HomeMy WebLinkAbout04-21-03 TSH Denton Min MINUTES AND CERTIFICATION
On April 21, 2003, 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
Vacant Treasurer
Dr. Forrest Watson Member
Becky Rogers Member
Dr. John Brooks Member
Michelle Corson Member
all of whom were present except Dr. Watson and Mr. Blake. Also present were: Mr.
Allen Moon, Mr. Bill Moon, Mr. Larry Williamson, Mr. Scott Bradley, Mr. Hank Smyth
and Ms. Ginger Crosswy.
President Carter called the meeting to order at 7:21 p.m.
The representatives from JPI were not in attendance.
There was a motion by Ms. Corson, seconded by Ms. Rogers, to approve the
minutes of the meeting held on March 31, 2003 as presented. There was no discussion
and the motion carried unanimously.
Mr. Smyth told the Board that there has been two very bad newspaper articles
regarding the facility in Denton. After touring the facility and speaking with the property
manager on site she is contacting the newspapers to set up an open house for them to tour
the facility as well. Dr. Brooks remarked that the University putting the facility on the
bus route has helped with the occupancy levels. Mr. Smyth stated that Eaton Vance is
upset that the facility is only partially furnished. Apparently, unknown to the Board, the
facility was only 80% furnished when it was purchased and is only 90% furnished today.
Mr. Smyth was asked to speak with JPI regarding furnishing the remaining rooms.
There was a motion by Ms. Rogers, seconded by Ms. Corson, to pay an invoice
from Larry Williamson in the amount of $10,500.00 for analytical, accounting and
financial advisory services from the Authority account with a debit to the Denton account
to repay when the funds are available. There was no discussion and the motion carried
unanimously.
Mr. Williamson spoke regarding the financial situation of this account. The
account has $503,000.00 in the bank that needs to be transferred into the revenue fund at
the Bank of New York to cover bills that have not been paid. There was a motion by Dr.
Brooks, seconded by Ms. Corson, to deposit this excess revenue back into the Revenue
Fund at the Bank of New York and allow it to flow through the various stipulated
accounts. This will provide required funding of the Operating Reserve Fund, and allow
funds to flow into the supplemental Program Administration Account, where the invoices
for Vinson & Elkins, Allen Moon, Kelsey & Kelsey and reimbursement of a portion of
the monies paid to Petty & Associates could be paid. There was no further discussion
and the motion carried unanimously. Mr. Williamson and Mr. Allen Moon were asked
to write a letter to Eaton Vance regarding the disposition of these funds.
Review applications and award incremental scholarships to Jefferson Commons in
Denton for school year 2003-04. The Board will consider this item later in the meeting.
The meeting was recessed at 7:55 p.m. and reconvened at 8:21 p.m. During this
break the Board evaluated the applications to determine the best candidates for the
scholarships and Mr. Williamson, Mr. Allen Moon and Mr. Bill Moon left the meeting.
There was a motion by Dr. Brooks, seconded by Ms. Rogers, to award the
following incremental scholarships to Jefferson Commons in Denton for school year
2003-04.
Kelsie Fuller Keller High School
Jeffrey Hoeven Keller High School
Tyler Lester Keller High School
Katie O'Gorman Keller High School
Lindsey Wynn Keller High School
David Bloom Fossil Ridge High School
Jessica Do Fossil Ridge High School
Timothy Fahan Fossil Ridge High School
James Gibson Fossil Ridge High School
Giancarlo Quijano Fossil Ridge High School
Jessica Reis Fossil Ridge High School
Ashley Scott Fossil Ridge High School
Julie Gracela Haltom City High School
Erin Kane Birdville High School
Sara Wilson Carroll High School
Timothy Mabrey Grapevine High School
There was no discussion and the motion carried unanimously.
There being no further business the meeting was adjourned at 8:22 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 22"d day of May 2003.
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ATTEST: Ja s P. Carter, Pre ent
ing Crosswy, Secretaig