06/22/2009-4B-Agenda Packet-Regular•
AGENDA
4B SANGER, TEXAS DEVELOPMENT CORPORATION
MONDAY, JUNE 22, 2009
6:00 P.M.
502 ELM STREET
1. Call Meeting to Order.
2. Approve Minutes: May 11, 2009
3. Authorize the Execution of a Sales Tax Remittance Agreement with the City of
Sanger and other Matters Related Thereto.
4. Project Updates:
a) Streetscape
b) Downtown Park
c) Sports Park
5. Review Financials
6. Adjournment.
This facility is wheelchair accessible and accessible parking spaces are available. Requests for
accommodations or interpretive services must be made 48 hours prior to this meeting. Please
contact the City Secretary's office at (940) 458-7930 for further information .
•
MINUTES: SANGER TEXAS DEVELOPMENT CORPORATION
May 11, 2009
MEMBERS
PRESENT: John Payne, Barbara Martin, Beverly Howard, Scott Stephens, Jeff Springer,
Will Dutton
MEMBERS
ABSENT: Beverly Branch
OTHERS
PRESENT: City Manager Mike Brice, City Secretary/Asst. City Manager Rose Chavez
1. Call Meeting to Order.
President Payne called meeting to order.
2. Approve Minutes: March 23, 2009
Motion was made by Beverly Howard to approve the minutes as presented.
Seconded by Will Dutton. Motion carried unanimously.
3. Consider and Po~.sible Action on Additional Funding for the Streetscape Project.
The City Manager proceeded with an update on the Streetscape Project. He
indicated they have been meeting with the contractor to get the final cost for closing
the project. They spent $66,000 more on the road, side streets, and on the resurface
of the road. The original plans did not have the sidewalks extended to the alleys;
they only went part of the way. The sidewalks were extended to the alleys on every
block. The additional amount spent on the sidewalks was about $23,000. They also
moved the Embarq phone line that.was going across 3rd Street and the one going
down Bolivar. There was an additional $10,000 spe1it on ramps. The total amount
that was spent was a little over $120,000.00 more than what was planned.
The City Manager asked the 4B Board Members for additional funding up to
$64,000. He advised that the City had· $60,000 from street improvements that he
will put toward the project.
President Payne asked if this included everything.
The City Manager indicated that it did. He advised everything had been done and
most of the work has been paid.
President Payne asked for the original amount that the Board agreed to fund on this
project •
The City Manager indicated there were two amounts they agreed to fund. One was
·•
for the project itself, which was up to $348,000. The other was for $57,000 that
included the planters, light poles, and all the additional items that were not in the
original bid.
Discussion continued concerning the additional funding to finish the project. The
City :Manager indicated total expenditure for the project is $525,000.
Barbara Martin indicated that since part of the overage includes Hollingsworth, she
will be abstaining from voting.
Jeff Springer made the motion to approve up to $64,000 additional funding for the
Streetscape project. Seconded by Beverly Howard. Motion carried unanimously.
Barbara Martin abstained.
4. Project Updates:
a) Streetscape
b) Downtown Park
The City Manager advised that the downtown park has been delayed due to the
rain. Everything is on hand and we are just waiting for some dry days to start the
work.
c) Sports Park
The City Manager advised that the closing of the property was Thursday. We are
continuing to prepare a cost on that project to move forward with the bond issue.
The City Council will hold the first public hearing May 18, 2009. He discussed the
publications, the final hearing, and the appr~val of the sale of bonds. The tentative
date is set for either the last meeting in June or the first meeting in July.
The City Manager discussed having a joint meeting with the Parks Board and the
City Council to present the overall plan.
Scott Stephens asked if we will request bids for architect services.
The City Manager indicated that we do not have to bid professional services. He
will send out requests for quotes for architect services. This will give us the
opportunity to select an architect who specializes in sports parks. The management
of the park, once it is designed, can be done in-house. The design and the details are
important to get those done correctly from the beginning.
5. Review Financials
Discussion continued concerning the financials. The balances on the money market
and the certificate of deposits were reviewed. The sales tax revenues were briefly
discussed.
•
6. Adjournment.
Motion was made by Will Dutton to adjourn. Seconded by Barbara Martin.
