HomeMy WebLinkAbout10-29-02 TSH Denton Min MINUTES AND CERTIFICATION
On October 29, 2002, the Board of Directors (the "Board") of the Texas Student
Housing Corporation—Denton Project 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
Becky Rogers Member
Dr. John Brooks Member
Mike Farhat Member
All of whom were present except Dr. Brooks and Dr. Watson. Also present were: Mr.
Larry Williamson, Mr. Allen Moon, Mr. Bill Moon,Mr. Scott Bradley, Ms. Mary
Midgette, Mr. Trent Petty, Mr. Steve Block, Mr. Felix Lozano, Mr. Griff Babb and Ms.
Ginger Crosswy.
President Carter called the meeting to order at 5:48 p.m. It was determined that
an executive session was not needed.
There was a motion by Mr. Blake, seconded by Mr. Farhat, to accept the minutes
of the meeting held on September 24, 2002, as presented. There was no discussion and
the motion carried unanimously.
Mr. Lozano and Mr. Babb of Whitley Penn spoke to the Board regarding the audit.
There was a long discussion concerning the expenditures in excess of the budget. Mr.
Petty was asked to make sure that the budget that Mr. Lozano has is the budget that was
approved by the Board. Mr. Lozano and Mr. Babb left at this time.
Mr. Petty told the Board that the Bondholder recommended that the replacement
reserve accounts be funded with the monies that were escrowed to pay the property taxes.
That only leaves $15,000.00. Mr. Petty was asked to show the Board how this money
would travel through the waterfall. No action was taken on the refunded tax monies.
Discussion and possible action regarding a promissory note owed to JPI for
$178,913.75. Mr. Petty told the Board that there has been no note signed by the Board
promising to pay this money to JPI. There was a long discussion with the Board asking
Mr. Petty to write a letter asking for an explanation regarding JPI's management of this
property and inviting the President of the Student Living Division, Ms. Joanne Blalock, to
attend the next Board meeting. Mr. Carter suggested that a review committee be formed
to look for candidates to take over the management of this property. Mr. Blake, Mr.
Farhat and Mr. Carter will serve on this committee with Mr. Petty, Mr. Williamson and
Mr. Bradley supplying names for the committee to contact.
There was a motion by Mr. Blake, seconded by Ms. Rogers, to approve a payment
of$4937.00 to William Rigg Co. for the Directors and Officers insurance. After several
questions the motion carried unanimously.
Ms. Midgette told the Board that the meeting in Boston she was requested to attend
at the last meeting, was handled as a conference call due to the high cost of the airfare.
The Board thanked her for saving the money.
There being no further business the meeting was adjourned at 7:05 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 official copy thereof, on file among the official records
of the Board, on this the 19th day of November 2002.
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ATTEST: Jame?Caarter, fside nt
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Ging Crosswy, Secre ry