2007-08-13 DEVELOPMENT AUTHORITY OF PEARLAND DEVELOPMENT AUTHORITY OF PEARLAND
MINUTES OF THE BOARD OF DIRECTORS MEETING
August 13, 2007
CITY OF PEARLAND §
STATE OF TEXAS §
DEVELOPMENT AUTHORITY OF PEARLAND §
Call to Order
A special meeting of the Board of Directors (the "Board") of the Development Authority
of Pearland (the "Authority"), a non-profit corporation organized to aid, assist.and act on behalf
of the City of Pearland, Texas (the "City"), was held at City Hall, 3519 Liberty Drive, Pearland,
Texas, on Monday, August 13, 2007 commencing at 4.04 p.m. and a quorum was established.
Written notice of the meeting including the date, hour, place and agenda for the meeting, was
posted in accordance with the Texas Open Meetings Act. The following Directors were present
when the meeting was called to order Chair Tom Reid, Bill Sloan, Tom Pool, and Henry
Stanaland. Also in attendance were Bill Eisen, Rick Witte, Lynne Humphries, Gary Cook, Drew
Pelter, Ryan O'Hara, Claire Manthei, Young Lorfing, and Dana Townsend.
Approval of Minutes
Chair Reid presented the minutes of the Development Authority Board meeting held on
July 16, 2007 for approval. A motion was made by Director Pool and seconded by Director
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Stanaland to approve the minutes. There being no further discussion, the motion passed
unanimously
Public Comments
There were no public comments.
New Business
A. Chair Reid presented the Preliminary Official Statement of the Series 2007
Contract Revenue Bonds. A motion was made by Director Pool and seconded by Director
Stanaland to put this Contract on the table for discussion.
Ryan O'Hara with RBC Capital Markets stated that the Contract to sell Bonds is not final
yet, and the Board's approval is needed to move forward. Director Sloan inquired as to how they
would receive updates on the Contract. Rick Witte with Andrews & Kurth commented that as
they get more information the Board would be e-mailed an updated version. Director Sloan
requested that the updated versions be re-lined to show the changes in the document.
Ryan O'Hara recommended the Board have Wells Fargo handle the Bond Sale due to the
fact that they have handled the past Bond Sales for the Board and are very familiar with the
process.
Mr Witte reviewed the Contract with the Board regarding the value of the Bond Sale
which is not set until a current assessed value of the property has been received. Bill Eisen with
the City of Pearland stated they have the value of the property as of January 1, 2007, but require
the growth from January to August. Mr Witte continued the discussion regarding maturity date,
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insurance, risk factors, current developer reimbursement, collateral, debt service reserve fund,
certified tax values, taxpayers in the TIRZ, etc. Mr O'Hara stated that the final Preliminary
Official Statement for the Bond sale will be panted on September 6, 2007 with the Board
meeting on September 17, 2007 to approve.
Following discussion, Chair Reid commented that there was a motion and second in place
to approve the draft of the Preliminary Official Statement. With no further discussion,the Board
unanimously approved the motion.
Adjournment
There being no further business to come before the Authority, upon unanimous consent
by the Directors, the meeting was adjourned at 4.34 p.m.
ADOPTED and APPROVED this day of , 2007
Tom Reid, Chair
Henry Stanaland, Secretary
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