Motion carried unanimously .
•
SALES TAX REMITTANCE AGREEMENT
SALES TAX REMITTANCE AGREEMENT, dated as of June 22, 2009 (the
"Agreement"), executed by and between the City of Sanger, Texas (the "City") and the Sanger
Economic Development Corporation (the "Corporation").
W I TN E S S E T H:
WHEREAS, the Corporation was created by the City pursuant to authority granted by
Article 5190.6, Texas Revised Civil Statutes, as amended (the "Act"), specifically with the
Corporation to possess the powers granted by Section 4B of the Act, including promotion or
development of new or expanded business enterprises within the boundaries of the City; and
WHEREAS, on May 2, 1998 the citizens of the City voting at an election on said date
approved the levy of a one-half of one percent sales and use tax upon the receipts at retail of
taxable items (the "Sales Tax") pursuant to Section 4B of the Act; and
WHEREAS, under the Act and the provisions of the Texas Tax Code, disbursements of
sales and use taxes are made to cities, such as the City, by the Comptroller of Public Accounts of
Texas (the "Comptroller"); and
WHEREAS, the City is in the process of issuing its Certificates Of Obligation, Series
2009 in the principal amount of $3,200,000 (the "Bonds") for the public purpose of purchasing
land and improvements and paying for professional services related thereto (together, the
"Project"); and
WHEREAS, the City and the Corporation have each duly found that the Project will
serve to promote and develop new and expanded business enterprises within the boundaries of
the City; and
WHEREAS, the City and the Corporation have determined that Sales Tax moneys in an
amount ranging from $170,000 to $190,000 (ref Section 1.1) per year shall be transferred to the
City's debt service fund (the "Interest & Sinking Fund") established by the City for payment of
the principal and interest on the Certificates.
WHEREAS, the parties do hereby deem it necessary and advisable to enter into this
Agreement to evidence the duties and responsibilities of the respective parties with respect to the
transfer of Sales Tax moneys by the Corporation to the City's Interest & Sinking Fund for the
Notes.
NOW, THEREFORE, in consideration of the covenants and agreements herein made, and
subject to the conditions herein set forth, the City and the Corporation contract and agree as
follows:
HOU:2562002.1
•
ARTICLE I.
SALES TAX MONEYS
Section 1.1. The City shall fund the Certificates of Obligation on July 30 2009. It is
hereby agreed by the Corporation and the City that the Corporation shall contribute an amount
not to exceed $190,000 nor be less than $170;000 annually from its Sales Tax revenues towards
the City's debt service fund (the "Interest & Sinking Fund"). Such amount will be determined
by the actual proportion of the Certificates of Obligation used on the land and improvements.
Such transfers by the Corporation to the City shall occur in such time as to allow the City to
make timely payment of principal of and interest on the Certificates in accordance with the Debt
Service Schedule.
Section 1.2. After the final transfer of funds to the Interest & Sinking Fund for the
Certificates, all claims and requirements of this Agreement for the transfer of such moneys to the
Interest & Sinking Fund for the Certificates shall cease and terminate.
Section 1.3. The Project being financed with the proceeds of the Certificates is for the
benefit of the citizens of the City and in accordance with the purposes of the Act.
ARTICLE II.
MISCELLANEOUS
Section 2.1. If any clause, provision, or section of this Agreement should be held
illegal or invalid by any court of competent jurisdiction, the invalidity of such clause, provision,
or section shall not affect any of the remaining clauses, provisions, or sections hereof and this
Agreement shall be construed and enforced as if such illegal or invalid clause, provision, or
section had not been contained herein. In case any agreement or obligation contained in this
Agreement should be held to be in violation of law, then such agreement or obligation shall be
deemed to be the agreement or obligation of the City and the Corporation, as the case may be, to
the full extent permitted by law.
Section 2.2. The City and the Corporation hereby find and determine that the facts and
recitations contained in the preamble of this Agreement are true and correct, and such facts and
recitations are hereby.incorporated into the substantive provisions of this Agreement.
HOU:2562002.1
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as
of the date first set out above.
