CM 1992-03-31 MINUTES OF March 31, 1992
The City Council of the City of Coppell met in Special Called
Session on Tuesday, March 31, 1992 at 5:00 p.m. in the City Council
Chambers of Town Center, 255 Parkway Boulevard, Coppell, Texas.
The following members were present:
Mark Wolfe, Mayor
Bill Smothermon, Mayor Pro Tem
Peyton Weaver, Councilman
David Thomas, Councilman
Tom Morton, Councilman
Jim Cowman, Councilman
Ron Robertson, Councilman
John Nelson, Councilman
Also present were City Manager Alan D. Ratliff, City Secretary
Dorothy Timmons and City Attorney Lawrence W. Jackson.
REGULAR SESSION (Open to the Public)
Item 1 Call to order
Mayor Wolfe called the meeting to order.
Item 2 Invocation
Item 3 Pledge of Allegiance
Council dispensed with the Invocation and Pledge of Allegiance.
EXECUTIVE SESSION
Item 4-ES A. Article 6252-17, Section 2 (f), discussion
concerning the negotiating position of the City
with respect to agreements involving interests in
land and the value of real property.
B. Article 6252-17, Section 2 (e), Senate Concurrent
Resolution Number 83, discussion with City Attorney
concerning matter involving privileged
communications between attorney and client.
C. Article 6252-17, Section 2 (g) , discussion
concerning personnel.
The city Council convened into Executive Session at 5:06 p.m. as
allowed under the above stated articles. Mayor Wolfe adjourned the
Executive Session at 5:50 p.m. and opened the public session.
REGULAR SESSION (Open to the Public)
Item 5 Consideration of Ordinance approving a preliminary
Assessment/Service Plan and Proposed Assessment Ordinance
for Coppell Gateway Public Improvement District.
T. We ldon Davis, Vice President, Development for Catel lus
Development Corporation, made a presentation to the City Council.
Mr. Davis requested approval of a preliminary assessment/service
plan and the preliminary official statement documents as well as to
approve or delegate authority to negotiate the financing at the
April 14 meeting. Mr. Davis also introduced Paul Phy, Robert
Randolf, and Bob Dransfield. Mr. Randolf presented the proposed
final copy of an ordinance approving a preliminary assessment/
service plan. These documents have been finalized to bring into
consideration the estimated cost on the bonds and the other matters
associated with what the actual cost and assessments will be. This
ordinance establishes a hearing on the service plan to be held on
April 14, 1992. It directs that notice of the hearing and the
assessment plan be provided by publication and by notice to the
property owner with comments to be made on April 14, 1992. At the
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April 14, 1992 meeting, Mr. Davis would anticipate coming before
City Council again to approve this preliminary assessment plan in
final form, adopting an ordinance levying the assessments in the
dollar amount which may be modified somewhat from the preliminary
assessment plan after the bonds are sold. The estimate of the
assessments are on the basis of an interest rate of 8.75%. The
final interest rate will not be determined until April 14, 1992.
The total bond issue amount is $5,000,000. The total cost of
construction is proposed to be $3,750,000. Costs and expenses
incurred in the establishment, initial administration and operation
of the district is $42,000. Mayor Wolfe asked Council if they had
questions on Mr. Randolf's presentation. Discussion and questions
by the Council followed. Following discussion, Mayor Pro Tem
Smothermon moved to approve the preliminary assessment/service plan
and the proposed Ordinance No. 92542 for the City of Coppell
Gateway Public Improvement District with the clarification that
"maintenance will be on public facilities only". Councilman
Robertson seconded the motion. The motion carried 6-1, with Mayor
Pro Tem Smothermon and Councilmen Weaver, Thomas, Cowman, Robertson
and Nelson voting in favor of the motion, and Councilman Morton
voting against the motion.
Item 6 Consideration of approval of Preliminary official
Statement for City of Coppell Special Assessment Bonds
regarding Coppell Gateway Public Improvement District.
Mr. Bob Dransfield representing Merrill Lynch & Co. made the
presentation to the Council. He presented a draft copy of the
preliminary official statement together with a set of black-line
changes showing changes from the version the Council previously
received. The underwriters propose to go forward and authorize the
use of the preliminary official statement and the market of these
bonds to produce the final version of this preliminary official
statement which will be substantially in this form by next week.
Mr. Dransfield proposed to print the cover in a printed format and
the body of the statement in camera-ready form. Special assessment
bonds will be in the amount of $100,000 increments. He estimated
$5,000,000 to be the dollar amount completed as the aggregate
principal amount. Discussion and questions by Council followed.
Following discussion, Mayor Pro Tem Smothermon moved to approve the
Preliminary Official Statement for the issuance of the Gateway
Public Improvement District Bonds for the City of Coppell with the
clarification "the City or the trustee on behalf of the City"
throughout the document. Councilman Robertson seconded the motion.
The motion carried with Mayor Pro Tem Smothermon and Councilmen
Weaver, Thomas, Cowman, Robertson and Nelson voting in favor of the
motion, and Councilman Morton voting against the motion.
There being no further business to come before the Council, the
meeting was adjourned.
Mark Wolfe,
ATTEST:
Dorothy Timmons, City Secretary !
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