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4B Sales Tax Corporation Minutes - 05/13/1997 • MINUTES OF THE 4B SALES TAX CORPORATION May 13, 1997 Present: Ray Gonzalez § Rick Boone § Benay Ayers § Arnold Oliver § Corporation Board Members Tommy McCulloch, Jr. § Ikard Smith § Paul Hughes § Kay Yeager, Mayor § Jim Berzina, City Manager § City Staff Gregory D. Humbach, City Attorney § Linda Merrill, Recording Secretary § Le Templar, Times/Record News § Public/Media Mayor Yeager called the meeting to order at 2:00 p.m., and expressed her appreciation to each member for serving on the 4B Sales Tax Corporation Board of Directors. She stated the main purpose of today's meeting was to discuss and possibly approve the proposed Articles of Incorporation, previously furnished to them by City Attorney Greg Humbach. If approved by the Board of Directors today, the Articles of Incorporation will be placed on the May 20 City Council agenda for Council approval. Greg Humbach explained that the Articles of Incorporation are similar in form to the Articles of Incorporation drafted for the 4A Sales Tax Corporation, with the primary difference being the regulatory statute and the purposes of the Corporation. The Articles include what is required by statute, and when approved by the Board and ratified by the Council, they will be filed with the Secretary of State. Motion was made by Paul Hughes and seconded by Rick Boone that the Articles of Incorporation as proposed be approved. The motion carried unanimously. .r , 2 Jim Berzina explained the Board would probably wish to meet before any of the money is actually collected, in order to set up a funding pattern for the various projects. Mayor Yeager agreed, stating it was up to the Board members to decide how to educate themselves on City projects. Mr. Berzina reminded the Board that a quarter of a cent went to both the 4A and 4B sales tax, and one-half of a cent goes toward property tax reduction. An optimistic expectation of revenue for a quarter of a cent is $2.3 - $2.5 Million. Mayor Yeager told the Board that the City Council spent a lot of time at last June's Council retreat looking at capital needs and the financing of same. She believes the City staff is probably in the best position to prioritize these projects. Paul Hughes stated priorities are constantly shifting, due to technology advancements and Federal mandates. Benay Ayers requested a printout of the history of the capital improvements projects accomplished by the City. Jim Berzina stated this can be done, adding that the 4A Sales Tax Corporation asked for a report of 4-5 month collection of sales tax to see the "peaks and valleys" of the revenue. Arnold Oliver requested a chart which displayed how much it would cost to look at certain projects. Mr. Berzina indicated the Board could consider 20-year certificates of obligation or 7-year tax anticipation notes. Mr. Hughes noted the wording on the ballot of proposed projects gives the Board a good guideline to follow to view the various projects. Mr. Boone asked whether the Board's decisions were final, and Mayor Yeager responded they must be approved by the City Council, as well as the Corporation's budget. She cautioned the Board to utilize the City staff rather than go to outside sources for professional services whenever possible, in order to keep their day-to- day expenditures to a minimum. Tommy McCulloch requested information which would inform the Board of the open meetings requirements. Mayor Yeager stated that a quorum of the Board (or 4 members) is required in order to formally establish a meeting. The meetings of the Board are indeed subject to the Open Meetings Act. Mr. Humbach stated he has an Open Meetings Handbook from the Attorney General which he would be glad to furnish to the Board for their information. Mr. McCulloch indicated his desire for a copy of the Corporation's regulatory statute, as well. Mr. Berzina indicated that any material that comes to the City that would help to educate the Board members could also be furnished to them. Mayor Yeager again thanked the group, stating they will find it an interesting and challenging way to serve the City of Wichita Falls. The next meeting date was tentatively set for June 9 at 2:00 p.m. The meeting adjourned at 2:50 p.m.