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Board approves $155,520 disbursement; members discuss Public Properties Corporation sign-off
Summary
The board approved disbursement number 13 for $155,520 and debated whether the Public Properties Corporation must sign the payment under an addendum to an MOU, with a speaker saying the MOU authorizes the project development board and its chair to sign on the corporation's behalf.
The Project Development Board approved disbursement number 13 totaling $155,520 and authorized signatures to process the payment.
During and after the vote, board members raised whether the Public Properties Corporation needed to sign the disbursement. A speaker summarized an MOU addendum saying the agreement "brings the Public Properties Corporation into that MOU" and "gives the authority to the project development board and the chair of the project development board to to sign on behalf of the public properties corporation and the fiscal court." That explanation framed the board's view that the PDB or its chair can sign routine payments under the existing agreement, though members noted additional financing steps tied to temporary financing and later bond sales may require separate resolutions.
The motion to approve the disbursement was moved, seconded and carried by voice vote; the transcript records verbal ayes and no roll-call tally. Board members discussed typical steps the Public Properties Corporation and bond counsel handle when temporary financing or bond sales occur, noting those financing resolutions may be completed later in the project timeline.
Next steps: staff will pursue the signatures needed to process payment and confirm whether any additional resolution or filing is required for temporary financing or future bond transactions.
