HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-4/28/2005
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PUBLIC NOTICE
ON THURSDAY, APRIL 28, 2005, AT 6:30 P.M., AT CITY HALL, 100 MAIN STREET,
COUNCIL CHAMBERS, THIRD FLOOR, THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION BOARD OF DIRECTORS WILL HOLD A MEETING
FOR THE FOLLOWING PURPOSE:
1. CALL TO ORDER
CONSENT:
2. CONSIDERATION OF CONSENT RESOLUTION R-05-69 - CONSENT ITEMS:
a. Approval of minutes of the Colleyville Economic Development Corporation
Board of Directors meeting held December 1, 2004
b, Approval of Pledge Agreement with the Federal Reserve Bank for bank
depository account collateral
3. READING AND PUBLIC HEARING - RESOLUTION R-05-70 - Approval of
authorized depository signatures
4, REVIEW AND DISCUSSION OF FUNDING FOR ECONOMIC DEVELOPMENT
PROJECTS
5. AUTHORIZATION FOR THE GENERAL MANAGER TO INITIATE
PROCEEDINGS FOR THE REFUNDING OF THE OUTSTANDING 1997 AND
2000 SALES TAX REVENUE BONDS
6. READING AND PUBLIC HEARING - RESOLUTION R-05-71 - Discussion and
Consideration of a Resolution ratifying Corporate Board action for the meeting of
April 11, 2005
ADJOURNMENT:
7. ADJOURNMENT
I certify that the above notice was posted on the Bulletin Board at City Hall on Friday,
April 22, 2005, at 5:00 .m. ~
~glet~n, TRM '
City Secretary
100 MAIN STREET COLLEYVILLE, TEXAS 76034 (817) 503-1000
RESOLUTION R-05-69
A RESOLUTION APPROVING BOARD ACTION
UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION MEETING OF APRIL 28, 2005
WHEREAS, Board has taken action on certain items on the agenda under Consent
Items,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec, 1.
THAT the agenda decisions approved by the Economic Development
Corporation Board of Directors action under Consent Items as follows are
hereby adopted:
a.
THAT the minutes of the Colleyville Economic Development Corporation
Board of Directors meeting held December 1,2004, are hereby approved,
b.
THAT the Pledge Agreement with the Federal Reserve Bank for bank
depository account collateral, is hereby approved,
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, this April 28, 2005.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary
MINUTES OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION BOARD OF DIRECTORS MEETING
DECEMBER 1, 2004
The meeting of the Colleyville Economic Development Corporation Board of Directors
was called to order by President John Ayers on December 1, 2004, at 7:05 p,m.
ROLL CALL:
Directors Elaine Dolan, John Gray, Rich Hendler and John
Terhoeve were present. President Jon Ayers, General Manager
Bill Lindley, Finance Manager Terry Leake, Economic Development
Manager Scott Welmaker, City Attorney Ross Foster and Secretary
Cynthia Singleton were also present.
Directors Mark Skinner and Lee Skaalrud were absent.
CONSENT:
2. CONSIDERATION OF CONSENT RESOLUTION R-04-66 - CONSENT ITEMS:
a, Approval of minutes of the Colleyville Economic Development Corporation
Board of Directors meeting held August 24, 2004
President Ayers opened the public hearing and read Resolution R-04-66 in its entirety,
There was no one present wishing to speak concerning this item and President Ayers
closed the public hearing,
Director Dolan moved to approve Resolution R-04-66.
Director Gray seconded the motion,
Ayes: Directors Dolan, Terhoeve, Gray, Hendler and Ayers
Nays: None
President Ayers declared the motion carried,
CEDC MINUTES
DECEMBER 1,2004
3. READING AND PUBLIC HEARING - RESOLUTION R-04-67 - A Resolution
approving authorized depository account signatures
President Ayers opened the public hearing and read Resolution R-04-67 in its entirety,
There was no one present wishing to speak concerning this item and President Ayers
closed the public hearing,
Director Hendler moved to approve Resolution R-04-67,
Director Dolan seconded the motion,
Ayes: Directors Dolan, Terhoeve, Gray, Hendler and Ayers
Nays: None
President Ayers declared the motion carried,
4. DISCUSSION OF PERMISSABLE USES OF THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION FUNDS
City Manager Bill Lindley stated that City Attorney Ross Foster issued a legal opinion
regarding permissible uses of the Colleyville Economic Development Corporation
(CEDC) funds and provided information related to the process for reallocation of CEDC
funds.
