05/11/2009-4B-Agenda Packet-Regular•
AGENDA
4B SANGER, TEXAS DEVELOPMENT CORPORATION
MONDAY, MAY 11, 2009
6:00 P.M.
502 ELM STREET
1. Call Meeting to Order.
2. Approve Minutes: March 23, 2009
3. Consider and Possible Action on Additional Funding for the Streetscape Project.
4. Project Updates:
5.
6.
a) Streetscape
b) Downtown Park
c) Sports Park
Review Financials
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
March 23, 2009
MEMBERS
PRESENT: Barbara Martin, Beverly Howard, Scott Stephens, Beverly Branch, Jeff
Springer, Will Dutton
MEMBERS John Payne
ABSENT:
OTHERS
PRESENT: City Manager Mike Brice, City Secretary/Asst. City Manager Rose Chavez
1. Call Meeting to Order.
Vice-President Barbara Martin called meeting to order.
2. Approve Minutes: February 23, 2009
Jeff Springer made a motion to accept the minutes as presented. Seconded by
Beverly Branch. Motion carried unanimously.
3. Consider and Approve a Development Agreement Between the City of Sanger and
Eagle Farms, Inc. and Authorize City Manager to Sign the Agreement at Closing on
the Property.
City Manager advised that the development agreement was included in their
packets for review. He prefers the Board authorize him to sign the agreement
between the City of Sanger and Eagle Farms Inc. The conditions of the agreement
are contingent upon the sale and transfer of approximately 40-plus acres situated in
the M. R. Burleson· Survey, Abstract 71 and the R. A. Johnson Survey, Abstract 666.
Brief Discus.sion followed.
Beverly Howard moved to approve the development agreement between the City of
Sanger and Eagle Farms Inc., and authorize the City Manager to sign the
agreement at closing of the property. Seconded by Will Dutton. Motion Carried
unanimously.
4. Discussion of Funding Mechanisms for the new Sports Park and Access Roads.
City Manager presented the Board Members with some information regarding the
engineer's opinion on the pre-design construction costs for the new Sports Complex.
Ted Christensen with Government Capital Corporation continued by advising the
1 Board Members that he has done three bond issues for the City of Sanger and
financed several leases for vehicles and equipment.
He proceeded in discussing funding options for the new Sports Park and the access
roads. Mr. Christensen discussed sales tax revenue bonds. He advised that in
today's market these are difficult to sell and the interest rate is sometimes two to
three percent higher. He indicated this is not an option he would recommend for
the Board to consider. The most preferable types of bonds to issue are certificates of
obligation, which are pledged by the taxing authority. The 4B Corporation will then
pledge an amount to the City for their debt service payment. The City of Sanger
and the 4B Corporation will enter into an Interlocal Agreement. This will officially
be on record as a binding document, and by having an agreement on file, it will
prevent any problems and misunderstandings in the future. He discussed a 20 year
bond issue with a private placement. His presentation included a draft document
for a $2 million certificate of obligation bond issue with interest rates at 4.90%.
However, the interest rates could not be locked in at this time due to the 60-day
requirement process. He did advise that prior to the vote to issue the bonds, he can
at that time, lock in the interest rate.
Discussion continued. Mr. Christensen advised if the City and the Corporation
combine their bond issue, then both entities can share the legal cost.
Jeff Springer inquired on the terms of the debt service and the commitment of the
funds by the Board.
Discussion concerning the terms of financing and bow much the Board wants to
commit yearly for the debt service. The Board also discussed a 15-year bond debt
of approximately $180,000 and the availability of funds for future projects.
Mr. Christensen indicated the taxpayers of Sanger are the ones who guarantee the
bonds. He advised be will run the numbers for a 15-year debt issuance to
determine the approximate yearly payments.
Vice-President Martin emphasized that we need to make sure we have adequate
parking.
The Board discussed the cost for the following improvements: lighting, sidewalks,
concession stands, and restrooms.