ATTEST:
City Secretary
[SEAL]
ATTEST:
Secretary, Board of Directors
HOU:2562002.I
CITY OF SANGER, TEXAS
Mayor
CITY OF SANGER
DEVELOPMENT CORPORATION
President, Board of Directors
• I
6-17-2009 07:46 AM
42 -4B CORPORATION
ACCT# ACCOUNT NAME
ASSETS
42-00-1010 CASH MONEY MARKET#2379694
42-00-1011 SANGER TX DEV. CORP.CD 497371
42-00-1012 4B CD 461024 (6669)
42-00-1013 4B SANGER TEXAS DEV.CD#653500
42-00-1014 4B DEVELOPMENT CD#659924
42-00-1053 RECEIVABLE-OTHER
42-00-1060 DUE FROM GEN. FUND
42-00-1062 AMT TO BE PROVIDED FOR L-T-D
TOTAL ASSETS
LIABILITIES
42-00-2201 N/P GNB
TOTAL LIABILITIES
FUND BALANCE
42-0----20 FUND BALANCE
AL BEGINNING FUND BALANCE
TOTAL EQUITY/FUND BALANCE
REVENUES
42-00-4425 STATE SALES TAX
42-00-4800 INTEREST INCOME
42-00-4940 DONATIONS
42-00-4 950 TRANSFER PRIOR YEAR INCOME
42-00-4985 TRANFERS OUT FROM 4B/ TO GF
42-00-4990 TRANSFERS FROM RESERVES
TOTAL REVENUES
EXPENDITURES
42-76-5200 CHECK CHARGES
42-76-5210 OFFICE SUPPLIES
42-76-5215 TRAVEL & REGISTRATIONS
42-76-5220 DUES
42-76-5225 PUBLICATIONS/SUBSCRIPTIONS
42-76-5235 DUES & REGISTRATION
42-7 TRAVEL
42-7 INSURANCE
42-76-5420 CONTRACTUAL SERVICES
CI TY OF SANGER
BASE TRIAL BALANCE
AS OF: MAY 31ST, 2009
*** MONTH TO DATE***
DEBITS CREDITS
86,726.09
o.oo
83,316.12
41.10
20,000.00
o. 00
0 .oo
0.00
20,041.10 170,042.21
----~o-.o~o _____ _
o. 00 0.00
0.00 ------
____ ___;:.0.:..-o=o -----'o'""'."""o"o
o.oo 0. 00
-=--=-=-=--==-==---~
24,744.75
740.15
o.oo
o.oo
0 .oo
____ ....oo~."""o"o _____ _
0.00 25,484.90
0.00
0.00
0.00
0.00
0.00
o.oo
0.00
0.00
0.00
PAGE:
*** YEAR TO DATE ***
DEBITS CREDITS
117,170.73
0.00
366,442.89
20,041.10
20,000.00
18,131.63
60,058.00
0.00
541,786.35 60,058.00
----""-====--=--
0.00 ------
0.00 0.00
693,619.78
----~o~. o~o _____ o-'.---'o~o
o. 00 693,619.78
176,681.71
12,773.30
0.00
0.00
0.00
-------'o-'."""o"o _____ _
0.00 189,455.01
0.00
98.70
0.00
0. 00
0. 00
0.00
0.00
o.oo
0.00
6-17-2009 07:46 AM CITY OF SANGER PAGE: 2
BASE TRIAL BALANCE
AS OF: MAY 31ST, 2009
42 -4B CORPORATION
+·H MONTH TO DATE *** ++-1-YEAR TO DATE
ACCT# ACCOUNT NAME DEBITS CREDITS DEBITS CREDITS
EXPENDITURES (CONT)
42-76-5450 ENGINEERING FEES 0.00 0.00
42-76-6311 PARK -IMP CIP 173,511.17 173,511.17
42-76-6500 PROJECTS 1,974.84 227,736.57
TOTAL EXPENDITURES 175,486.01 0. 00 401,346.44 0.00
=========•-.,""'=
+** TOTALS BALANCE *** 195,527.11 195,527.11 943,132.79 943,132.79
+++ END OF REPORT***
6-17-2009 07: 44 AM
42 -48 CORPORATION
76-48 EXPENSES
DEP NT EXPEND I TURES
C I T Y O F S A N G E R
FINANCIAL STATEMENT
CURRENT
BUDGET
AS OF: MAY 31ST, 2009
CURRENT
PERIOD
Y-T-D % OF
ACTUAL BUDGET
Y-T-D
ENCUMB.
