12.16.2013 Town Council Minutes Speciali .
A7SP
OWN
MINUTES
Special Called Meeting of the
O F Prosper Town Council
Prosper Municipal Chambers
ER
108 W. Broadway, Prosper, Texas
Monday, December 16, 2013
Prosper is a place where everyone matters.
1. Call to Order/Roll Call.
The meeting was called to order at 6:00 p.m.
Councilmembers Present:
Mayor Ray Smith
Mayor Pro -Tern Meigs Miller
Deputy Mayor Pro-Tem Kenneth Dugger
Councilmember Michael Korbuly
Councilmember Curry Vogelsang
Councilmember Danny Wilson
Councilmembers Absent:
Councilmember Jason Dixon
Staff Members Present:
Harlan Jefferson, Town Manager
Robyn Battle, Town Secretary
Hulon T. Webb, Jr., Executive Director of Development and Community Services
Kent Austin, Finance Director
2. Invocation, Pledge of Allegiance and Pledge to the Texas Flag.
Mayor Pro-Tem Miller led the invocation. The Pledge of Allegiance and the Pledge to
the Texas Flag were recited.
3. Consider and take action on a resolution providing for publication of notice of
intent to issue Town of Prosper certificates of obligation to finance the Town's
portion of the expanded Upper Trinity Regional Water District Doe Branch Water
Reclamation Plant. (KA)
Finance Director Kent Austin presented this item before the Town Council. The
proposed resolution will initiate the process to pay for the Town's share of the Doe
Branch wastewater treatment plant. At the December 10, 2013, Town Council meeting,
the Town Council received an update on the project and on financing alternatives.
Issuing Certificates of Obligation (COs), rather than allowing UTRWD to finance the
Town's share, is estimated to save the Town $1.2 million over the 20-year life of the
COs. The proposed COs in an amount not to exceed $16.1 million would be repaid over
20 years through the Town's water and sewer rates. Jason Hughes from
FirstSouthwest, the Town's financial advisor, was present to answer questions from
Council. He answered questions regarding the Town's debt service reserve fund, and
the Town's credit rating. Tom Taylor, Executive Director of UTRWD, answered
questions about the estimated cost of the project, the funding options that are being
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considered by other participating entities, and when UTRWD will finalize negotiations
with bidders in order to determine a final "not to exceed" amount. Town Manager Harlan
Jefferson reported that the Town's bond counsel has recommended that the Town
pursue a separate agreement at the February 11, 2014, Town Council meeting to outline
the terms and obligations for each participating entity in the project.
Councilmember Wilson made a motion and Councilmember Korbuly seconded the
motion to approve Resolution No. 13-66 providing for publication of notice of intent to
issue Town of Prosper certificates of obligation to finance the Town's portion of the
expanded Upper Trinity Regional Water District Doe Branch Water Reclamation Plant.
The motion was approved by a vote of 6-0.
4. Adjourn.
Deputy Mayor Pro-Tem Dugger made a motion and Councilmember Korbuly seconded
the motion to adjourn the meeting at 6:22 p.m., on Monday, December 16, 2013. The
motion was approved by a vote of 6-0.
These minutes approved on the 14th day of January, 2014.
APPROVED:
1
Ray S ith, M�yor�
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