11-04-2002 Regular MeetingMinutes
Downtown Development Authority (DDA)
Monday, November 4, 2002, 6:00 p.m., Second Floor Conference Room,
City Hall
Attendees: Doug Stoner
Gordon Mortin
Jim Pitts
Scott Cochran
C. J. Fouts
Susan D. Hiott
Hubert Black
A. Max Bacon
Gordon Mortin, underwriter of Knox Wall, described a summary of statistics and savings
for the refunding of the bonds. Mr. Mortin noted that the total savings are $1,029,110.84
and the Net Present Value savings are $803,658.17, net of all costs. Mr. Mortin referred
to the Costs of Issuance and quoted the total cost, excluding bond insurance and the
underwriting fee, as $130,500.00. Mr. Mortin explained that the City originally expected
a larger savings. Mr. Mortin noted his fees were approximately $71,000, and that some
cost were reduced because of updated information, and that legal costs were reduced by
the attorneys to improve the savings to the City.
Motion: Mr. Black moved to adopt the bond resolution, execution of the bond purchase
agreement and execution of the 5th Amended and Restated Lease Agreement. Dr. Pitts
seconded the motion. The motion passed unanimously.
Mayor Bacon noted that Melinda Dameron, the DDA secretary/treasurer, had sent a letter
of resignation. For the purpose of signing the bond documents, City Attorney Scott
Cochran recommended nomination of a secretary/treasurer.
Motion: Mr. Black moved to appoint Doug Stoner as secretary/treasurer. Mr. Fouts
seconded the motion. The motion passed unanimously.
The meeting was adjourned at 6:25 p.m.