PAGE: 3
BUDGET
BALANCE
--------------------------------------------------------------------------------------------------------------------------------
52-SUPPLIES AND MATERIALS
76-5200 CHECK CHARGES o. 00
76-5210 OFFICE SUPPLIES 200.00
76-5215 TRAVEL & REGISTRATIONS o. oo
76-5220 DUES 0.00
76-5225 PUBLICATIONS/SUBSCRIPTIONS 200. 00
76-5235 DUES & REGISTRATION 250.00
76-5240 TRAVEL 750.00
TOTAL 52-SUPPLIES AND MATERIALS 1,400.00
54-CONTRACT SERVICES
76-5410 INSURANCE 0.00
76~5420 CONTRACTUAL SERVICES 0.00
76-5450 ENGINEERING FEES 0. 00
TOTAL 54-CONTRACT SERVICES 0.00
63-CAPITAL IMP/0$5, 000
76-6 RK -IMP CIP 0.00
TOT 63-CAPITAL IMP/0$5,000 0.00
65-PROJECTS
76-6500 PROJECTS 0.00
TOTAL 65-PROJECTS 0.00
DEPARTMENT TOTAL ... 1,400.00
... TOTAL EXPENDITURES ... 1,400.00
OTHER FINANCING SOURCES (USES)
------------------------------
00-4990 TRANSFERS FROM RESERVES 25,000.00)
TOTAL OTHER FINANCING SOURCES (USES) 25,000.00
*** END OF REPORT***
o.oo o.oo 0.00
o. oo 98.70 49.35
o. oo 0.00 0.00
0.00 o.oo o. oo
0.00 0.00 0.00
0.00 0.00 0. 00
0.00 0.00 ___Q_,__QQ
0.00 98.70 7.05
0.00 0.00 0.00
0.00 0. 00 0.00
0. 00 0. 00 ___Q_,__QQ
0.00 0.00 0.00
173,511.17 173,511.17 ___Q_,__Q_Q
173,511.17 173,511.17 0.00
1,974.84 227,736.57 ___Q_,__QQ
1,974.84 227,736.57 0. 00
175,486.01 401,346.44 667.60
------=======-
175,486.01 401,346.44 667. 60
o. 00 o. 00 ___Q__,_QQ
0.00 o.oo 0. 00
=--=-===------
0.00
o.oo
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0. 00
0 .oo
0.00
0.00
0.00
0.00
0.00
==-=== ... ===----
0.00
0. 00
0.00
0.00
101. 30
0. 00
0.00
200.00
250.00
750.00
1,301.30
0.00
0.00
0.00
0 .00
173,511.17)
173,511.17)
227,736.57)
227,736.57)
399,946.44)
399,946.44)
==----========
25,000.00)
25,000.00
6-17-2009 07: 44 AM
42 -4B CORPORATION
REVENUE SUMMARY
4B REVENUES
*** TOTAL REVENUES ***
EXPEND! TURE SUMMARY
76-48 EXPENSES
*'"'* TOTAL EXPENDITURES ***
** REVENUES OVER(UNDER) EXPENDITURES **
TOTAL OTHER FINANCING SOURCES (USES)
C I T Y O F S A N G E R
FINANCIAL STATEMENT
CURRENT
BUDGET
235,000.00
235,000.00
1,400.00
1,400.00
233,600.00
-25,000.001
o.oo
25,000.00
AS OF: MAY 31ST, 2009
CURRENT
PERIOD
25,484.90
25,484.90
175,486.01
175,486.01
150,001.11)
0.00
0.00
o.oo
Y-T-D % OF
ACTUAL BUDGET
189,455.01 80.62
189,455.01 80.62
401,346.44
401,346.44 667.60
211,891.43) 90. 71-
o.oo 0.00
o.oo 0. 00
o.oo 0.00
:a::===---==------===--=-=""'"'""""'=
Y-T-D
ENCUMB.
