HomeMy WebLinkAbout09-17-98 TSHC Min MINUTES AND CERTIFICATION
On September 17, 1998, the Board of Directors (the "Board") of the Texas
Student Housing Corporation (the "TSHC") convened in a public meeting at the
designated meeting place in Westlake, Texas. The roll of the duly constituted officers
and members of the Board was called, which are as follows:
Name Title
James P. Carter President
Worth Blake Vice President
Annette Bush Treasurer
Dr. Forrest Watson Member
Charles Bradberry Member
Dr. Patsy Sharp Member
Dr. John Brooks Member
Dr. Ted Gillum Member
Carroll Schubert Member
Mike Farhat Member
all of whom were present except Charles Bradberry and Dr. Patsy Sharp thus constituting
a quorum. also present were: Allen Moon, Bill Moon, Larry Williamson, Scott
Bradley, Charles Haynes, Bill Davis, Fred Bayliss, Betty Watson and Ginger Crosswy.
President Carter called the meeting to order at 6:50 p.m. and introduced the new
member of the Board, Mike Farhat. Mr. Carter then asked everyone to introduce
themselves to Mr. Farhat.
There was a motion by Mr. Blake, seconded by Mr. Schubert, to accept the
minutes of the meetings held on March 26, and March 30, 1998 as presented. This
motion carried unanimously.
Mr. Davis of SSRS, Inc., the Board's management company in College Station,
presented the budget for the three properties, the Colony, the Forum. and University
Tower. Mr. Davis told the Board that this is a very good year as the facilities are almost
full. There was a motion by Dr. Watson, seconded by Mr. Schubert, to accept the
budget for the Colony as presented. This motion carried unanimously. There was a
motion by Ms. Bush, seconded by Mr. Schubert, to accept the budget for the Forum and
University Tower as presented. This motion carried unanimously.
At this point Mr. Carter moved to the other business section of the agenda to
allow Mr. Davis to leave. The Board discussed a 15 year management contract with
SSRS, Inc. to continue to manage the property in College Station. Mr. Carter asked Mr.
Davis to get copies of the contract to the Board members so they can look at it before the
next meeting. The Board was asked if they would like to have a meeting at the
property in College Station and responded that they would.
Scott Bradley, the corporation's general counsel reported that the agenda item to
consider a substitution of collateral for the deposit account does not need action from the
Board.
Charles Haynes, the corporation's auditor, updated the Board on the difficulty he
is having gaining access to the records needed to complete the audit on the Madison
House property that the corporation previously owned. , Ms. Bush reported that the
previous property managers in Austin were not complying with the terms of the sales
agreement that stated they were to pay for the two students that are still living at the
Madison House. There was a motion by Mr. Blake, seconded by Ms. Bush, authorizing
Bill Moon of Jenkens & Gilchrist to write a letter telling A.S.C. Management , Inc. that
they are not in compliance with the terms of the contract , and authorizing his firm to file
suit if there is no response in 15 days. The motion carried unanimously.
Allen Moon gave a report to the Board on the trip he, Larry Williamson and Mr.
Carter made to Senator Sibley's office in Waco. They were very encouraged that the
Senator would help the corporation get an opinion from the Attorney General's office.
There being no further business to bring before the Board, the meeting was
adjourned at 9.00 p.m.
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and
to correctly reflect the duly constituted officers and members of the Board, and is hereby
certified to be a correct copy of an offci�l copy thereof, on file among the official records
of the Board, on this the 13_day of _ 1449. 199 91
[SEAL]
J es P. Carter, Aresident
ATTEST:
ingert srosswy, Secretary t