There was general discussion regarding the permissible uses of CEDC funds,
Economic Development Manager Scott Welmaker provided information regarding
potential uses of CEDC funds and was present to answer questions of the Council.
Discussion continued related to sales tax revenue and the process for identifying
projects eligible for CEDC funding,
The Board requested that a meeting be scheduled in the first quarter of 2005,
The Board requested that the Economic Development Manager provide a list of
proposed projects and an estimate of project costs,
5. READING AND PUBLIC HEARING - RESOLUTION R-04-68 - Discussion and
consideration of a Resolution ratifying Corporate Board action for the meeting of
December 1 , 2004
This Resolution was not needed.
2
CEDC MINUTES
DECEMBER 1, 2004
ADJOURNMENT:
6. ADJOURNMENT
There being no further business before the Board, Director Dolan moved to adjourn,
Director Hendler seconded the motion,
Ayes: Directors Dolan, Terhoeve, Gray, Hendler and Ayers
Nays: None
President Ayers declared the meeting adjourned at 7:42 p.m.
APPROVED THIS
AYES
DAY OF
NAYS AND
2005, BY A VOTE OF
ABSTENTIONS.
Minutes taken and prepared by:
Cynthia Singleton, TRMC
Secretary
3
COllY O{
CEDC (Ci<@;!!~!ili1l AGENDA BRIEFING
il.~x:\$
MEETING DATE: I 04/28/05 GENERAL MANAGER
ITEM #: I 2b DEPARTMENT HEAD
RESOLUTION #: ! R-05-69 FINANCE REVIEW I
Previous Action: N/A
DEPARTMENT: FINANCE
SUBJECT : Approval of Pledge Agreement with the Federal
Reserve Bank for bank depository account
collateral-by consent
Reading and Public Hearing
As a part of depository services for a public entity, a bank must provide collateral for all public
deposits above the FDIC limit of $100,000, Currently, the Corporation has an agreement with
the Federal Reserve Bank of Boston which holds the Corporation's pledged collateral.
Periodically, the Federal Reserve Bank requires the Corporation to update the agreement.
Attached is the updated Pledge Agreement with the Federal Reserve Bank for the collateral
that safeguards the Corporation's deposits,
Financial Impact
None
Recommendation
Approval
Attachments
. Pledge Agreement with the Federal Reserve Bank
Pledgee Agreement Form
Wells Fargo Bank, N.A.
FED DIST SF/ABA-121-000-248
To: Federal Reserve Bank of Boston
600 Atlantic Avenue
PO Box 2076
Boston, MA 02106-2076
Attn: Joint Custody
Date:
2005
We, the Colleyville Economic Dev Corp agree to the terms of Appendix C of your Operating Circular 7, dated
July 12, 2002, as it may be amended from time to time with respect to the account on your books designated _K2HX _' (4
digit alpha-numeric account number).
We further agree that you may accept par for par substitutions: securities from the Pledgor as a replacement of, or in
substitution for, those securities presently held (please check one):
II NO. Instructions required for
~ each withdrawal
D YEs: Standing approval
provided that the replacement or substitution does not reduce the aggregate par amount of securities held in custody for us.
(See Operating Circular 7, Appendix C, Section 4.3.)
We authorize you to use the following call-back procedure for securities transactions pertaining to this account (please
circle one):
I ../ I Three-party call-back
D Four-party call-back
Pledgee Agreement
(page 2 of 3)
We certify that the individuals listed below may take authoritative action on our behalf with respect to the account,
including a direction to release collateral from the account. You may rely on the authority of these individuals with respect to
the account until we otherwise notify you.
1.
*Telephone:
(R17) "O~-lO'"
*PrintName: TERRY LEAKE
Title: FINANCE
MANAGER
Fax:
(817)503-1019
E-mail:
* Signature
Date:
2.
*Telephone:
(817) 503-1014
*Print Name:
DEBBY SCOTT
Title: ASS I S TAN T
TO THE FINANCE
DIRECTOR
Fax:
(817) 503-1019
E-mail:
* Signature
Date:
3.
*Telephone:
(817) 503-1116
*Print Name:
WILLIAM LINDLEY
GENERAL
Title:
MANAGER
Fax:
(817) 503-1129
E-mail:
Signature
Date:
4.
