1996-04-08 CC MinutesCITY OF FARMERS BRANCH
SPECIAL CITY COUNCIL MEETING AND
CITY COUNCIL BUDGET AND PLANNING WORKSHOP
AGENDA
CITY HALL
COUNCIL CONFERENCE ROOM
13000 WILLIAM DODSON PARKWAY
FARMERS BRANCH, TEXAS
APRIL 8, 1996
5:00 P.M.
1. MAYOR BLAIR WILL CALL MEETING TO ORDER.
AFTER CALLING THE MEETING TO ORDER THE MAYOR CONVENED INTO
EXECUTIVE SESSION. THE MEETING WILL RECONVENE INTO GENERAL
SESSION AFTER THE ITEMS HAVE BEEN DISCUSSED IN THE EXECUTIVE
SESSION TO CONSIDER ANY NECESSARY ACTION. TEXAS GOVERNMENT
CODE CHAPTER 551 OF THE OPEN MEETING LAW PROVIDES THAT SUCH
ITEMS AS PERSONNEL MATTERS, LAND ACQUISITION AND PENDING
AND CONTEMPLATED LITIGATION MAY BE DISCUSSED IN CLOSED
SESSION.
2. EXECUTIVE SESSION.
a. DISCUSS PERSONNEL MATTERS - TEXAS GOVERNMENT
CODE SECTION 551.074
1. DISCUSS SELECTION OF THE WOMAN OF THE YEAR.
Mayor Blair and members of the City Council discussed selection of the Farmers
Branch Woman of the Year.
RECONVENE INTO GENERAL SESSION.
MAYOR BLAIR ANNOUNCED THAT THE ITEMS FOR THE EXECUTIVE
SESSION WERE DISCUSSED AT THE BEGINNING OF THE SPECIAL
COUNCIL MEETING. THE DISCUSSION BEGAN AT 5:05 P.M., AND
CONCLUDED AT 5:07 P.M. MAYOR BLAIR ANNOUNCED THAT ACTION
ON THE ITEMS DISCUSSED WAS RECESSED UNTIL THE SPECIAL CITY
COUNCIL MEETING. TEXAS GOVERNMENT CODE CHAPTER 551 OF THE
OPEN MEETING LAW PROVIDES THAT SUCH ITEMS AS PERSONNEL
MATTERS, LAND ACQUISITION AND PENDING AND CONTEMPLATED
LITIGATION MAY BE DISCUSSED IN CLOSED SESSION.
Vol. 71, Page 87
3. CONSIDER NECESSARY ACTION ON PERSONNEL MATTERS DISCUSSED IN
THE EXECUTIVE SESSION.
Mayor Blair and the City Council selected the Farmers Branch Woman of the Year.
4. CONSIDER ADOPTING RESOLUTION NO. 96-045 AUTHORIZING THE
APPROVAL OF THE ISSUANCE OF FARMERS BRANCH HOUSING
CORPORATION SINGLE FAMILY MORTGAGE REVENUE BONDS SERIES
1996 IN AN AMOUNT NOT TO EXCEED $3.637.500 AND TAKE
APPROPRIATE ACTION.
Mayor Blair gave the following information for consideration. The Farmers Branch
Housing Finance Corporation received approval from the State of Texas on February
8, 1996 to issue $3,637,500 in single family mortgage revenue bonds to be used to
provide first time low interest mortgages to low to moderate income homebuyers in
Farmers Branch. These bonds will be purchased from the Corporation by the Federal
Home Loan Mortgage Corporation and provided as mortgages to qualified borrowers
through area financial institutions. Federal agency backing of the mortgages will
enable the bonds to be issued with a AAA rating. The mortgage interest rate will be
priced to sale, however, the expected rate on a 30 year note with 1.75 points and 3-
5 % down will be approximately 6.88
The sale of these bonds will be held in conjunction with the sale of mortgage revenue
bonds for the City of Irving in order to minimize issuance costs. Mortgage revenue
bond issues are generally not economically feasible in amounts less than $10 million.
A bond sale with the City of Irving will exceed the $10 million threshold. The sale is
scheduled to close on April 17, 1996, after an April 8th Public Hearing.
The City of Farmers Branch has no liability for the payment of the bonds.
Staff recommends approval of Resolution No. 96-045 authorizing the approval of the
issuance of Farmers Branch Housing Finance Corporation Single Family Mortgage
Revenue Bonds Series 1996 in an amount not to exceed $3,637,500.
Mr. Robert Peterson, representing First Southwest Company, gave a brief overview
of how the single family mortgage bonds will work. Mr. Peterson explained the
maximum family income and the maximum acquisition cost allowed. Mr. Peterson
stated the $3,637,500 will be gone in approximately 30 days.
Mr. Charles Cox, Director of Finance, explained a public hearing was held earlier
tonight which complied with federal requirements.
Vol. 71, Page 88
A motion by Councilman Pyle, a second by Councilman Phelps, all voting "aye",
approved Resolution No. 96-045 authorizing the approval of the issuance of Farmers
Branch Housing Finance Corporation Single Family Mortgage Revenue Bonds Series
1996 in an amount not to exceed $3,637,500.
5. REVIEW AND DISCUSS THE CITY'S FINANCIAL STATUS, FINANCIAL
TRENDS AND ISSUES RELATED TO THE 1995-96 MID-YEAR BUDGET,
FUTURE CITY BUDGETS AND LONG RANGE PLANNING ACTIVITIES.
City Manager Richard Escalante and City staff presented a program on the status of
the mid-year budget and financial trends.
6. ADJOURNMENT.
A motion by Councilman Pyle, a second by Mayor Pro Tem Hardie, all voting "aye",
ourned the Special City Council meeting at 9:05 p.m.
Wayor
City Secretary
Vol. 71, Page 89