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Home My WebLink About08/31/1976 - Special Minutes City Council NOTICE OF SPECIAL MEETING OF CITY COUNCIL OF COLLEGE STATION, TEXAS THE STATE OF TEXAS COUNTY OF BRAZOS TO THE MEMBERS OF THE CITY COUNCIL OF COLLEGE STATION, TEXAS: NOTICE IS HEREBY GIVEN that I hereby call a special meeting of the Council of the City of College Station, Texas, to be held at the City Hall of said City at 7:30 o'clock P.M., on the 31st day of August, 1976, for the purpose, among others, of adopting ordinances authorizing the issuance and sale of the City' s General Obligation Bonds, Series 19 76, and the City's Utility System Revenue Bonds, Series 1976. WITNESS MY HAND this ]~.~day of August, 1976. _ ~ .. Mayor, City of College Station, Texas ATTE ST: ~ity SeCretary/ / / [SEAL ] WAIVER AND CONSENT ...... ,~ , We, the undersigned, members of the City Council of College Station, Texas, acknowledge receipt of the above notice, waive any further notice with respect thereto and con- sent to the holding of the special meeting described in said notice. 'H s eH MINUTES Special City Council Meeting August 31, 1976 7'00 P.M. MEMBERS PRESENT- City Manager Bardell; City Secretary Neelley; Mayor Bravenec; Councilmen Ringer, Gardner, Halter, Dozier, Hazen; Liaison Martin; Assistant Snider MEMBERS ABSENT- Councilman Stephenson VISITORS PRESENT' See guest register. Mayor Bravenec asked Council's permission to reorder the agenda with the original agenda item number one being placed at the end of the agenda in a closed session. Agenda Item No. 2 -- Consideration of utility rate adjustment ordinances. City Manager Bardell described the rate increase for College Station which passes on water and electrical rate increases which were agreed upon with Bryan. He stated that there was a $4,000 loss for the peak water usage month of August which the City needed to compensate. Councilman Gardner suggested a flatter rate schedule be considered. Mayor Bravenec stated he felt that Councilman Gardner's goals were good but that his (Gardner' s) proposed rate would not accomplish conservation or overall low rates. Councilman Dozier moved to adopt Ordinance No. 1038 as recommended by the Utility Committee. The motion was seconded by Councilman Ringer and passed with Councilman Gardner voting against. Councilman Halter suggested future examination of the questions raised by Councilman Gardner at a time when the change of rate schedule is not up for a vote. City Manager Bardell described the electric rate schedule increase, Ordinance No. 1039. Councilman Ringer moved approval of Ordinance No. 1039, an electrical rate schedule increase. Councilman Dozier seconded the motion which passed with Councilman Gardner voting against. Agenda Item No. 3 -- _A_ccepting bids on bonds and pass necessary ordinances relating thereto. Mr. Brown described the proceedure for tabulating bids. Mr. Dave Fetzer read the bids, copies of which are made a part of these minutes. Mr. R. D. Richards, Baker and Botts, Houston Bond attorneys; read and described ordinances declaring and authorizing the issuance of bonds. Mr. Dave Fetzer recommended the bid of Rolls-Winston. Councilman Halter moved acceptance of the bid of Rolls Winston with a~i v e MINUTES, Special City Council Meeting August 31, 1976 7'00 P.M. Page 2 interest rate of 5.621647%, and Ordinance No. 1040, authorizing the sale of Texas Utility System Revenue Bonds, Series 1976, for the City of College Station. The motion was seconded by Councilman Ringer and passed unanimously. Mr. Ran Boswell was asked for his opinion as former City Manager, as to the quality of bids submitted. Mr. Richards read and described the ordinance authorizing the sale of General Obligation Bonds. Mr. Dave Fetzer recommended that the Rauscher Pierce bid with a 5.3613% effective interest rate be