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HomeMy WebLinkAbout07-10-97 TC Min279 TOWN OF WESTLAKE MINUTES OF THE SPECIAL EMERGENCY MEETING OF THE BOARD OF ALDERMEN JULY 10, 1997 Present: Scott Bradley, Mayor Charla Bradshaw, Mayor Pro -Tem Abe Bush, Jr. Member Fred Held, Member Paul Isham, Town Attorney Joseph Colvin, Bankruptcy Attorney Ginger Crosswy, Town Secretary Absent: Carroll Huntress Howard Dudley The meeting was called to order at 7:43 p.m. by Mayor Bradley. Mayor Bradley then explained the need for the meeting by telling the assembly that the Bankruptcy Court in Dallas will hold a hearing at 1:30 p.m. on Friday, July 11, 1997, to determine whether or not the Town's chapter 9 bankruptcy filing will be dismissed. If the bankruptcy is dismissed, the Town will be deprived of it's right to assert it's Federal fraudulent transfer claims under Sec. 548 of the Bankruptcy Code. The Town's Bankruptcy counsel advises that the budget for the fiscal year ending September 30, 1998, should be adopted so that it may be considered by the Bankruptcy Court. Item #1: PUBLIC HEARING concerning the budget for the fiscal year ending September 30, 1998. Mayor Bradley opened the Public Hearing for comments from the audience. No one present wished to address the Board so the Public Hearing was then closed. The Mayor announced that public hearings on the budget will be held on Monday, July 14, 1997, and for several meetings thereafter in order to allow ample opportunity for citizens to be heard on the budget. The Mayor also stated that the budget may be amended from time to time. Item #2: Consider and take action to approve the budget for the fiscal year ending September 30, 1998. After a lengthy question and answer period there was a motion by Alderman Bradshaw, seconded by Alderman Held, to adopt Resolution No. 97-43 approving the budget for the fiscal year ending September 30, 1998. Motion carried unanimously. At this time Mayor Bradley introduced Joseph Colvin, one of the Town's Bankruptcy Attorneys. Mr. Colvin reminded the Board that in hiring the firm Cantey & Hanger, L.L.P. as the Town's bankruptcy attorneys, they were July 10, 1997 Emergency Meeting Page 2 acknowledging that attorneys from the firm would be asking questions in court of Mayor Bradley, who is associated with this firm as of counsel. Motion by Alderman Bradshaw, seconded by Alderman Bush, to adjourn. Motion carried unanimously. The meeting was adjourned at 8:12 p.m. Scott Bradley, Mayor ATTEST: Ginger Crosswy, Town Secretary