Mr. Christensen indicated that according to the cost estimates prepared by the
engineer, there should be adequate funds for these additional improvements.
5. Project Updates:
a) Streetscape
b) Downtown Park
a) The City Manager advised that Reliable Paving is still working on a couple of
issues but the majority of the work has been completed.
b) City Manager apologized for not getting on the downtown park project;
•
however, he had most of the City employees working on a special project last
week. He advised this will be accomplished within the next 30 days.
6. Review Financials
City Secretary gave a brief overview of the financials reports, cash money market
account, and the certificate of deposit investment. An overview of the sales tax
revenue was discussed.
a) Discussion and Possible Action on Investments
City Manager discussed that at the last board meeting the Board discussed investing
the funds in a CD ladder. He explained that each month $20,000 would be invested
in a certificate of deposit for a one-year term and at the end of 12 months there
would be $240,000 invested.
Motion was made by Jeff Springer to proceed with investing funds in a CD ladder.
Seconded by Beverly Branch. Motion was carried.
7. Adjournment.
Vice-President Martin adjourned the meeting •
·I
48 DE,POSITS
20001 2001 I 2002 I 2003 I 2004 I 2005 I 2006 I 2007 I 2008 I 2009 I
I
JAN. I $81083.931 $81937.431 $10,348.821 $10,188.221 $251847.621 $13.993.781 $161264.501 $161691.41 I $17 1436.571 $221880.041
I 1
FEB. I $91763.371 $111840.64 I $141870.781 $14.840.341 $17,485.761 $2\779.91 I $21.513.621 $19.601.101 $221071.09 I $2~1228. 79 I
( I
MARCH I $101384.631 $81984.181 $9.209.151 $121446.361 $13.382.91 I $141254.431 $16,620.93 I $161472.341 $191892.63 I $241179.62 I
[ l
APRIL I $8.416.521 $9.517.251 $9,195.021 $9.202.141 $121224. 77 I $141166. 10 I $171198.171 $151482.ool $18.511.541 $16.279.44 I
I I
MAY I $101323.151 $141946.441 $10.623.561 $151125.041 $201311.371 $201556.141 $17,428.361 $26?67.831 $22.166.331 I
I ' JUNE I $71953.661 $101131.01 I $11.911.061 $141358.11 I $18.276.941 $15.585.541 $23,063.991 $17.172.671 $19.338.741 I
I -I
JULY I $71642.301 $12.784.181 $101597.47 I $11 1370.28 I $161692.361 $161914.661 $17.896.761 $19,127.61 I $20,703.081 I
I I
I
AUGUST I $10.854.251 $17 1035.ool $14.962.171 $161132.421 $19.354.71 I $20.375.581 $24.003.151 $24,581.421 $25.288.44 I I
I
SEPT. I ·$7.103.501 $11,612.081 $12,928.161 $13,140.49 I $15?25.621 $16.977.991 $19.746.741 $26,990.121 · $211583.44 I ---7
OCT. I $101136.271 $28.586.96 I $131940.44 I $11.426.72 I $16,084.641 $17.074.51 I $11.042:771 $24.397.631 $211510.3~1 I
I T
-~~. ~ . w Jt ..... _,~· __ .,. ~ ~ --· .:...--~ --..,.. -----I :;. ...a. -;t,.=------'i-----.,.