accepted. Councilman Ringer moved approval of Ordinance No. 1041 and the acceptance of Rauscher Pierce as low bidder, as recommended, for sale of general obligation bonds. Councilman Halter seconded the motion which passed unanimously. Agenda Item No. 4-- Investment of bond funds. Mr. Ernest Brown recommended depositing the bonds in University National Bank. He described the process of depositing the bonds and how they would be used. Councilman Ringer moved to authorize City Manager Bardell to determine where the funds are to be deposited in the local banking institutions and to schedule when and where to deposit the monies needed to have on hand for ongoing bills and contracts and evaluate collateral, if needed. The motion was seconded by Councilman Halter and passed with Mayor Bravenec voting against. Mr. Dave Fetzer presented a resolution for a notice of sale authorizing the City Manager and Tax Assessor Collector to sign a certificate attesting to the fact that nothing will be changed from date of sale to date of delivery on the bonds. Councilman Hazen moved adoption of the resolution with Councilman Ringer seconding. The motion was passed unanimously. Agenda Item No. 1 -- Clop.ed, p.ession .to disc. u.s_s contr.act ame. ndment with Moroney_, Bessiner & Co., Inc. Mayor Bravenec called the Council into closed session for the purpose of contract negotiation. Agenda Item No. 5 -- Adjourn. The Council convened to open session and Mayor Bravenec declared the meeting adjourned. ATTEST City Secretary ~fi~PROVED, Mayor SPECIAL CITY COUNCIL MEETING August 31, 1976 7:00 P.M. 7. 25. 10. 28. 11. ~x~ 29. . ~3. ~ ' ~ ..... ~. 16. ~~~ ~ ~~~~ 32 15. ~/~~ 33 16. 3~. 17. 35. 18. 36. OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas GENERAL OBLIGATION BONDS Gentlemen- Reference is made to your "Official Notice of Sale" dated August 17, 1976 of $5,840,000 City of College Station, Texas General Obligation Bonds, Seri es 1976. For your legally issued $5,840,000 of Bonds, as described in said Notice, we will pay you par and accrued interest from date of issue to date of delivery _. for bonds bearing interest as fol 1 ows' to us, plus a cash premium of $ ~c~- Bond Maturing 1978 through 19_~__ 19~ through 19 19~ through 19-=- 19~z9_1 through 19-=- 19~9_2 through 1~_~_~ 19z~ through 1 --9-? Interest cost, in accordance with the above bid, is' Gross Interest Cost ..... $ ....... Less Premium ................... $ NET INTEREST COST .............. $ EFFECTIVE INTEREST RATE ........ ~ ~r.~ ~ % Attached hereto, or submitted separately, is Bank Certified or Bank Cashier's Check of the City ~qatio:,al ~.~ar.k ,'.,~ Austin , Austin, T>.'.. in the amount of $116,800, which represents our Good Faith Deposit and which is sub- mitted in accordance with the terms as set forth in the "Official Notice of Sale." Respectful ly submitted, RA~ ,SC ;-iEk PIE~';'- . ,-,,_E SECUF<ITtES C'~ F,P.- Mar. an,..' Assc:ciates ( . ) i'hc r:~c;s 2. "c",~,-_' v, '/i"e r'res~' ACCEPTANCE CLAUSE The above and foregoing bid is hereby in al~things accepted by the City of College Station, Texas this the ?/~,~- day of ,,x.~._~y- , 1976. ~..ATTESI':' -), ~/ ~ ~ , Sec~tar..'y ': ~ Mayor, City of Col 1 ege Sta ti on, Texas Return of Good Faith Check is hereby acknowledged by ,~,.,~ (See Bond Years on Reverse Side) IJ~'~-: ACCUMULATED BOND YEARS ~ . , $5,840,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS SERIES 1976 Dated: August 15, 1976 Month of Maturity- February 15 Year of Maturity 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Amount Of Bonds $275,O00 275,000 275,000 27 5,000 275,000 275,O0O 290,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 Accumulated Bond Years 412.50 1 ,lO0.O0 2,062.50 3,300.00 4,812.50 6,600.00 8,775.00 11,325.00 14,175.00 17,325.00 20,775.O0 24,525.00 28,575.00 32,925.00 37,575.00 42,525.00 47,775.00 53,325.00 59,175.00 65,325.00 Average Maturity ll.19 Years OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas GENERAL OBLIGATION BONDS Gentlemen' Reference is made to your "Official Notice of Sale" dated August 17, 1976 of $5,840,000 City of College Station, Texas General Obligation Bonds, Series 1976. For your legally issued $5,840,000 of Bonds, as described in said Notice, we will pay you par and accrued ~nterest from date of issue to date of delivery to us, plus a cash premium of $.. ~-_90.