06/26/2000-4A-Minutes-RegularMINUTES: 4A CORPORATION
JUNE 29, 2000
PRESENT: Frank Ballard, Carroll McNeill, Vickie Jenkins, Richard Muir
ABSENT: Mike James
OTHERS
PRESENT: City Manager Jack Smith, City Secretary Rose Chavez, Administrative
Assistant Samantha Renz, Ken Cornell
1. Frank Ballard Call Meeting to Order, and indicated that in the future he would like
to put Citizen's Input on the agenda.
2. a)
b)
CONSENT AGENDA
Approve Minutes: May 22, 2000
Disbursements.
Richard Muir indicated that Alcoa was spelled incorrectly on Item #4.
Frank Ballard indicated the Lt. Governor's name on #4, should be Perry instead of
Berry.
Brief Discussion.
Carroll McNeill moved to approve the Consent Agenda as presented. Richard Muir
seconded. Motion carried unanimously.
3. Consider and Possible Action on Funding of Land for Economic Development Project.
Frank Ballard indicated this is the Wal-Mart project. He asked the City Manager if
he knew when they needed the money.
City manager indicated approximately the 10th of July.
Vickie Jenkins indicated it would take two days, if they were to borrow the money
from GNB.
Discussed borrowing funds.
Vickie Jenkins wanted to discuss some of the terms of te loan, she indicated this would
be a variable rate, on fifteen year amortization, and the loan committee asked that she
stipulate that they will take the 4A funds as collateral. The bank would have first lien
on these funds. This would prevent future members from obligating more of those
funds, than would be available to service the debt.
Discussion regarding the payments on the loan.
Frank Ballard asked what they rate would be.
Vickie Jenkins indicated the rate would be 6.7%, which is 2.8% below Wall Street
Journal Prime.
Discussion regarding the rate, and the amount the board will borrow. Board
indicated they would borrow $850,000.00, and leave a cushion of $34,000.00 in the
account.
Discussed increase in sales tax due to growth.
Carroll McNeill asked if they could borrow the money, put it in their account, and let
it draw interest, so they would have the money when it was needed.
Vickie Jenkins indicated they could make the loan, get the papers signed, and have the
money disbursed, but not funded, and that way she could have it funded in the matter
of time that it takes to make the cashier's check.
Discussion.
Vickie Jenkins indicated she would get with Rose, they need to draw up a Resolution
for the bank.
Richard Muir moved to borrow $850,000.00 at 2.8% below Wall Street prime,
adjusted quarterly, payments to be made on a monthly basis, 15 year amortization,
agree to the pledge of the funds, subordinate to check with the bank upon any other
request about it, for the sum of $850,000.00. Carroll McNeill seconded. Motion
carried unanimously.
4. Any Other Such Matters.
A) City Manager indicated McDonald's was about to break ground, and Sonic has put
their sign up, and the City received the plans today.
Discussion regarding growth, and increase in sales tax.
B) City Manager indicated they needed to work on a formal plan for economic
development, and the incentives they would give, and what they would base it on.
5. Richard Muir moved to adjourn. Vickie Jenkins seconded. Motion Carried
unanimously. Meeting adjourned.
Approved