NOV. I $111975.61 I $161166.71 I $14,246.901 $17.184.881 $22. 700. 73 r $20,661.061 $241265. 791 $22.846. 791 $241645.131 I
[ I
DEC. I $7.860.371 $10.397.061 $101198.241 $12.570.11 I $16.179.851 $19.822.071 $171830.91 I $17.961.61 I $191213.55 I I
T_OTAL $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
•
May 5, 2009
,BANK BALANCE AS OF 04/30/2009
CASH MONEY MARKET ACCT. #2379694
SANGER TEXAS DEVELOPMENT CD #497371
SANGER TEXAS DEVELOPMENT CD #653500
TOTAL FUNDS
$203,896.82
449,759.01
20,000.00
$673,655.83
5-05-2009 11: 52 AM
42 -4B CORPORATION
ACCTI ACCOUNT NAME
ASSETS
42-00-1010 CASH MONEY MARKET#2379694
42-00-1011 SANGER TX DEV. CORP.CD 497371
42-00-1012 48 CD 461024 (6669)
42-00-1013 4B SANGER TEXAS DEV.CDl653500
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
42-00-3020 FUND BALANCE
TAL BEGINNING FUND BALANCE
TOTAL EQUITY/FUND BALANCE
REVENUES
42-00-4425 STATE SALES TAX
42-00-4800 INTEREST INCOME
42-00-4940 DONATIONS
42-00-4950 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
42-76-5240 TRAVEL
I
42· 0 INSURANCE
42-7.--420 CONTRACTUAL SERVICES
42-76-5450 ENGINEERING FEES
CITY OF SANGER
BASE TRIAL BALANCE
AS OF: APRIL 30TH, 2009
*** MONTH TO DATE***
DEBITS CREDITS
6,764.56
0.00
19,263.06
20,000.00
0.00
0.00
_____ o_.o~o _____ _
20,000.00 26,027.62
____ ---.c.o'-. o=o _____ _
0.00 0.00
____ ---.c.o'-.o=o _____ _
_____ o_. o~o ____ ...,o'-'.-"o"-o
0.00 o.oo
--------------------
16,279.44
774.79
0.00
0.00
0.00
----~o'-.0=0 ------
0.00 17,054.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
o.oo
0.00
PAGE:
*** YEAR TO DATE "'**
DEBITS
203,896.82
o.oo
449,759.01
20,000.00
24,397.63
o.oo
CREDITS
-----"-o'-.o=o _____ _
698,053.46 0.00
-----"-o'-.o=o _____ _
o.oo 0.00
759,943.78
____ ...,Oc:.--"0"-0 ____ _,0'-'"-"-0-"0
o. 00 759,943.78
=---------------=--
151,936.96
12,033.15
o.oo
0.00
o.oo
____ __:,_0_,_.0,:.::0 ------
0.00 163,970.11
0.00
98.70
0.00
0. 00
0.00
0.00
0.00
0.00
0.00
o. 00
5-05-2009 11: 52 AM
42 -4B CORPORATION
ACCT# ACCOUNT NAME
EXPENDITURES (CONT)
42-76-6500 PROJECTS
TOTAL EXPENDITURES
*** TOTALS BALANCE ***
*** END OF REPORT***
CITY OF SANGER
BASE TRIAL BALANCE
AS OF: APRIL 30TH, 2009
*** MONTH TO DATE***
DEBITS CREDITS
23,081.85 -------
23,081.85 0.00
43,081.85 43,081.85
PAGE: 2
*** YEAR TO DATE ***
DEBITS CREDITS
225,761.73
225,860.43 0.00
923,913.89 923,913.89
5-05-2009 11: 53 AM
,
42 -48 CORPORATION
REVENUE SUMMARY
• 4 8 REVENUES
TOTAL REVENUES ** *
EXPENDITURE SUMMARY
76-4B EXPENSES
TOTAL EXPENDITURES***
'* REVENUES OVER(UNDER) EXPEND! TURES
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 .oo
1,400.00
1,400.00
233,600.00
25,000.00)
0.00
25,000.00
AS OF: APRIL 30TH, 2009
CURRENT
PERIOD
17,054.23
17,054.23
23,081.85
23,081.85
6,027.62)
-""--=-=""'•*•-= ...
0.00
0. 00
0.00
Y-T-D % OF
ACTUAL BUDGET
163,970.11 69.77
163,970.11 69. 77
225,860.43 132.89
225,860.43 132.89
61,890.32) 26.49-
0.00 0.00
0.00 0.00
o.oo 0. 00
-===-==-... •==-•==
Y-T-D
ENCUMB.