*Telephone:
Title: ASS I S TAN T
CITY MANAGER
(817) 503-1116
*Print Name:
PAUL FREDERIKSEN
(817.) 503-1129
Fax:
E-mail:
* Signature
Date:
5,
*Telephone:
*Print Name:
Title:
Fax:
E-mail:
*Signature
Date:
*Items required for each signatory to be considered authorized
Pledgee Agreement
(page 3 of 3)
The Undersigned hereby certifies that he/she is the present lawful incumbent of the designated public office,
Pledgee
Colleyville Economic Dev Corp
*Name of governmental unit
100 MAIN STREET
*Street Address or P.O Box Number
COLLEYVILLE, TX 76034
*City, State, Zip Code
*Official Signature I Date
*Printed Name and Title
Notary
State of
County of
On this day of , 2005 before me personally appeared
,to me personally known or satisfactorily proven, who by me duly sworn,
did depose and say that he/she resides at , in the City of
, in the State of ,that he/she is the
of and that he/she executed
this document on behalf of before me.
(Signature of Notary)
(Print name of Notary)
My commission expires on
[Date]
*Reqired (Notary validates this information)
CEDC CC@n<!l AGENDA BRIEFING
il..~xn$
MEETING DATE: 04/28/05 GENERAL MANAGER
ITEM # : 3 DEPARTMENT HEA
RESOLUTION #: I R-05-70 FINANCE MANAGER l
Previous Action: None
DEPARTMENT: FINANCE
SUBJECT: Approving Authorized Depository Signatures
Reading and Public Hearing
The CEDC checking account's authorized signers need to be updated, adding Paul
Frederiksen, who was recently hired as the Assistant City Manager, Attached is Resolution R-
05-70, which adds Paul Frederiksen to the list of authorized signers that already includes
William H, Lindley, General Manager, Cynthia Singleton, Secretary, and Terry Leake, Finance
Manager, As a point of reference, the CEDC checking account requires two signatures on all
checks,
Recommendation
Approval
Attachments
. Resolution R-05-70
RESOLUTION R-05-70
A RESOLUTION APPROVING AUTHORIZED DEPOSITORY SIGNATURES
WHEREAS, the authorized signers on the Colleyville Economic Development
Corporation's (CEDC) checking account are William H, Lindley, General
Manager, Terry Leake, Finance Manager, and Cynthia Singleton, Secretary,
it is necessary to update the authorized signers on the account to add Paul
Frederiksen, Assistant City Manager for the City of Colleyville.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec, 1,
THAT the following people are authorized to be a signer on the Colleyville
Economic Development Corporation's checking account at Wells Fargo Bank
N,A. and any successor checking accounts:
William H, Lindley
Cynthia Singleton
Terry Leake
Paul Frederiksen
Sec, 2,
THAT this Resolution shall become effective on the date of passage.
AND ITIS SO RESOLVED.
PASSED AND ADOPTED, this April 28, 2005,
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary
CEDC CC~~(1) AGENDA BRIEFING
Ie-X":;
MEETING DATE: I 04/28/05 GENERAL MANAGER i
ITEM #: i 4 DEPARTMENT HEAD i
FINANCE REVIEW i
Previous Action: N/A
DEPARTMENT: GENERAL MANAGER
SUBJECT : Review and discussion of funding for economic
development projects
At the December 1, 2004 meeting, the Board of Directors directed the General Manager to
identify potential uses of 4B funds from the greater than anticipated sales tax revenue,
Attached is a memo from Scott Wellmaker, Economic Development Manager, identifying
projects for consideration by the Board.
