05/27/2009-4A-Minutes-RegularMINUTES: SANGER TEXAS INDUSTRIAL DEVELOPMENT
CORPORATION
May27,2009
MEMBERS
PRESENT: Bill Fuller, Vickie Jenkins, Fred Yeatts
MEMBERS
ABSENT: Gary Bilyeu, Carroll McNiell
OTHERS
PRESENT: City Manager Mike Brice, City Secretary/Asst. City Manager Rose Chavez
1. Call Meeting to Order.
President Fuller called meeting to order.
2. Approval of Minutes: April 7, 2009
Motion was made by Vickie Jenkins to approve the minutes as presented. Seconded
by Fred Yeatts. Motion carried unanimously.
3. Authorize City Manager to Sign Loan and Closing Documents for Property Located
at 103 Bolivar Street, Sanger, Texas.
Vickie Jenkins asked if Prosperity Bank had required a Corporate Resolution and if
an appraisal had been done.
The City Secretary indicated she was not sure.
Lengthy discussion followed.
Motion was made by Vickie Jenkins to authorize the City Manager to sign the loan
and closing documents for the property located at 103 Bolivar Street. Seconded by
Fred Yeatts. Motion carried unanimously.
4. Review Financials.
City Secretary reviewed the sales tax revenue and the fmancials.
The Board Members discussed the money market balance and if it would be
sufficient to pay the down payment that was required for the loan. The members
discussed that when the CD#486639 for $89,454.94 matures, that those monies need
to be transferred to the money market account.
5. Adjournment.
President Fuller adjoumed the meeting.