0.00
0.00
0.00
0.00
0.00
0.00
o. 00
0.00
PAGE:
BUDGET
BALANCE
71,029.89
71,029.89
224,460.43)
224,460.43)
295,490.32
25,000.00)
o. 00
25,000.00
5-05-2009 11: 53 AM C I T Y 0 F S A N G E R PAGE: 2
FINANCIAL STATEMENT
AS OF: APRIL 30TH, 2009
42 -4B CORPORATION
RE\
CURRENT CURRENT Y-T-D % OF Y-T-D BUDGET
BUDGET PERIOD ACTUAL BUDGET ENCIJMB. BALANCE
4B REVENUES
00-4425 STATE SALES TAX 240,000.00 16,279.44 151,936.96 63. 31 0.00 88,063.04
00-4800 INTEREST INCOME 20,000.00 774.79 12,033.15 60.17 0.00 7,966.85
00-4940 DONATIONS o.oo 0.00 o.oo 0.00 0.00 0.00
00-4950 TRANSFER PRIOR YEAR INCOME 0.00 0.00 0.00 0.00 0.00 0.00
00-4985 TRANFERS OUT FROM 4B/ TO Gf 0.00 0.00 0.00 0.00 0.00 0.00
00-4990 TRANSFERS FROM RESERVES 25, ooo. ooi 0.00 0.00 .......Q..,_QQ o. 00 2s, ooo.ooi
TOTAL 4B REVENUES 235,000.00 17,054.23 163,970.11 69. 77 o.oo 71,029.89
TOTAL REVENUES 235,000.00 17,054.23 163,970.11 69. 77 0.00 71,029.89
5-05-2009 11: 53 AM
·I
42 -4B CORPORATION
76-4B EXPENSES
DEP T E\\PENDITURES
C I T Y O F S A N G E R
FINANCIAL STATEMENT
CURRENT
BUDGET
AS OF: APRIL 30TH, 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
76-5210 OFFICE SUPPLIES
76-5215 TRAVEL & REGISTRATIONS
76-5220 DUES
76-5225 PUBLICATIONS/SUBSCRIPTIONS
76-5235 DUES & REGISTRATION
76-5240 TRAVEL
TOTAL 52-SUPPLIES AND MATERIALS
54-CONTRACT SERVICES
76-5410 INSURANCE
76-5420 CONTRACTUAL SERVICES
76-5450 ENGINEERING FEES
TOTAL 54-CONTRACT SERVICES
65-P T_§_
76-ROJECTS
TOTAL 65-PROJECTS
DEPARTMENT TOTAL * * *
H+ TOTAL EXPEND I TURES ** *
OTHER FINANCING SOURCES (USES)
------------------------------
00-4 990 TRANSFERS FROM RESERVES
TOTAL OTHER FINANCING SOURCES (USES)
*** END OF REPORT***
•
0.00
200.00
0.00
0.00
200.00
250.00
750.00
1,400.00
0.00
0.00
0.00
0.00
0.00
0.00
1,400.00
1,400.00
25,000.00)
25,000.00
0.00
0.00
o.oo
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
23,081.85
23,081.85
23,081.85
23,081.85
0.00
0.00
0.00 0.00
98. 70 49. 35
o. 00 0.00
0.00 0. 00
0.00 o.oo
0.00 0.00
0.00 ___Q,_QQ
98. 70 7.05
o.oo 0.00
0.00 0.00
----~o~. o=o ___Q,_QQ
0.00 0.00
225,761.73 ___Q,_QQ
225,761.73 o.oo
225,860.43 132.89
225,860.43 132.89
0.00 ___Q,_QQ
0. 00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
o.oo
0.00
o.oo
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
225, 761. 73)
225,761.73)
224,460.43)
224,460.43)
----,---==-----=
25,000.00)
25,000.00