Attachments
. Memorandum - Possible uses of 4B funds
MEMORANDUM
Economic Development
TO:
FROM:
DATE:
SUBJECT:
Colleyville Economic Development Corporation Board
Scott Welmaker, Economic Development Manager
April 22, 2005
Possible uses of 4B funds
Due to better-than-expected growth in retail sales, the Finance Director
conservatively estimates that the 4B sales tax will generate approximately
$80,000 over the amount budgeted for FY 2005, Staff has researched some
possibilities for uses of the surplus that would benefit Colleyville residents and
stay within the spirit of the referendum approved by Colleyville citizens in August
1996,
In fall of 2004, Staff forwarded a "wish list" of projects to then-city attorney Ross
Foster requesting an opinion on which would be legal under 4B laws, The
following projects were deemed acceptable for funding with 4B revenue that
would meet economic development needs for Colleyville at this time:
. Provide funding for marketing, website development, advertising or
promotional materials for print, media or internet based, provided that the
materials advertise the City for the purpose of developing new or
expanded business enterprise, up to 10% per annum of collections may
be used (up to 10% of annual collections);
. Fund or cosponsor various city festivals as long as they are related to
entertainment, tourist or convention related projects (range: $10,000 to
$50,000 per event);
. Produce a summer concert series (range: $15,000 plus);
. Fund or cosponsor Smithsonian traveling exhibitions hosted at City
facilities, i.e. second floor of the library (range: $2,000 plus);
. Open a non-profit art gallery hosted at City facilities, i.e. second floor of
the library (range: $10,000 to $25,000 per year);
· Build and maintain entryway monuments at key intersections, provided the
Board finds the expenditure is required or suitable for infrastructure
necessary to promote new or expanded business (range: $50,000 per
entryway) ;
· Fund related street-sidewalk infrastructure as part of site development
requirements for a retail-office prospects, provided the Board determines
that the expenditures are required or suitable for infrastructure necessary
to promote or develop new or expanded business enterprises (range:
dependent on specific projects);
· Use funding for street construction and or landscaping for streets,
provided the Board determines that the expenditures are required or
suitable for infrastructure necessary to promote or develop new or
expanded business enterprises (range: dependent on specific project but
a range of $20,000 to $200,000+);
· Fund utility (water, sewer, gas, electric, telephone, etc.) extension for a
retail-office prospects, provided the Board determines that the
expenditures are required or suitable for infrastructure necessary to
promote or develop new or expanded business enterprises (range:
dependent on specific project but a range of $20,000 to $200,000+);
Economic Development staff will be available at the next meeting of the CEDC to
answer any questions about this list.
CEDC CCeu",
Il..~=",,$
AGENDA BRIEFING
MEETING DATE: 04/28/05 GENERAL MANAGER i ~
ITEM#: ! 5 DEPARTMENT HEAD,I ~ \
!
FINANCE REVIEW I'-
Previous Action: N/A
DEPARTMENT: FINANCE
SUBJECT : Authorization for the General Manager to initiate
proceedings for the refunding of the outstanding
1997 and 2000 Sales Tax Revenue Bonds
Based upon the attached analysis performed by the Corporation's Financial Advisor, First
Southwest, the outstanding 1997 and 2000 Sales Tax Revenue bond issues could currently be
refunded for a net present value savings of $882,811,36 and would cut the final three years of
debt off the issue (FY 2025-2027), In order to eliminate many of the bond issuance costs and
achieve the net present value savings, a private placement scenario is proposed, Two other
potential scenarios would be refunding the two issues and taking out the savings as cash
($941,945), These bonds would continue to be repaid through FY 2027, but there is a net
present value loss of $98,233,63, The final scenario is the refunding coupled with a new
money issue, which would provide $2,311,945 in additional bond proceeds and the bonds
would be paid off in FY 2030.
Attachments
. First Southwest bond refunding scenarios
$7,?1~,(!~O_ ____ _____________________________ .- --------
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Sceanrio 1 - Refunding Only
Table of Contents
Report
Sources & Uses
1
~~....___~____.._._._.u._,._______.___
Debt~ervice_c:omparison
2
______..,_.________._.m'._.___
PP ref final Scenario 1 I SINGLE PURPOSE I 4/15/2005 I 3:07 PM
~'7,~?~~{!99___. _______________ ---------~----- -- ------
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Sceanrio 1 - Refunding Only
Sources & Uses
Dated OS/24/2005 I Delivered OS/24/2005
Sources Of Funds
Par Amount of Bonds ._____~______~________ $7,57~,OgO.OO
Transfers from Prior Issue Debt Service Fund~__~______~__~__._~ ___~__ lI7,65~~~
Total Sources
___ $7,692,650,63
Uses Of Funds
Del'Q.sit~J'letC~~_J;scr~w~und_ _____nn~__________ ___ . ~..---- .
