2010-05-03 DEVELOPMENT AUTHORITY OF PEARLAND SPECIAL MEETING MINUTESMINUTES OF A SPECIAL OF DEVELOPMENT:
PEARLAND, CITY OF PE,ARLAND TEXAS, HELD ON MONDAY, MAY 3, 2010,4:1
P,.M., IN THE FIRST FLOOR CONFERENCE ROOM AT PEARLAND CITY HAL
N., LIBERTY
r ■,. y y. TEXAS.
Mayor Reid called the meeting to order at 4:02 p.m. with the following present:
Chairman
Tram Reid
Secretary
Ed Baker
Boardmember
Bill Sloan
Boardmember
Tom Pool
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Others in attendance: City of Pearland City Manager Bill Eisen, City Of Pearland
Finance Director Claire Bogard; City of Pearland Assistant Finance Director Rick
4vergaard; City of Pearland Deputy City Secretary Sonia Webb.
Boardmember Reid made the motion, seconded by Boardmember Sloan, to approve
the minutes of the INovem'ber 23, 2009, Development Authority of Pearland Board
Meeting.
r r .• • r '" • "'•• r. •
Voting "No" None.
BOARD RESOLUTION "' # 0
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), TEXAS APPROVING A CASH
PAYMENT TO SHADOW CREEK RANCH DEVELOPMENT COMPANY LTD TO
REIMBURSE . INFRASTRUCTURE •• Bogard,
Director s
9hoardmember Pool made the motion, seconded by Boardmember Baker, to approvi
1,'esolutionNo. D ■
w. •- r 1 , .
City of Pearland Director of Finance Claire Bogard stated this item is for the approval of
a cash reimbursement to Shadow Creek Development Company in the amount of
$1,829,1X
Voting "No" None.
Motion Passed 4 to, 0, with Boardmember Dansby absent.
11OARD ACTION — RESOLUTION NO. RDAP-200-2 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), ACCEPTING THE
INVESTMENT REPORT FOR THE QUARTERS ENDING DECEMBER 2009 AND
MARCH 2010. Ms. Claire Bogard, Director of Finance.
Boardmember Sloan made the motion, seconded by Boardmember Baker, to approve
'Resok
City of Pearland Director of Finance Claire Bogard provided the Board, with a detailed
review of the Investment Report for the quarters ending December 2009 and March
2010.
Discussion ensued between the Board and City of Pearland Director of Finance Claire
Bogard regarding the Investment Reports.,
Motion Passed 4 to 0, with Boardmember Dansby absent.
BOARD ACTION — RESOLUTION NO. RDAP-2010-3 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), RATIFYING CHECKS 1062
THROUGH 1070. Ms. Claire Bogard, Director of Finance.
moi. Pool made the motion, seconded by Booan, to approve
0)
,esolutioin No. RDAP-2010-3.
City of Pearland Director of Finance Claire Bogard stated this item is for the Board to
ratify checks that have been issued to pay for expenses incurred by the Development
Authority of Pearland. The invoices were reviewed and approved by the invoice review
committee.
Boardmember Reid stated the Invoice Review Committee process has been an efficient
tool in getting vendors paid in a timely manner.
11F.W990-03P. M -
Voting "No" None.
BOARD ACTION — RESOLUTION NO. RDAP-2010-4 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), ACCEPTING THE FINANCIAL
REPORT FOR THE PERIOD ENDING MARCH 31, 2010. Ms. Claire Bogard, Director
of Finance.
Boardmember Baker made the motion, seconded by Roardmember Pool, to approve
Resolution No. RDAP-2010-4.
City of Pearland Director of Finance Claire Bogard stated this item is to accept the
Financial Report and provided the Board with the details of'the report.
Brief discussion ensued between Boardmembers and City of Pearland Director of
Finance Claire Bogard.
a- r- 0 * 0 9
Voting "No" None.
Motion Passed 4 to 0, with Boardmember Dansby absent.
lie
Woardmember Sloan made the motion, seconded by Boiardmember Baker, to approvi
wxesolution No. RDAP-20101-5.
City of Pearland Director of Finance Claire Bogard stated each year the Board approves
an annual contract with Arbitrage Compliance Specialist, Inc. for arbitrage services. If
the Board earns more interest on bonds than it is paying, they are required to remit that
amount to the Internal Revenue Service. There are no arbitrage payments due at this
time.
ISMENESKM
BOARD ACTION RESOLUTION " A N (DAP),
RESOLUTION
. �Y
DEVELOPMENT AUTHORITY PEARLAND ■ A i� i w
ANNUAL
A AA REPORT
trE MOAr FOR
THE FISCAL YEAR
SEPTEMBER
.i >r.. 30,
2009. Ms. ClaireBogard,
Boardmember Pool made the, motion, seconded by Boardmember Baker, to approve
Resolution No. RDAP�20110-6.
City of Pearlland Director of Finance Claire Bogard provided the Board with a detailed
overview of the Annual Financial Report for the fiscal year ending September 30, 2009.
Voting "No" None.
Boardmember Sloan made the motion, seconded by Boardmember Baker, to approve
Resolution No. RDAP-2010-7.
City of Pearland Director of Finance Claire Bogard stated the Public Funds Investment
Act requires that the Board review their investment policy, strategy and broker dealers
annually. The Board typically approves the City of Pearland investment policy and then
changes are made to reflect the Development Authority of Pearland in the document.
There are no changes from the policies from the previous year.
Minutes approved as submitted and/or corrected this the 25th day of November, A.D.,
2010.
Tom Reid
Chair