2006-10-02 CITY COUNCIL SPECIAL MEETING MINUTESMINUTES OF A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, HELD ON OCTOBER 2, 2006, AT 6:00 P.M., IN THE COUNCIL
CHAMBERS, CITY HALL, 3519 LIBERTY DRIVE, PEARLAND, TEXAS.
Mayor Reid called the meeting to order at 6:00 p.m. with the following present:
Mayor
Mayor Pro -Tem
Councilmember
Councilmember
Councilmember
Councilmember
City Manager
City Attorney
City Secretary
Tom Reid
Richard Tetens
Kevin Cole
Helen Beckman
Felicia Kyle
Steve Saboe
Bill Eisen
Darrin Coker
Young Lorfing
Others in attendance: Doug Kneupper City Engineer; Nick Finan Assistant City
Manager; Mike Hodge Assistant City Manager; Lata Krishnarao Planning Director;
Claire Manthei Finance Director; Jeff Sundseth EMS Operations Director; Fred Welch
Executive Director of Economic Development Corporation.
NEW BUSINESS
COUNCIL ACTION — RESOLUTION NO. R2006-162 — A RESOLUTION OF THE CITY
OF PEARLAND, TEXAS, APPROVING THE ISSUANCE OF DEVELOPMENT
AUTHORITY OF PEARLAND TAX INCREMENT CONTRACT REVENUE BONDS,
SERIES 2006; APPROVING A BOND RESOLUTION, INDENTURE OF TRUST,
PURCHASE CONTRACT AND OTHER DOCUMENTS RELATING TO THE BONDS;
MAKING CERTAIN FINDINGS AND CONTAINING OTHER PROVISIONS RELATED
THERETO. Mr. Bill Eisen, City Manager.
Councilmember Cole made the motion, seconded by Councilmember Kyle, to
approve Resolution No. R2006-162, as amended.
City Manager Bill Eisen stated the Development Authority Board met previously on this
item and approved the Bond Resolution.
Frank Ildebrando, RBC Capital Markets, Inc., stated this item has been approved by the
Development Authority Board and now needs to be approved by Council. The Authority
Underwriters were in the market earlier this morning and were able to complete the sale
of the bonds by approximately 1:00 p.m. Mr. Illdebrando provided Council with an
update on the sale of the bonds stating the net proceeds to the developer is $9,104,000.
Several items have increased that number over the estimated numbers from thirty days
before. RBC Capital Markets, Inc. was able to receive bond insurance from a Triple A
Insurer, which made it unnecessary for bond money to be set aside in cash.
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Councilmember Cole made the motion, seconded by Councilmember Saboe, to amend
Resolution No. R2006-162 to direct the Development Authority of Pearland to reimburse
the cash reserve in the total amount of $2,214,000.
Voting "Aye" Councilmembers Cole, Kyle, Beckman, and Saboe.
Voting "No" None.
Motion Passed 5 to 0.
Brief discussion ensued between Council and Frank Ildebrando, RBC Capital Markets,
Inc.
Mayor Reid called for the vote on the original motion as amended.
Voting "Aye" Councilmembers Saboe, Beckman, Tetens, Kyle, and Cole.
Voting "No" None.
Motion Passed 5 to 0.
Mayor Reid called a recess at 6:21 p.m.
Mayor Reid called the meeting back to order at 9:15 p.m.
OTHER BUSINESS:
Council adjourned into Executive Session under Texas Government Code at 9:16 p.m.
to discuss the following:
EXECUTIVE SESSION UNDER TEXAS GOVERNMENT CODE
1. SECTION 551.087 - CONSULTATION WITH CITY ATTORNEY -
REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS. Mr. Bill Eisen,
City Manager.
2. SECTION 551.071 - CONSULTATION WITH CITY ATTORNEY -
REGARDING POTENTIAL LITIGATION ASSOCIATED WITH MUNICIPAL
UTILITY DISTRICTS. Mr. Darrin Coker, City Attorney.
NEW BUSINESS (CONTINUED):
Council returned from Executive Session at 11:30 p.m.
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COUNCIL ACTION — REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS.
City Council.
No action taken by Council.
COUNCIL ACTION — REGARDING POTENTIAL LITIGATION ASSOCIATED WITH
MUNICIPAL UTILITY DISTRICTS. City Council.
No action taken by Council.
ADJOURNMENT
Meeting was adjourned at 11:31 p.m.
Minutes approved as submitted and/or corrected this the 23`d day of October, A.D.,
2006.
ATTEST:
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Tom Reid
Mayor
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