Costs oflssuance
-----_.,...__._--_._._~- --~--_.__._------_.--------~_.----_._--_._.._'-.---_.__.,-----.-.------..- ..,------.--------
l3-()undin~.AnlOunt____________~________n
_7...s?Q,054J~
___!~(),goo:o_o
__________. 2~595.c7~
Total Uses
n__~__~____~______ $7,6~,(;50.63_
$7,SZS,OOO ________
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Sceanrio 1 - Refunding Only
Debt Service Comparison
Date Total P+I
09/30/2005 68,175.00
09/30/2006 366,700.00
09/30/2007 569,900.00
09/30/2008 568,700,00
09/30/2009 567,100.00
09/30/2010 599,400.00
09/30/2011 600,500.00
09/30/2012 601,000,00
09/30/2013 600,900.00
09/32/~_u__ 600,200.00
09/30/2015 598,900,00
09/30/2016 601,900,00
09/30/2017 599,200.00
09/30/2018 595,900.00
_ 09/30/201~___~01,800.0Q_
09/30/2020 601,800,00
09/30/2021 596,100.00
09/30/2022 599,600,00
09/30/2023 597,200.00
09/30/202!___ ____~02,90QcQO___
09/30/2025
09/30/2026
09/30/2027
Total
$10,937,875.00
PV Analysis Summary (Net to Net)
Old Net DIS
76,487,50
602,620.01
601,057.51
603,838.76
600,851,26
602,051.26
602,336.26
601,650,01
604,905,63
~Q~,l~
603,531.25
603,751.88
602,868,13
600,921.25
602,515.09
602,487.50
601,058,75
603,077.50
602,030,00
___6{)~,~~~__
605,000.00
605,000,00
605,000.00
$13,337,933.21
Savings
4,951.26
1,626.26
2,326,26
2,813.76
2,651.26
1,836.26
650.01
4,005,63
_______~,9C)},52_
4,631.25
1,851.88
3,668.13
5,021.25
715.00
687.50
4,958.75
3,477.50
4,830,00
_ _!29, 7~~~
605,000.00
605,000.00
605,000,00
$2,067,495,71
___J&00,4~1.99
Gross P_YDebt_Service Savings
!\l~tPV Cll~f1ow Sa~ings @_ 4,219%(AIC) _
Transfers from Prior Issue Debt Service Fund
--- --_.^.__._-~-
Net Present Value Benefit
Existing
DIS
8,312.50
230,968.75
29,531.25
32,812,50
30,937.50
Net New DIS
76,487.50
597,668.75
599,431.25
601,512.50
598,037.50
599,400.00
600,500,00
601,000,00
600,900.00
600,200.00
598,900,00
601,900.00
599,200.00
595,900.00
_ 601,800.00
601,800,00
596,100,00
599,600,00
597,200.00
___~200.00
$332,562.50
$11,270,437.50
Netl-'V Benefi~ $7 ,204,183 Refunded Principal
Refunding Bond Information
1,000,i~19<}
____ ... .____D12,~5().:~l
. _________$882,811.3~
12,254%
5/24/2005
-----.-.,.---- -'---
5/24/2005
.8.e.fundin~J)at~!l)..llte.__
Ref.tlo(jiog Oe.1I.v~ry Ollte __ __
$8,525,Q90 .-------- ..
