HomeMy WebLinkAbout10-29-02 TSH San Marcos Min MINUTES AND CERTIFICATION
On October 29, 2002, the Board of Directors (the "Board") of the Texas Student
Housing Corporation - San Marcos 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,Mr. Trent Petty,
Ms. Mary Midgette, Mr. Steve Block and Ms. Ginger Crosswy.
President Carter called the meeting to order at 7:17 p.m.
There was a motion by Mr. Farhat, seconded by Mr. Blake, to approve the minutes
of the meeting of September 24, 2002 as presented. There was no discussion and the
motion carried unanimously.
Ms. Midgette spoke to the Board regarding the short fall in revenues. She asked
the Board to issue a letter instructing Muni Mae to pay the short fall from the debt service
reserve fund. Mr. Petty told the Board there are still outstanding invoices to Vinson&
Elkins for a procedural audit totaling $100,000.00. There was along discussion
regarding the financial situation, with the Board asking Mr. Petty to prepare a letter to
Vinson&Elkins, for President Carter's signature, stating there are no funds to pay this
and we are in discussion with the lender to see if they will make the funds available from
another source. There was a motion by Mr. Blake, seconded by President Carter,to issue
the letter to Muni Mae as requested by Ms. Midgette. There was no discussion and the
motion carried unanimously.
There was a motion by Ms. Rogers, seconded by Ms. Bush, to approve the payment
of$4527.00 to Williams Riggs Co. for the Director and Officers insurance. There was
no discussion and the motion carried unanimously. There was a motion by Ms. Rogers,
seconded by Ms. Bush,to pay an invoice to Allen Moon for $300.00 when the funds
become available. There was no discussion and the motion carried unanimously.
After a long question and answer session regarding several issues the meeting was
adjourned at 7:40 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.
ATTEST: J s P. Carter, Press nt
G'
'ing rosswy, Sc