0.00
o.oo
o.oo
o.oo
o.oo
-====-====---=
0.00
0.00
0.00
PAGE:
BUDGET
BALANCE
45,544.99
45,544.99
399,946.44)
399,946.44)
445,491.43
25,000.00)
0.00
25,000.00
==-===-========
6-17-2009 07: 44 AM
42 -4B CORPORATION
'RE
4B REVENUES
00-4425 STATE SALES TAX
00-4800 INTEREST INCOME
00-4940 DONATIONS
00-4950 TRANSFER PRIOR YEAR INCOME
00-4985 TRANFERS OUT FROM 4B/ TO GF
00-4990 TRANSFERS FROM RESERVES
TOTAL 4B REVENUES
TOTAL REVENUES
C I T Y O F S A N G E R
FINANCIAL STATEMENT
CURRENT
BUDGET
240,000.00
20,000.00
0.00
0.00
0.00
25,000.00)
235,000.00
235,000.00
AS OF: MAY 31ST, 2009
CURRENT
PERIOD
24,744.75
740.15
0.00
0.00
0.00
0.00
25,484.90
25,484.90
Y-T-D % OF
ACTUAL BUDGET
176,681.71 73. 62
12,773.30 63.87
0.00 0.00
0.00 0.00
0.00 0.00
0.00 __Q_,_QQ
189,455.01 80. 62
189,455.01 80. 62
Y-T-D
ENCUMB.
0.00
0. 00
o. 00
0.00
0.00
0.00
0.00
0.00
PAGE: 2
BUDGET
BALANCE
63,318.29
7,226.70
0 .oo
0.00
0.00
25,000.00)
45,544.99
45,544.99
4.8 DEPOSITS
192£1 2001 I 2002 I 2003 I 2004 I --2005 I 2006 I 2007 I 2008 I 2009
JAN. I $8,083.93! $8,937.431 $10,348.821 $10,188.221 $25,847.621 $13,993.78T $16,264.501 $16,691.41 I $171436.57 I $221880.04 I
I
FEB. I $91763.371 $11 1840.64 I $14,870.781 $141840.341 $17,485.761 $21i779_91 I $211513.62 I $19,601.101 $221071.09 I $231228. 79 I
r
MARCH I $10,384.63 I I
$81984.181 $91209.151 $121446.361 $131382.91 I $141254.43! $161620.931 $161472.341 $191892.631 $241179.62 I
I
APRIL I $81416.521 $91517.251 $91195.021 $91202.141 $121224.77 I $14, 1s6. 101 $171198.171 $15I482.ool $181511.54 I $161279.44 I
L I
MAY 1 $101323.151 $141946.441 $101623.561 $151125.o4 I $201311.37 I $201556.14 I $171428.361 $26z767.83I $221166.33 I $241744.75 I
JUNE I $71953.661 $101131.01 I $1 \911.061 $141358.11 I $181276.941 $151585.541 $231063.991 $171172.671 $19,338.741 I
JULY I $71642.301 $12z784.18I $101597.47 I $11,370.28 I $161692.36 I $161914.66 I $171896.761 $191127.61 I $20z703.08j
I
AUGUST I $101854.25 I $17I035.ool $141962.171 $161132.421 $191354.71 I $20,375.581 $241003.15 I $241581.42 I $251288.44 I
SEPT. I $71103.501 $111612.08 I $121928.161 $131140.491 $15z725.62I $161977.991 $19z746.74I $26,990.121 $211583.44 I I
OCT. I $101136.271 $281586.96 I $131940.44! $111426.721 $16,o84.64T $17I074.51 I -$11 1042.77 I $24,397.631 $21,510.39
NOV. I $11,975.61 I $161166.71 I $14,246.901 $171184.881 $22z700.73I $201661.061 $24,265.79 I $221846.791 $241645.13
:;-'F
~ '::;' _. -..-I ...
DEC. I $71860.371 $10,397.061 $101198.241 $121570.11 I $161179.851 $191822.071 $171830.91 I $17,961.611 $19 1213.55 I I
JOTAL $110.497.56 $160,938.94 $143,031.77 $157,985.11 $214.267.28 $212,161.77 $226,875.69 $248,092.53 $252.360._93