Travis County Commissioners Court
September 5, 2006
Item 25
25 to consider and take appropriate action -- appropriate action to waive the due date of the financial advisor's report regarding the application for the creation of galleria road district; and receive the financial advisor's report on the application for the creation of galleria road district. The reason this was not on consent is because one member or two members have an obtained or voting against this.
>> good morning, carol joseph t.n.r. We received the report from the financial advisor, lad patillo, I was expecting him to be here but obviously he's running a little bit. He had two recommendations. One was that you -- that you -- retain total discretion regarding the amounts of the structure, methods and participants, the timing of the future bonds. That's not an issue because the expectation is that the court will be the board for the galleria road district. The other was the naming of the district. He suggested that it not be named Travis County in the title of the road district, conversations with glen, however, felt that at this time because -- my feeling was that we had so many different names we would refer to it as galleria road district, Travis County road district number 1, I don't know if you all had come up with an official name of it -- of the road district. However, glen felt that he would resist changing the name at this time. I just needed to mention it to you. Lad's feeling was that by having it named Travis County bee cave can be confusing in the bond houses when you do sell it as -- as a Travis County bond instead -- the regular county bond instead of the road district bond because the name is in the title of the name of the district is also Travis County.
>> that was something that I thought about months ago and I know that glen was also checking with the attorney general's office, which is -- [indiscernible] people were here, there were certain kinds of restrictions more related to the attorney general had a certain way of styling certain kinds of things and so the compromise was to get bee cave into the title. Did I capture that correctly, sheryl?
>> well, we're here for two things, though, that are very simple if we are going to do them. One is to waive the deadline.
>> that's right.
>> which we have missed. Two is simply to receive lad's report. It's not to receive his report and act on it.
>> that's correct.
>> the other thing is what we committed to do at the appropriate time was look at the financial situation out there and make the call on whether to issue bonds.
>> that's correct.
>> and so I thought this was real simple. We waive the due date because we missed already. Or we receive lad's report which we kind of -- we sort of insisted that he do for us.
>> exactly.
>> who else is here on this item that would like to give testimony?
>> I thought it was pretty straightforward myself.
>> I move approval of the waiving and the receiving.
>> right. Now the time will come when there will be more issues of substance that we deal with. And this posting really is to allow us to receive lad's report that we have been anticipating.
>> let's not complicate it.
>> is it your opinion as well, the court's opinion, that we the court are not the ones that is responsible for missing the deadline? Microchip it's not -- correct, I mean, we are I don't think that it was the court that missed the deadline, I mean, the legal people that were putting all of this together, I mean, was more responsible for this deadline being missed than the court because the -- they were bringing it to us.
>> well there's a little bit grayer than that, though. Lad told me that he was unsure as to exactly what was expected of him. Lad really is the county's financial advisor. He's advising the Travis County Commissioners court about the proposal that we got from the applicant. So to be honest, the situation is we kicked it to lad for the financial advisors analysis and recommendation or input.
>> that's correct.
>> he was unsure as to exactly what we expected of him, he said.
>> and the other complication was that lad was in iraq.
>> that's correct.
>> I mean so, I mean, not to say totally out of this, but I do -- I want to make sure that, you know, especially since we seem to somehow get in the paper with having the inability to act on -- on things sometimes, I mean, I don't know that --
>> you don't have [indiscernible] a newspaper do you --
>> I'm beginning to wonder whether or not they have all of the information that they need. If they come up here and see how many things we do ask for a weekly basis --
>> it's just county humor. [laughter]
>> well, you can tell that I got a little edgy about this the comment that was made in the paper, you know, we --
>> I thought they had run out of stuff to do down there.
>> I'm not really sure how many Commissioners courts in the states of Texas to on an average of 8 or 9 hours a week to do their agenda. Travis County certainly does.
>> I don't know how many also meet 52 weeks out of the year in terms of getting the people's business done.
>> [indiscernible] talking about this. I understand. I did want to make sure that everybody understood that even though we may have some skin in the game here with regards to this thing being delayed, I think it probably was more because our advisor, you know, serving the country in iraq, you know, we needed to have him back in town so that we could get this thing signed off on. I think we are on the right road now. I agree, I mean with what you have got here, I mean, a and b, I mean those are easy to --
>> for the record, the statesman is one of our favorite newspapers of our last of 50, at least in the top half. Any more serious discussion of 25 a or b? There was a motion to approve, right?
>> yeah, I moved.
>> seconded?
>> all in favor? Show Commissioners Sonleitner, Gomez, Daugherty, yours truly voting in favor. Abstaining Commissioner Davis.
>> thanks, sheryl.
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Last Modified:
Tuesday, September 5, 2006 4:29 PM