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Scenario 2 - Refunding and Cash Out Debt Service Savings
Table of Contents
Report
Sources & Uses
Debt S.ervice..fomparison
2
Scenario 2 same term Ref I Issue Summary I 4/15/2005 I 3:08 PM
~~.,_5l~QQ9____~_~__~_______~____~~_
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Scenario 2 - Refunding and Cash Out Debt Service Savings
Sources & Uses
Dated OS/24/2005 I Delivered OS/24/2005
Sources Of Funds
Par Amount of Bonds
----~._.-_.~-_._.~~-"'----~._.. _._-~._.._~-----"._-
Transfers from Prior Issue Debt Service Funds
_~m~J~,5~5,0~00il
m ______ . .107,000.00_
Total Sources
$8,632,000.00
Uses Of Funds
Deposit to Net Cash Escrow Fund
Deposit To New Money Project Fund
Costs ofIssuance
7,550,054.88
_ 94 I ,94?,!2_
___~~J40,OOO.OQ
Total Uses
~____$_8!632,OO(l.0~_
Scenario 2 same term Ref I Issue Summary I 4/15/2005 I 3:08 PM
First Southwest Company
Public Finance Department Page 1
_~8,~~~!O~_O___________________~______ _______...._________
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Scenario 2 - Refunding and Cash Out Debt Service Savings
Debt Service Comparison
Date Total P+I
09/30/2005 78,643.13
09/30/2006 378,910.00
09/30/2007 578,477.50
09/30/2008 578,637.50
09/30/2009 578,387,50
09/30/2010 607,112.50
09/30/2011 609,710.00
09/30/2012 606,795.00
09/30/2013 613,265,00
g9~~201~ _ _609,12Q.~__~__~___
09/30/2015 609,462.50
09/30/2016 609,190,00
09/30/2017 608,302.50
09/30/2018 606,800.00
__ 09/30/~!2.....-__ 609,580.00
09/30/2020 611,540,00
09/30/2021 607,782,50
09/30/2022 608,307.50
09/30/2023 608,012.50
__02/~~202'!____611,795.~_---
09/30/2025 614,552,50
09/30/2026 611,387,50
09/30/2027 612,300.00
Total
$13,168,070,63
PV Analysis Summary (Net to Net)
Existing
DIS
Net New DIS
86,955.63
609,878.75
608,008.75
611,450.00
609,325.00
607,112,50
609,710.00
606,795.00
613,265.00
__~_ ji09,120.Q9___
609,462,50
609,190.00
608,302.50
606,800.00
609,580,00
611,540.00
607,782.50
608,307.50
608,012.50
611,795.0Q___ _.
614,552.50
611,387,50
612,300.00
$13,500,633.13
Old Net DIS
87,138.13
602,620.01
601,057,51
603,838.76
600,851,26
602,051.26
602,336.26
601,650.01
604,905,63
_ 602,1~.50
603,531,25
603,751.88
602,868,13
600,921,25
602,515.00
602,487.50
601,058.75
603,077.50
602,030,00
602,696,2.5___
605,000,00
605,000.00
605,000.00
$13,348,583,84
Savings
182,50
(7,258,74)
(6,951.24)
(7,611.24)
___~lh473. 74)
(5,061.24)
(7,373.74)
(5,144.99)
(8,359.3 7)
_(6, 92~. 5_{}2
(5,931.25)
(5,438.12)
(5,434.37)
(5,878,75)
_~Q,065.00)
(9,052,50)
(6,723.75)
(5,230.00)
(5,982,50)
(9,09~,751
(9,552,50)
(6,387,50)
(7,300,00)
(152,049.29)
Q!()ss~Qebt Service Sa~~_~_
8,312.50
230,968.75
29,531.25
32,812.50
30,937.50
$332,562,50
__.___~,766.37
]\J~tRYC_ashfl()"\,Savi~s...@.4pl %(A!<:l_____~________________ _______~_8,766.37
Transfers from Prior Issue Debt Service Fund
_ ___ ____ ____________..______ ___ ___._____u_~_._____.__~__._.._._,________'_____.....__~__ .,_,.____..._..____n_____
Net Present Value Loss
-- ---_._.._.~.-----,._.__..._. ,.-._---_._---_..__..._~-_._---------~...,-----_._._---.---.-..------.'------------.. -"'-.---------- .
__J.!()7.. OOQ. 00 L
$(98)1~.6})
Refunding Bond Information
NetX\ll:o~~_L_ $7,20<l,183 Ref.tlnded !'rincip~L__________________ __________________i!-364%)_
Refunding Dated Date
B-cefunding Delivery Date
5/24/2005
--~_.~-~-
5/24/2005
$9,9J_O,OOO _______. . ____________
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Scenario 3 - Refunding and Max. Current Funding Capacity
Table of Contents
Report
Sources & Uses
I
---_....- .------~-_._-
Debt~el"ViceC()mparisSJ.n _.
2
Scenario 3 refunding and I Issue Summary I 4/15/2005 I 3:08 PM
First Southwest Company
Public Finance Department
$9,2J_9,OOO __~~___~
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Scenario 3 - Refunding and Max, Current Funding Capacity
Sources & Uses
Dated OS/24/2005 I Delivered OS/24/2005
Sources Of Funds
Par Amount of Bonds
Transfers from Prior Issue Debt Service Funds
__~9,9I O,O()O.OO
92,000.00
Total Sources
$10,002,000.00
Uses Of Funds
.Deposittg Net Cash Escrow Fund
Deposit to New Money Project Fun~_.
