Esquival, Fulbright & Jaworski,
Financial Advisor and Bond Attorney, were also present.
Mr. Koonce, Treasurer and Finance Director, reviewed the refunding of the bonds. The
Board was advised that the refunded bonds had interest rates ranging from 5.75 percent to
6.125 percent. The true interest costs of the refunding was 4.547 percent. The Board was
Park Corporation Minutes
May 29, 2001
Page 2
advised that a net present value benefit of 4.46 percent was realized with total dollar
savings in terms of interest over the next twelve years of $463,000
Mr. Medanich recommended to the Board that the bonds be awarded to Southwest
Securities and Dain Raucher at a true interest cost of 4.54 percent.
Mr. Davis moved, seconded by Mr. Garvin, to approve FDC 2000-01, adopting Resolution
No. FDC 2001-01 authorizing the issuance of "North Richland Hills Park and Recreation
Facilities Development Corporation Sales Tax Revenue Refunding Bonds, Series 2001" in
the aggregate principal amount of $7,305,000 at a true interest cost rate of 4.5473803%;
and approving and authorizing the execution of a Paying Agent/Registrar Agreement, a
Purchase Contract, a Special Escrow Agreement; providing for the redemption of the
obligations being refunded and approving and authorizing distribution of an Official
Statement.
Motion carried 6-0.
3.
ADJOURNMENT
Chairman Scoma adjourned the meeting at 6:54 p.m.
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ATTEST:
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Patricia Hutson - Secretary