SSLGC 12-07-1999
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MINUTES OF THE SCHERTZ/SEGUIN
LOCAL GOVERNMENT CORPORATION
THE STATE OF TEXAS ~
COUNTY OF GUADALUPE ~
SCHERTZ/SEGUIN LOCAL ~
GOVERNMENT CORPORATION ~
On this, the 7th day of December, 1999, the Schertz/Seguin Local
Government Corporation convened at 1 :30 p.m. in the City of Schertz
Council Chambers, located at 1400 Schertz Parkway, Schertz, Texas with
the fOllowing members being present and in attendance:
Robin Dwyer
Ramon Cook
Jim Wolverton
Sidney Bauer
Gloria Rivera
President
Vice-President
Secretary
Director
Director
constituting a majority of the persons appointed to the Board and a
quorum for the transaction of business, and notice of such meeting having
been duly given in accordance with the provisions of Texas law. Also in
attendance were Ken Greenwald, Kerry Sweatt and Jack Hamlett. Absent:
Eric Vordenbaum.
President Robin Dwyer called the meeting to order.
The second order of business was consideration and approval of a
resolution by the Board of Directors of the Schertz/Seguin Local
Government Corporation authorizing the issuance of "Schertz/Seguin
Local Government Corporation Contrct Revenue Bonds, Series 1999";
providing for the payment of the principal and interest on these obligations
as provided herein; providing the terms and conditions of such bonds and
resolving other matters incident and relating to the issuance, payment,
security, sale and delivery of such bonds; including the approval of the
distribution of an official statement relating thereto; authorizing the
execution of a paying agent/registrar agreement, a bond purchase contract,
and a letter of representations with the depository trust company; and
providing an effective date.
President Dwyer remarked everyone was at the meeting last Friday and,
hopefully, has had a chance to look at the resolution. If anyone has not
had time to look at the resolution, now is the time for discussion. He
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doesn't know if they have a final draft or if the draft has changed. Pat
Lindner related that the final terms were served this morning and everyone
was e-mailed.
A report had been distributed to the Board and Mark McLlney reviewed it,
explaining the process and all the details of the ratings, the insurance
premiums, the average coupon, surety bonds, the interest rate, maturities
and sales. Mr. McLiney recommended the Corporation approval the sale to
First Southwest Company as well as the MBIA insurance and the surety
bond provided by MBIA.
Director Rivera moved to approve the resolution as captioned above and
approve the sale of the $10,000,000 in bonds to First Southwest Company
as well as the MBIA insurance and the surety bond provided by MBIA.
Secretary Wolverton seconded the motion, which carried by unanimous
vote of all Directors present.
The third order of business was an Executive Session called under Chapter
661 Local Government Code, Subsection 661.072, deliberation regarding
real property, and Chapter 661, Subsection 661.071, regarding pending or
contemplated litigation. President Dwyer asked if the Executive Session
was still needed and Mr. Sweatt replied, unless the Board has some
questions, they would like to cancel the Executive Session and Item #6 and
the items listed under Item #6. It is not necessary for the Board to act
today on the real estate matters listed under Item #6. They would like for
the Board to consider meeting on December 22nd at 1 :30 p.m. in Seguin to
act on the land transactions listed, to deal with a couple of right-of-way
issues and discuss disbursements of the bond proceeds. Mr. McLlney
says we will take delivery of the bonds on December 22nd.
Vice-President Cook moved to approve a meeting of the Corporation on
December 22nd at 1 :30 p.m. in Seguin. Director Rivera seconded the
motion, which carried by unanimous vote of all Directors present. Director
Bauer asked what day of the week that is and was told it is a Wednesday.
President Dwyer noted they are going to cancel Item #3, Item 4 and Item #6
in order to re-post notices and those items should be on the agenda for
December 22nd.
President Dwyer moved ahead to Item #6 on the agenda - Other Business.
Mr. Sweatt personally applauded the Board for their foresightedness. He
feels the action they hav$ taken today will set the pattern for the future of
the two communities. The Board has done an outstanding job.
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President Dwyer thought everyone needed to know there was a lot of hard
work done last week and it was a learning process for him. He feels this is
the right thing to do and the investment will payoff.
Director Rivera observed it is a very historic day indeed and she is pleased
beyond words. She thanked everyone for their hard work. It is special to
see two cities take their destinies in their own hands. To see this project
come to reality is very fulfilling and she is grateful to everyone.
Vice-President Cook commented he started working on this project in 1966.
He was the young guy at the end of the measuring tape. He didn't think
he'd see this day either, but to have it come about is a great blessing to all
of us.
There being no further business offered, it was moved and seconded that
the meeting be adjourned. Upon a vote being taken, the motion carried by
a unanimous vote of all Directors present and the meeting waa adjourned
at 2:13 p.m.
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MINUTES APPROVED this the day of , 2000.
Signatures of all Directors
Robin Dwyer, President
Ramon J. Cook, Vice-President
Jim Wolverton, Secretary
Sidney Bauer, Director
Gloria Rivera, Director