Costs of Issuance
.Z,550,054.88
_._______},~lI,<)'!~
__ _ __ l40,OOQ,OO
__ _ $10,0()2l'!lO..O..o
Total Uses
$9,9!O,Q~9 _______u_____
Colleyville Economic Development Corporation
Junior Lien Sales Tax Revenue Refunding Bonds, Series 2005
Scenario 3 - Refunding and Max. Current Funding Capacity
Debt Service Comparison
l
Existing
DIS
Date
09/30/2005
09/30/2006
09/30/2007
09/30/2008
09/30/2009
09/30/2010
09/30/2011
09/30/2012
09/30/2013
09/30/2014
---------"""-_..._-~-----_."
09/30/2015
09/3012016
09/30/2017
09/30/2018
09/30/2019
09/30/2020
09/3012021
09/3012022
09/3012023
09/3012024
---------..- -- .-_.
09/30/2025
09/3012026
09/30/2027
09/3012028
09/3012029
---_._-_._~---
09/3012030
Total P+I
93,649.50
430,905.00
630,970.00
626,625.00
626,965.00
661,150.00
659,180.00
661,685.00
658,665.00
660,120.00
660,945.00
661,140.00
660,705.00
659,640.00
662,840.00
660,305.00
662,035.00
658,030.00
658,290.00
.. _~62,605:QQ_________
660,975.00
658,505.00
660,090.00
660,625.00
660,110.00
658,545.00
$16,275,299.50
Total
8,312.50
230,968.75
29,531.25
32,812.50
___ 30,9~L~Q____
$332,562.50
Net New DIS
101,962.00
661,873.75
660,501.25
659,437.50
657,902.50
661,150.00
659,180.00
661,685.00
658,665.00
660,120.00
660,945.00
661,140.00
660,705.00
659,640.00
662,840.00
660,305.00
662,035.00
658,030.00
658,290.00
662,~Q:;:00
660,975.00
658,505.00
660,090.00
660,625.00
660,110.00
658,545.00
$16,607,862.00
Old Net DIS
102,138.13
602,620.01
601,057.51
603,838.76
600,851.26
602,051.26
602,336.26
601,650.01
604,905.63
602,197.50
603,531.25
603,751.88
602,868.13
600,921.25
602,515.00
602,487.50
601,058.75
603,077.50
602,030.00
602,696.25
605,000.00
605,000.00
605,000.00
Savings
176.13
(59,253.74)
(59,443.74)
(55,598.74)
(57,051.24)
(59,098.74)
(56,843.74)
(60,034.99)
(53,759.37)
(57,922.50)
(57,413.75)
(57,388.12)
(57,836.87)
(58,718.75)
(60,325.0QI.
(57,817.50)
(60,976.25)
(54,952.50)
(56,260.00)
__ .(59,.9Q8722
(55,975.00)
(53,505.00)
(55,090.00)
(660,625.00)
(660,110.QQ)
(658,545.00)
(3,244,278.16)
$13,363,583.84
PV Analysis Summary (Net to Net)
_ __...J1~_6,,!~8. 18t
Gross pV_[)~~t_~ervice Savinlls____
Net PV Cashflow Savings @ 4.334%(AIC)
Transfers from Prior Issue Debt Service Fund
--..- _.
Net Present Value Loss
_.Q,~1~,438.~
Net PV Loss / $7,204,183 Refunded Principal
Refunding Bond Information
R~fi.mdi."-g-'?ated Date_____ ____ .
Re!unqing Deitvery Date _ _ ___ _____ _
Scenario 3 refunding and I Issue Summary I 4/15/2005 I 3:08 PM
(92,QOO.00)
$(1,518,43J.182
(21.077%)
5/2412005
_._._._----_._-~..
5/24/2005
First Southwest Company
Public Finance Department Page 2
RESOLUTION R-05-71
A RESOLUTION RATIFYING CORPORATE BOARD ACTION UNDER BUSINESS
FOR THE MEETING OF THE BOARD OF DIRECTORS OF THE COLLLEYVILLE
ECONOMIC DEVELOPMENT CORPORATION APRIL 28, 2005
WHEREAS, the Board of Directors has taken action on certain items on the agenda
under Business.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec 1.
THAT the agenda decisions approved by the Board of Directors of the
Colleyville Economic Development Corporation under Business this date and
not otherwise adopted by separate Resolution, as follows are hereby
adopted.
THAT
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this April 28, 2005.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary