ORDER NO. 31838 ISSUANCE OF $235,000 IN PRINCIPAL AMOUNT OF LAKE INGRAM SESTATES ROAD DISTRICT UNLIMITED TAX REFUNDING ROAD BONDS, SERIES 2010 Came to be heard this the 9th day of August, 2010, with a motion made by Commissioner Oehler, seconded by Commissioner Williams, the Court unanimously approved by a vote of 4 -0 -0 to: Approve resolution authorizing issuance of approximately $235,000.00 in principal amount of Lake Ingram Estates Road District Unlimited Tax Refunding Road Bonds, Series 2010; authorizing the County Judge to approve all final terms of the bonds; approving and authorizing the execution of all documents related thereto including a paying agent/registrant agreement and a deposit agreement; calling certain outstanding bonds for redemption; and approving all other matters related thereto. \. ii COMMISSIONERS' COURT AGENDA REQUEST MADE BY: Jeannie Hargis OFFICE: Auditor's Office MEETING DATE: August 9, 2010 TIME PREFERRED: 10:00 AM SUBJECT: Consider, Discuss and Take Appropriate Action to approve a Resolution authorizing the issuance of approximately $235,000 in principal amount of Lake Ingram Estates Road District Unlimited Tax Refunding Road Bonds, Series 2010; authorizing the County Judge to approve all final terms of the bonds; approving and authorizing the execution of all documents related thereto including a paying agent/registrar agreement and a deposit agreement; calling certain outstanding bonds for redemption; and approving all other matters related thereto: EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: Jeannie Hargis /Ken Ruark ESTIMATED LENGTH OF PRESENTATION: 10 minutes IF PERSONNEL MATTER - NAME OF EMPLOYEE: Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapter 551 and 552, Government Code, is as follows: Meeting scheduled for Mondays: 5:00 PM previous Tuesday THIS REQUEST RECEIVED BY: THIS RQUEST RECEIVED ON: @ .M. All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will be appreciated and contribute towards your request being addressed at the earliest opportunity. See Agenda Request Rules Adopted by Commissioners' Court. Lake Ingram Estates Road District - 10 year structure. Page 1 of 3 Jeannie Hargis From: Tom Spurgeon [tspurgeon @mphlegal.com] Sent: Wednesday, August 04, 2010 6:07 PM To: Jeannie Hargis; 'Henderson, Robert; 'Kenneth Ruark' Cc: 'Traylor, Robert D' Subject: RE: Lake Ingram Estates Road District - 10 year structure. Jeannie: Please use the following language for the Court's agenda: RESOLUTION AUTHORIZING THE ISSUANCE OF APPROXIMATELY $235,000 IN PRINCIPAL AMOUNT OF LAKE INGRAM ESTATES ROAD DISTRICT UNLIMITED TAX REFUNDING ROAD BONDS, SERIES 2010; AUTHORIZING THE COUNTY JUDGE TO APPROVE ALL FINAL TERMS OF THE BONDS; APPROVING AND AUTHORIZING THE EXECUTION OF ALL DOCUMENTS RELATED THERETO INCLUDING A PAYING AGENT/REGISTRAR AGREEMENT AND A DEPOSIT AGREEMENT; CALLING CERTAIN OUTSTANDING BONDS FOR REDEMPTION; AND APPROVING ALL OTHER MATTERS RELATED THERETO 1 \Tom Thomas K. Spurgeon McCall, Parkhurst & Horton L.L.P. 700 N. St. Mary's, Suite 1525 San Antonio, Texas 78205 Telephone: 210 - 225 -2800 Telecopy: 210 - 225 -2984 E -mail: tspurgeon @mphlegal.com From: Jeannie Hargis [mailto:jhargis @co.kerr.tx.us] Sent: Wednesday, August 04, 2010 3:05 PM To: 'Henderson, Robert'; 'Kenneth Ruark' Cc: Traylor, Robert D'; Tom Spurgeon Subject: RE: Lake Ingram Estates Road District - 10 year structure. Bob, I guess I need you or Tom to give me the wording for the agenda on Mnnday so the court can take appropriate action. I am sort of lost since I have not been directly involved and I have been working on the budget extensively the last couple of weeks. Please give me the vebage so I can get the agenda to Judge Tinley. Thanks. Thank you, Jeannie Hargis Paula "Jeannie" Hargis, CPA Kerr County Auditor 08/05/2010 FW: Lake Ingram Estates Road District Page 1 of 3 Jody Grinstead From: Jeannie Hargis [jhargis @co.kerr.tx.us] Sent: Tuesday, August 03, 2010 7:24 AM To: ptinley @co.kerr.tx.us Subject: FW: Lake Ingram Estates Road District Attachments: Lake Ingram Estates RD - 4 Yr Ref Strtre.pdf Judge, Please see email below. Do you want to put it on the agenda for Aug 9? Thank you, Jeannie Hargis Paula "Jeannie" Hargis, CPA Kerr County Auditor 700 Main Street Kerrville, Texas 78028 830 - 792 -2237 830 - 792 -2238 - FAX From: Henderson, Robert [ mailto :Robert.Henderson @rbccm.com] Sent: Monday, August 02, 2010 6:29 PM To: Kenneth Ruark; Jeannie Hargis Cc: Traylor, Robert D; Tom Spurgeon Subject: FW: Lake Ingram Estates Road District Jeannie and Kenneth, With the tax roll information provided which indicated a net taxable value of $7,393,889 the tax rate impact of refunding the bonds over a 4 year period would be almost exactly 90 cents at our estimated interest rate which I believe is very conservative. For the benefit of the taxpayers, we really need to refund this debt. Unfortunately, time is short. The county must set the tax rate by no later than September 30th so we really need to know ASAP if we are to wrap this up by early September. As previously indicated, all that is really required is approval by the commissioner's court but I understand that politically, it should be discussed with the taxpayers. Please advise ASAP. Bob Robert V Y-fencferson Managing Director RBC Capital Markets 153 Treeline Park, Suite 100 San Antonio, TX 78209 Phone: 210 - 805 -1118 08/03/2010 FW: Lake Ingram Estates Road District Page 2 of 3 Fax: 210- 805 -1119 Cell: 210- 240 -4614 From: Henderson, Robert Sent: July 29, 2010 3:18 PM To: 'Jeannie Hargis' Cc: 'Kenneth Ruark'; Traylor, Robert D Subject: Lake Ingram Estates Road District Jeannie, I have been in communication with Ken Ruark in regards to a possible refinancing. He is positive on the idea and willing to discuss with his neighbors. We have run the refunding analysis (see attached) assuming paying this off in 4 years. The result is still a tax rate of under $1.0 (versus the $1.12 approved by the voters). This produces a whopping total savings to the taxpayers of $186k or 33% (NPV) of the bonds being refunding. This REALLY needs to be done. In order to calculate the exact I &S rate, I need the current TAV. You should have gotten certified rolls earlier this week. Can you forward for this district? Thanks, Bob «Lake Ingram Estates RD - 4 Yr Ref Strtre.pdf» Rp6ert V Jfencferson Managing Director RBC Capital Markets 153 Treeline Park, Suite 100 San Antonio, TX 78209 Phone: 210 - 805 -1118 Fax: 210- 805 -1119 Cell: 210- 240 -4614 This E -Mail (including any attachments) may contain privileged or confidential information. It is intended only for the addressee(s) indicated above. The sender does not waive any of its rights, privileges or other protections respecting this information. Any distribution, copying or other use of this E -Mail or the information it contains, by other than an intended recipient, is not sanctioned and is prohibited. If you received this E -Mail in error, please delete it and advise the sender (by return E -Mail or otherwise) immediately. 08/03/2010 FW: Lake Ingram Estates Road District Page 3 of 3 • This E -Mail (including any attachments) has been scanned for viruses. It is believed to be free of any virus or other defect that might affect any computer system into which it is received and opened. However, it is the responsibility of the recipient to ensure that it is virus free. The sender accepts no responsibility for any loss or damage arising in any way from its use. E -Mail received by or sent from RBC Capital Markets is subject to review by Supervisory personnel. Such communications are retained and may be produced to regulatory authorities or others with legal rights to the information. IRS CIRCULAR 230 NOTICE: TO COMPLY WITH U.S. TREASURY REGULATIONS, WE ADVISE YOU THAT ANY U.S. FEDERAL TAX ADVICE INCLUDED IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, TO AVOID ANY U.S. FEDERAL TAX PENALTIES OR TO PROMOTE, MARKET, OR RECOMMEND TO ANOTHER PARTY ANY TRANSACTION OR MATTER. 08/03/2010 J 0 ai N a 0 ti) P U) o oc) N o c coo 0 0° oM o 0 c• o • Ln i , o v O N coo od-0 0W 0 N o 0 O 0 0 0) O U 0 0 0 0 et 0 (0 0 N 0 N LC) o I.6 cri v 0 L6 vi o co o co 0) 0) o) cso el N y N1 N O N N N o 0 o co f0 co el CI 000 Cl N p N N aiO c.i C) 6q t,q . c+) 1 r o CO E N _ OS d d m Lt lo N 3 d y H CO w , c LL. 0 CO v C a 0 In v co CO CY CI) W W 0 o a OS 1 - O o W v N O J v y o V) H a) a) 3a) o o c W o. o S c c y c w m y u {a ` w O N. O U c o N O m 1s me cZ d o 0 v 2 E 3 • m � v °o ° m c 2 Z v a m vcrm v o o c@ c a) m e W - V) c U. O V ii 0 v N CO C U� C 0 P 4 6... 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