HomeMy WebLinkAboutMIN 08.26.2002 CC-WThe City Council of the City of Georgetown, Texas, met in Regular Session on the
above date with Mayor Gary Nelon presiding.
Council 'resent:
Gabe Sansing, Doug Smith, Jack Noble, Sam
Pfiester, Farley Snell
Council Absent:
Llorente Navarrette, Ken Evans
Staff Present.
Tom Yantis, Interim City Manager; Trish Carls, City Attorney; Sandra Lee, City Secretary; Micki Rundell,
Director of Finance and Administration; Jim Briggs, Assistant City Manager for Utility Operations; Ed
Polasek, Chief Long -Range Planner, Mark Miller, Transportation Services Manager; Mike Mayben,
Energy Services Manager; Laura Wilkins, GUS Administrative Manager; Barbara Lake, GUS
Administrative Assistant
Called to order at 4:02 p.m.
A Discussion of financing options related to the 2002 proposed Georgetown Transportation
Enhancement Corporation bond issue -- Micki Rundell, Director of Finance and Administration
Rundell introduced Garry Kimball of First Southwest Company who distributed to Council a summary of a
comparison between two different financing options. He explained that the City could use one of two
options, which were: (1) use GTEC to issue sales tax revenue bonds secured solely by the sales taxes
collected by GTEC, a fairly expensive means of financing relative to what the City is used to because the
City typically issues its project financing with a property tax pledge; or (2) the City could maintain the ability
to pay for the bonds with the 1/2 cent sales tax by issuing combination tax and revenue certificates of
obligation with an interlocal contract with GTEC, pledging that GTEC devote and dedicate collections of its
sales taxes in an amount sufficient to service the debt on the certificates of obligation so that the City is not
"out of pocket," but there would be the attached tax pledge in the event that the collections of sales tax by
GTEC were insufficient to service the debt on the certificates in any given year. He said certificates of
obligation, because they have a tax pledge, are a dual -pledge instrument, and are looked at as a much
more secure instrument. He said they will not require an additional debt service reserve fund and won't
require coverage which could be 25 to 30% over and above the debt service. He said they will also have a
lower interest rate. He said the City would therefore be paying less for the same projects and the sales tax
dollars could be stretched further.
There was discussion. Rundell noted that this has been done before with city utilities such as stormwater
and with the airport. Kimball noted that this issue will not affect the City's bond rating. It was noted that
Council will be asked to make a decision on this item at the Council Meeting tomorrow night.
B Presentation of the Georgetown Transportation Enhancement Corporation (GTEC) budget for 2002/03
-- Micki Rundell, Director of Finance and Administration
Rundell noted that this budget has been presented to the GTEC Board and is included for their action on
City Council Meeting Minutes/August 26, 2002
Page 1 of 3 Pages
the agenda tonight. She provided a revised 5 -year GTEC Budget to the Council. She said what she is
asking Council to review tonight is the 2002/03 Budget. She said Council will see this budget for approval
at the September 10 Council Meeting. She said included in this budget are the bond proceeds, and also
tonight, they would be looking at a bond reimbursement resolution to fund the Rivery Bridge because it is
soon to be underway. Jim Briggs explained the following individual projects to be funded in the 2002/03
GTEC Budget: (1) New Comprehensive Transportation Plan in the Century Plan; (2) Right of Way for Inner
Loop (East); (3) U -Turn at 1-35 and Williams Drive; (4) Rivery Bridge and Rivery Boulevard. Rundell
explained that there are also administration funding, legal expenses and supplies included in the proposed
budget.
At this time, City Council recessed to allow
the Georgetown Transportation Enhancement Corporation to conduct
a public hearing and board meeting
4:52 p.m. -- recessed
C Public Hearing and Board Meeting
of the Georgetown Transporation Enhancement Corporation (GTEC)
1. Georgetown Transportation Enhancement Corporation (GTEC) will hold a Public Hearing regarding
the expenditures of 4B sales taxes for the proposed 2002/03 Transportation Improvement Plan
-- Micki Rundell, Director of Finance and Administration
2. Discussion and possible action regarding the adoption of the final Georgetown Transportation
Enhancement Corporation (GTEC) 2002/03 Budget and related Transportation Improvement Plan
-- Micki Rundell, Director of Finance and Administration
3. Consideration and possible action on a recommendation to the City Council for Georgetown
Transportation Enhancement Corporation (GTEC) bond funding -- Micki Rundell, Director of
Finance and Administration
4. Consideration and possible action to approve a resolution expressing official intent to reimburse
costs of certain infrastructure projects not to exceed $3,000,000, with proceeds from bonds that
will be issued at a later time -- Micki Rundell, Director of Finance and Administration
5. Discussion and possible action authorizing First Southwest Company to proceed with the
preparation of the required bond offering documents for the upcoming 2002 bond issue -- Micki
Rundell, Director of Finance and Administration
Upon adjournment of the GTEC Meeting, City Council resumed Open Session
to convene into Executive Session at 5:17 p.m.
Executive Sessi®n
In compliance with the Open Meetings Act, Chapter 551, Government Code, Vernon's Texas Codes, Annotated, the
items listed below will be discussed in closed session and are subject to action in the regular session that follows.
D Sec.551.071 consultation with attorney
-Pending Litigation
-Georgetown Waterpark, Ltd. v. City, et al.; Cause No. 00-209-C277 (277th District Court of Williamson County)
-Walker and Shell Road Golf Center, Inc. v. City; Cause No. 00-083-C277 (277th District Court, Williamson County)
-City v. Doug and Doris Pierce; Cause No. 00-552-C26 (26th District Court, Williamson County)
-Rivery Partners, Ltd. v. City of Georgetown, Cause No. 01-695-C368 ( 368th Judicial District of Williamson County)
-Georgetown Healthcare v. Electa Oncology, Cause No. 01-340-C368 (368th District, Williamson County)
- Potential Litigation
- Code Enforcement Actions
Legal Advice regarding agenda items
E Sec.551.086 deliberation regarding economic development
- Discussion of Economic Development Prospects
F Sec.551.074 personnel matters
- Performance Review of Council -appointed employees
- Interim City Manager
G Sec.551.072 deliberation on real property
- Purchase, exchange, lease, or sale of real property
7:02 p.m. -- Returned to Open Session and Adjourned the Meeting
City Council Meeting Minutes/August 26, 2002
Page 2 of 3 Pages
The meeting was adjourned at 07:02 PM.
City Council Meeting Minutes/August 26, 2002
Page 3 of 3 Pages
Attest:
S F
_ J,r I)., i,City Secreta