2009-04-20 DEVELOPMENT AUTHORITY OF PEARLAND SPECIAL MEETING MINUTESMINUTES OF A SPECIAL MEETING OF THE DEVELOPMENT AUTHORITY OF
PEARLAND, CITY OF PEARLAND TEXAS, HELD ON MONDAY, APRIL 20, 2009,
4:00 P.M., IN THE ENGINEERING CONFERENCE ROOM, COMMUNITY CENTER,
3523 LIBERTY DRIVE, PEARLAND, TEXAS.
Mayor Reid called the meeting to order at 4:06 p.m. with the following present:
Chairman
Tom Reid
Vice Chair
Bill Sloan
Secretary
Ed Baker
Absent: Boardmember Tom Pool and one Board position vacant.
Others in attendance: Bill Eisen City of Pearland City Manager, Sonia Webb City of
Pearland Deputy City Secretary; Frank Ildebrando RBC Capital Markets; Rick Witte
Andrews & Kurth, L.L.P.; Greer Pagan Allen Boone Humphries Robinson, LLP.
NEW BUSINESS
BOARD ACTION — APPROVAL OF THE DEVELOPMENT AUTHORITY OF
PEARLAND BOARD OF DIRECTORS MEETING MINUTES FOR NOVEMBER 3, 2008,
SPECIAL MEETING HELD AT 4:00 P.M. DAP Board of Directors.
Boardmember Baker made the motion, seconded by Boardmember Sloan, to approve
the minutes of the November 2, 2008, Special Meeting held at 4:00 p.m.
Voting "Aye" Boardmembers Baker, Reid, and Sloan
Voting "No" None.
Motion Passed 3 to 0, with Boardmember Pool absent and one Board position vacant
BOARD ACTION — RESOLUTION NO. RDAP-2009-01 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), APPROVING THE
PRELIMINARY OFFICIAL STATEMENT REGARDING ISSUANCE OF TAX
INCREMENT CONTRACT REVENUE BONDS, SERIES 2009, AND APPOINTING
PAYING AGENT/REGISTRAR FOR SUCH BONDS. Mr. Frank lldebrando, RBC
Capital Markets.
Boardmember Sloan made the motion, seconded by Boardmember Reid, to approve
Resolution No. RDAP-2009-01.
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Frank Ildebrando, RBC Capital Markets, stated the information provided gives a little
history on where the Development Authority of Pearland has been in all the previous
Bond Sales. Based on market conditions and the decrease in growth of Shadow Creek
Ranch in 2008, it was decided to postpone the Bond Sale until figures were received
after January 2009. Mr. Ildebrando continued to provide the Board with a detailed
review of the proposed Bond Sale.
Rick Witte, Andrews & Kurth, L.L.P., stated all the documents discussed by Frank
Ildebrando, RBC Capital Markets, have been reviewed by Andrews & Kurth, L.L.P. as
well as City of Pearland Finance Director Claire Bogard.
Frank Ildebrando, RBC Capital Markets, stated the Bond Sale document will be
discussed and updated several more times and the Board will have the opportunity to
provide input prior to the final approval.
Boardmember Sloan asked if Boardmembers will be provided with any updates or
changes as they are made to the document.
Frank Ildebrando, RBC Capital Markets, stated each time a new draft of the Bond Sale
document is created, a lined copy will be distributed to each Boardmember.
Boardmember Sloan asked what will happen if no Bond Insurance is available for the
Bond Sale.
Frank Ildebrando, RBC Capital Markets, stated the Development Authority has a credit
rating of its own and the Board has the option of selling the bonds with insurance or
based on the Board's credit rating with no Bond Insurance. The Bond Sale will be
analyzed to decide if it will be more financially beneficial to sell the bonds with Bond
Insurance or without the Bond Insurance.
Discussion ensued between Boardmembers, City of Pearland City Manager Bill Eisen,
Frank Ildebrando, RBC Capital Markets, and Rick Witte, Andrews & Kurth, L.L.P,
regarding the Bond Sale.
Voting "Aye" Boardmembers Baker, Reid, and Sloan
Voting "No" None.
Motion Passed 3 to 0, with Boardmember Pool absent and one Board position vacant.
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ADJOURNMENT
Meeting was adjourned at 4:46 p.m.
Minutes approved as submitted and/or corrected this the 18th day of May, A.D., 2009.
ATTEST:
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Ed Baker
Secretary
P"'t
Tom Reid
Chair
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