MINUTES

SUNNYVALE 4A DEVELOPMENT CORPORATION

BOARD OF DIRECTORS

REGULAR SESSION

JUNE 4, 2009

7:00 P.M.

THE BOARD OF DIRECTORS OF SUNNYVALE 4A DEVELOPMENT CORPORATION MET IN REGULAR SESSION ON JUNE 4, 2009 AT 7:00 P.M. IN THE COUNCIL CHAMBERS OF THE SUNNYVALE TOWN HALL, 127 N. COLLINS ROAD, SUNNYVALE, TEXAS UNDER V.T.C.A., GOVERNMENT CODE SECTION 551.041. THOSE PRESENT WERE:

PRESIDENT BILL WHITEHURST

VICE PRESIDENT JIM WADE

MEMBER LARRY BOYD

MEMBER CLINT WESTMORELAND

MEMBER RACHEL DOYLE

· CALL MEETING TO ORDER

President Whitehurst called the meeting to order at 7:00 p.m.

· APPROVAL OF MINUTES

1. REGULAR MEETING – May 14, 2009

Motion was made by Member Doyle to approve the minutes from May 14, 2009. Motion seconded by Member Westmoreland. Motion carried unanimously.

· APPROVAL OF FINANCIAL STATEMENTS

1. UNAUDITED MAY STATEMENT

Motion was made by Member Westmoreland to approve the unaudited May financial statements. Motion seconded by Member Boyd. Motion carried unanimously.

· PUBLIC COMMENT PERIOD: PERSONS MAY ADDRESS THE SUNNYVALE 4A DEVELOPMENT CORPORATION BOARD ON ITEMS NOT ON THE AGENDA OTHER THAN PERSONNEL MATTERS. PLEASE OBSERVE THE TIME LIMIT OF THREE (3) MINUTES. CORPORATION AND ITS DIRECTORS CANNOT COMMENT OR DELIBERATE ITEMS OF PUBLIC COMMENTS.

There were no public comments.

· DISCUSS AND CONSIDER FUNDING REQUEST OF $30,000 FROM THE SUNNYVALE CHAMBER OF COMMERCE IN REGARD TO PROMOTION OF THE PECAN FESTIVAL, NOVEMBER 7, 2009.

Terry Reid, Chairman Sunnyvale Chamber of Commerce, discussed her request for funds to help pay for the promotion of the proposed Pecan Festival scheduled for 11/7/09.

Motion was made by Member Boyd to designate $10,000 out of the advertising budget; having a contract drawn with the Pecan Harvest Festival group and reviewing the advertising produced to be sure it adheres to the bylaws. The funds are to be paid on demand after review. Motion seconded by Member Doyle. Motion carried unanimously.

· DISCUSS AND CONSIDER BOND FINANCING OF UP TO $5,000,000 BY SOUTHWEST SECURITIES, INC. FOR CORPORATION INVESTMENTS IN INFRASTRUCTURE THAT MAY STIMULATE NEW DEVELOPMENT IN SUNNYVALE SELECTING PRIORITIES FOR FURTHER DEVELOPMENT OF PROJECT AND FINANCIAL PLANS.

George Williford, First Southwest Company, explained financing options that could be paid form sales tax collections for infrastructure needs. He discussed general obligation bonds and certificates of obligation. Mr. Williford presented documentation for bonds at $1,000,000, $3,000,000 and $5,000,000.

Pam Mundo, Economic Consultant, reviewed capital improvement projects discussed over the past few months. She described potential participation along proposed sewer lines. She suggested a contract with some of the property owners and a required level of participation to meet the 4A laws requiring stimulation of development.

Chairperson Whitehurst stated that the 4A Corporation had an opportunity with lower interest rates to plan projects and stimulate the corridors. Discussion followed regarding the areas to concentrate efforts on and the amounts to consider financing. Direction was given to Ms. Mundo to visit with businesses regarding participation in projects and to invite them to the next meeting planned for July 9, 2009.

· ADJOURN

President Whitehurst adjourned the meeting at 8:40 p.m.

The undersigned presiding officer certifies that this is a true and correct record of the proceedings.

_____________________

President Bill Whitehurst

ATTEST:

_______________________________

Scott Campbell, Town Manager

A TAPE RECORDING OF THIS MEETING IS ON FILE AT TOWN HALL. THESE MINUTES ARE CONDENSED THEREFROM.