- .. for bonds bearing interest as follows' Bond Maturing 1978 through 19 84 6. O0 % 1985 through 199_~ ___ 5.6O % 1 ~~ through 19_9_~ 1 through 1997 4.00 % 19-- through 19 ........... ....... 19'- th rough 19 .... % __ Interest cost, in accordance with the above bid, is' Gross Interest Cost ............ $3,524, 925..00 Less Premium ................... $ -0- NET INTEREST COST .............. $3,52~, 925. O0 EFFECTIVE INTEREST RATE ........ 5. 39598Z % , Attached hereto, or submitted separately, is Bank Certified or Bank Cashier's Check of the Am~_~'~m~ ~~.~1 ~-u , Austin, Texas in the amount~ Of-$ll~-8OU~~-fc-h-r-e"~'resents our Good F'a'~ th '-Deposit a~d' whi ch i s sub- mitted in accordance with the terms as set forth in the "Official Notice of Sale. Respectful ly submitted, - In Association With - Rotan Mosle Inc. · Merrill Lynch, Pierce, Fenner & Smith, Incorporated _ White, Weld & Co., Incorporated Shearson Hayden Stone Inc. Fred Baker & Associates Inc. Rowles,Winst..o.n.Division; Cowen & Company. . /'~__,.,,.,.~..'~A'_----I ___-1 .'r?_ ~_'1-' _1_ T---- . Ho_rnblower ............. & Weeks, I-Iemph±ll-Noyes, Incorporated -'Ldeb' Rl, tri,ades & c0~pany~nd -M. E. Alls±r}n } Co., Inc. r- ' ~±lam M.' ~omar ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas this the day of ...... , 1976. ATTEST' ....... Secretary' Mayor, City of College Station, Texas Return of Good Faith Check is hereby acknowledged by (See Bond Years on Reverse Side) ACCUMULATED BOND YEARS $ 5,840,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS SERIES 1976 Dated- August 15, 1976 Month of Maturity' February 15 Year of Ma~uri ty Amount Of Bonds Accumu 1 a ted Bond Years 1978 1979 $275,000 275,000 412.50 1 ,lO0.O0 1980 1981 275,OO0 275,0O0 2,062.50 3,300.00 1982 1983 275,00O 275,000 4,812.50 6,600.00 1984 1985 290,000 300,000 8,775.00 11,325.00 1986 1987 300,000 300,000 14,175.00 17,325.00 1988 1989 300,000 300,000 20,775.00 24,525.00 1990 1991 300,000 300,000 28,575.00 32,925.00 1992 1993 300,000 300,000 37,575.00 42,525.00 1994 1995 300,000 300,000 47,775.00 53,325.00 1996 1997 300,000 300,000 59,175.00 65,325.00 Average Maturity ll.19 Years OFFICIAL BID FORM Honorable Mayor and City Counci 1 City of College Station College Station, Texas GENERAL OBLIGATION BONDS Gentlemen' Reference is made to your "Official Notice of Sale" dated August 17, 1976 of $5,840,000 City of College Station, Texas General Obligation Bonds, Series 1976. For your legally issued $5,840,000 of Bonds, as described in said Notice, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premium of $ ~ ~ for bonds bearing interest as follows' Bond Maturing 1978 through 19_8? 19__ through 19_88 19_B9 through 19_9~ 19~ _ through 19_9~2 19__0.3 through 19~5 19_96 through 19_9_7 .6.00 ........ % ..... 5_6O % .... 5.7o % a..oo % Interest cost, in accordance with the above bid, is' Gross Interest Cost ............ $ 3,5~6,950.00 Less Premium ................... $ 77.81. NET INTEREST COST .............. $ 3,526,872.19 EFFECTIVE INTEREST RATE ........ 5.39896 Attached hereto, or submitted separately, is Bank Certified or Bank Cashier's Check of the First National Bank in_Dallas , Dallas, Texas in the amounfrof $116,800, which; represents our Good 'Faith Deposif a~nd"which is Sub- mitted in accordance with the terms as set forth in the "Official Notice of Sale." Respectful ly submitted, FIRST NATIONAL BANK IN DALLAS & Associates (See List Attached) Parks B. Pedrick, Jr., Vice Preside6f ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas this the day of , 1976. ATTEST' Secretary Mayor, City of Col'leg'e 'St-al~iffi~-~r~exas Return of Good Faith Check is hereby acknowledged by (See Bond Years on Reverse Side) OZO07 ACCUMULATED BOND YEARS $ 5,840,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS SERIES 1976 Dated: August 15, 1976 Month of Maturity: February 15 Year of Maturity 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Average Maturity Amount Of Bonds $275,000 275,000 275,000 275,000 · 275,00O 275,000 290,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 Accumulated Bond Years 412.50 1 ,lO0.O0 2,062.50 3,300.00 4,812.50 6,600.00 8,775.00 11,325.00 14,175.00 17,325.00 20,775.00 24,525.00 28,575.00 32,925.00 37,575.00 42,525.00 47,775.00 53,325.00 59,175.00 65,325.00 ll.19 Years $ ~ ~ 840,000 CITY OF COLLEGE STATION, TEXAS General Obligation Bonds, Series 1976 Selling: August 31, 1976 First National Bank in Dallas The Northern Trust Company Chemical Bank N.A. Weeden & Co., In¢o Paine, Webber, Jackson & Curtis Texas Commerce Bank N.Ao Bank of Oklahoma N.Ao Kidder~ Peabody & Coo~ Inc. OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas GENERAL OBLIGA?ION BONDS Gentlemen' Reference is made to your "Official Notice of Sale" dated August 17, 1976 of $5,840,000 City of College Station, Texas General Obligation Bonds, Series 1976. For your legally issued $5,840,000 of Bonds, as described in said Notice, we will pay you par and accrued intere.st from date of issue to date of delivery to us, plus a cash premium of $ __-o.-.. _ for bonds bearing interest as follows: Bond Maturing 1978 through 1988 5.00 ..... % --- o % 1989through 1990 ~:~0 ~ 19~ through 19__ % 19-9-2 through 19~-~ 5. ? 5 % 19-91 through 19~-5 6. O0 . ]' "% 19 9-~-6 through 19~-~ 6.10 % Interest cost, in accordance with the above bid, is' Gross Interest Cost ............ $ 3,623~, ~00. O0 Less Premium ................... $ -0- NET INTEREST COST .............. $ 3, 6.23,400. O0 EFFECTIVE INTEREST RATE 5.5467Z 8 % ~~, or submitted separately, is Bank Certified or Bank Cashier's Check of the City National Bank Austin Texas in the amount of $116,800, wfiich represents our Good Faith Deposit and which is sub- mitted in accordance with the terms as set forth in the "Official Notice of Sale." Respectful ly submitted, First City National Bank of Houston, manager Allied Bank of Texas Texas Bank and Trust Company of Dallas By ~~~...~_~f]~ .......... E. F. Hutton & Co., Inc. Patti Payne ACCEPTANCE CLAUSE Investment Officer The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas this the day of , 1976. ATTEST- Secretary Mayor, City of College Station, Texas Return of Good Faith Check is hereby acknowledged by (See Bond Years on Reverse Side) ACCUMULATED BOND YEARS $5,840,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS SERIES 1976 Dated- August 15, 1976 Month of Maturity' February 15 Year of Mat. uri ty. 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Amount Of Bonds $275,000 275,000 275,O00 27 5,000 275,000 275,000 290,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 Accumu 1 a ted Bond Years 412.50 1,100.00 2,062.50 3,300.00 4,812.50 6,600.00 8,775.00 1 l, 325. O0 14,175.00 17,325.00 20,775. O0 24,525.00 28,575.00 32,925.00 37,575.00 42,525.00 47,775.00 53,325.00 59,175.00 65,325.00 Average Maturity ll.19 Years OFFICIAL BID FORM Honorable Mayor and City Council City of Col 1 ege Stati on Col 1 ege Station, Texas REVENUE BONDS .. , Gentlemen' Reference is made to your "Official Notice of Sale" dated August 17, 1976 of $3,000,000 City of College Station, Texas Utility System Revenue Bonds, Series 1976. For your legally issued $3,000,000 of Bonds, as described in said Notice, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premiums of $ __~ ~/~, ~_ for bonds bearing interest as fol 1 ows' Bonds Maturing 1979 through 19~ ~ % 19~_~ through 19~-~ 19~ through 19 ~/,$ _%0 19_~.~ through 19~ --" ~,,A~) % 19~throu~h 1 19~[~through 1 ~ ~ - Interest cost, in accordance with the above bid, is' Gross Interest Cost ............. $_ Less Premium .................... $ NET INTEREST COST ............... $ EFFECTIVE INTEREST RATE ......... % Attacl~ed hereto, or submitted separately, is Bank Certified or Bank Cashier's Check of the ~ .... ~ --' in the amount-of $'60',000'~''~'~hi~nr-epres~nts- Our G ,, mitred in accordance with the terms as set forth in the "Official Notice of Sale. Respectful ly submitted, C'By ~ ~: ' ' ~.ob Schnakenherg ~_~ ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas this the -ly..~l- day of ~ __, 1976. __ .~ ~ *""k i s hereby acknowl edged by ~ ' - ------ - M--~~ 'City of ~xas Return of Goo~! Fa i -------~-----~ (See Bond Years on Reverse Side) , ACCUMULATED BOND YEARS $3,000,000 CITY OF COLLEGE STATION, TEXAS UTILITY SYSTEM REVENUE BONDS SERIES 1976 Dated: August l, 1976 Month of Maturity: February 1 Year of Maturity Amount Of Bonds Accumu 1 a ted Bond Years 1979 1980 $150,000 150,000 375.00 900.00 1981 1982 150,000 150,000 1,575.00 2,400. O0 1983 1984 150,000 150,000 3,375.0O 4,5OO.OO 1985 1986 150,000 150,000 5,775.00 7,200. O0 1987 1988 150,000 150,OO0 8,775.0O 1 O, 500. O0 1989 1990 150,000 150,000 12,375.00 14,400. O0 1991 1992 150,000 150,000 16,575.00 18,900.00 1993 1994 150,000 175,000 21,375. O0 24,437.50 1995 1996 175,000 200,000 27,675. O0 31,575.00 1997 200,000 35,675.00 Average Maturity 11.89 Years OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas Gentlemen- REVENUE BONDS , , Reference is made to your "Official Notice of Sale" dated August 17, 1976 of $3,000,000 City of College Station, Texas Utility System Revenue Bonds, Series 1976. For your legally issued $3,000,000 of Bonds, as described in said Notice, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premiums of $ 491.50__ . for bonds bearing interest as fol 1 ows' Bonds Maturing 1979 through 1987 1988 through 19 90 199~ through 19 92 1993 through 19_ 1994 through 19 95 199_~_~ through 19_9_7 6.375 5.50 .,_ 5-.70 4_5o _ Interest cost, in accordance with the above bid, is' Gross Interest Cost ............. $2~ 008 ~068..75 Less Premium .................... $ 491.50 NET INTEREST COST ............... $2 . O0 7.5 77 . 25 EFFECTIVE INTEREST RATE ......... 5.62,74 Attached hereto, or submitted separately, is Bank Certified or Bank Cashier's Check of the City National Bank of Austin , Austin, TX. in the amount' ~f $60,000, which represents our Good Faith Deposit and which is sub- mitted in accordance with the terms as set forth in the "Official Notice of Sale." Respectful ly submitted, RAUSCHER PIERCE SECURITIES CORP.-Mgr. and Associates . ~. ThOm'as B. Hensey, Vi~//President / ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas this the day of , 1976. ATTEST- Secretary Mayor, City of College Statioh', Texa~:' .. Return of Good Faith Check is hereby acknowledged by .... _ (See Bond Years on Reverse S~de) ACCUMULATED BOND YEARS $3,000,000 CITY OF COLLEGE STATION, TEXAS UTILITY SYSTEM REVENUE BONDS SERIES 1976 Dated: August l, 1976 Month of Maturity' February 1 Year of Maturity . -- Amount Of Bonds Accumu 1 a ted Bond Years 1979 1980 $150,000 150,000 375.00 900.00 1981 1982 150,000 150,000 1,57 5. O0 2,400.00 1983 1984 150,000 150,000 3,375.00 4,5OO. O0 1985 1986 150,000 150,000 5,775.00 7,2OO. O0 1987 1988 150,000 150,000 8,775.00 1 O, 500. O0 1989 1990 150,000 150,000 12,375.00 14,400.00 1991 1992 150,000 150,000 16,575.00 18,900.00 1993 1994 150,000 175,000 21,375.00 24,437.50 1995 1996 175,000 200,000 27,675. O0 31,575.OO 1997 200,000 35,675.0O Average Maturity 11.89 Years