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HomeMy WebLinkAbout07/10/1978 - Special Minutes City CouncilMINUTES Special City Council Meeting July 10, 19 78 7:00 P.M. MEMBERS PRESENT: Mayor Bravenec; Councilmen Adams, Hazen, Halter, Dozier, Ringer; City Manager Bardell; City Secretary Neelley; City Planner Mayo; Community Development Planner Callaway; City Attorney Lewis; Tax Assessor-Collector Schroeder; Graduate Design Engineer Fees MEMBERS AB SENT: Councilman Boughton; Student Liaison DuBois VISITORS PRESENT: See guest register Agenda Item N.o. !--_ Accept bi_ds on bon. d.s...a.nd _pass necessary ordinances relating thereto. Mayor Bravenec announced the closing of bids on bonds. Financial Advisor David Fetzer, Moroney, Beissner & Co., opened and read the submitted bids. Mr. Dick Richards, Baker & Botts, presented bond orders and read proposed Ordinance No. 1115 providing details of bond sale authorized in the April 1, 1978 election. Councilman Adams stated his belief that it was improper to sell the entire amount of the bonds, since other arrangements had been made to acquire the Krenek Tap tract as a park. Councilman Halter commented that the money could be used for park improvement, as well as for park acquisition and that the City Council previously had decided to issue bonds for the full amount authorized for parks.° Mr. Richards stated that the city could legally use current funds for park improvement and for park acquisition. This must be done, however, within a three year period. Mr. Fetzer reported that the low bid was submitted by Rauscher-Pierce Security Corporation of Dallas, Texas. Councilman Halter moved to accept Rauscher-Pierce Security Corporation's bid of $1,848,111.13 at the effective interest rate of 5.409370%. The motion was seconded by Councilman Hazen. Councilman Adams moved to amend the motion be reducing the amount by $352,000.00. The motion died for lack of a second. The motion to accept the bid of Rauscher-Pierce passed by the following vote: FOR---Mayor Bravenec; Councilmen Ringer, Dozier, Halter, Hazen AGAINST --- Councilman Adams Councilman Ringer moved to adopt Ordinance No. 1115. Councilman Hazen seconded the motion which passed unanimously. Agenda Item No. 2 -- Consideration of action on reply from HUD concerning Community .. Development Program. - O,"?~/~~ MINUTES, Special City Council Meeting July 10, 1978 7'00 P.M. Page 2 Councilman Halter suggested leaving this item until after Items 3 through 7 were considered. A. genda Item No. 3 -- Consideration of a revised preliminary plat - Sunrise Place,. located north of and adjacent tO F;M- 2~818 a.n.d appr. pximat.e~ly 1000 feet west of Southwood Drive. Councilman Halter moved to accept the revised preliminary plat of Sunrise Place. Councilman Hazen seconded the motion, which passed unanimously. Agenda Item No. 4 -- Cons..idera. tion of. a Preliminary plat .- Gree.k .Vi!lage,_locate. d between Munson Avenue, University Oaks Blvd. ~ and Stallings Drive. The plat passed by common consent. Agenda Item No. 5 -- Consideration of a final .plat- Southwood Valley., Section 10-A. City Planner Mayo explained the Southwood Valley, Section iO-A plat under consideration. Councilman Halter moved to accept the final plat of Southwood Valley, Section 10-A. Councilman Hazen seconded the motion and it was unanimously approved. Agenda Item No. 6 -- Consideration of a final plat - Holleman Ridge, loc. ated at the intersection of Holleman Drive and Anderson Street. This plat was passed by common consent. Agenda Item No. 7 -- Consideration of final plat -. resubdivision of ,.Lot !,.. Block 5.,:..Br.eezey Heights Addition. The plat was passed by common consent. Agenda Item No. 2 -- Consideration of action on reply from HUD concerning Community Development Pro§.ram. Councilman Halter reported to the Council on his visit to the Department of Housing and Urban Development in Dallas. He stated that College Station will not be eligible for 1978 funds, unless the city appeals. He suggested the city appeal the decision of IIUD. Community Development Planner Callaway explained that in his opinion, HUD would continue raising a question on the city's application for the grant until a new housing project is included in the plans. Councilman Adams noted that he was opposed to more subsidized housing units being built in College Station. Councilman Dozier moved that the staff appeal HUD's decision. Councilman Ringer seconded the motion which then passed unanimously. Agenda I. tem .No. 8 .-- Closed pession tO con. sid~er 1.a,nd .acquisitiqn. Mayor Bravenec called the Council into closed session. MINUTES, Special City Council Meeting July 10, 1978 7:00 P.M. Agenda Item NO.; 9 -- Adjourn. Mayor Bravenec declared the meeting adjourned. ROVED ATTEST City Secretary Page 3 oo o o © OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas Gentlemen: This bid is submitted under the terms and conditions of your "Official Notice of Sale" dated June 26, 1978, of $3,020,000 City of College Station, Texas General Obligation Bonds, Series II 1978, terms and conditions of which "Notice of Sale" are made a part hereof. For your legally issued $3,020,000 of Bonds, as described in said Notice of Sale with option for prior redemption on February 15, 1988 or any interest payment date thereafter, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premium of $ ~. ~.. ,4-~' for bonds bearing interest as follows: Bonds Maturing 1980 through 19 19~ through 19 ~,)/ 19.~7 through 19 ~ ....... ,.j ~ ~' % 19~ $heo4i~-i~ ..... ~ ~)'~" . .. % Interest Cost, in accordance with the above bid, is: Gross Interest Cost ................... Less Premium ....................... $ ...... -~- ~ _. Net Interest Cost ..................... $ /. J'~ '//~:: / //.~ ~'- -~- EFFECTIVE INTEREST RATE ......... Attached hereto or submitted separately is Bank Certified or Bank Cashier's Check of the Ci..t¥ National Bank,. Austin, Texas , in the amount of $60,400, which represents our Good Faith Deposit and which is submitted in accordance with the terms as set forth in .the "Official Notice of Sale." We request that bonds be delivered at the City National Bank, Austin, Texas (x) the Capital National Bank, Austin, Texas ( ). Check preference. Respectfully submitted, RAUSCHER PIERCE SECURITIES CORPO~TION & AssocSates (see attached) ACCEPTANCE CLAUSE The above and foregoing bid is ~ereby in all things accepted by the City of College Station, Texas, this the /~_~ day of. ~.~ ~.,/ , 1978. / ATT EST: Secretary /-; / .. . Mayor, City of Coiiege Station, TexaS (See Bond Years on Reverse Side) ozsof Dated: May 15, 1978 ACCUMULATED BOND YEARS $3,020,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS, SERIES II 1978 Month of Maturity: February 15 Year of Maturity_ 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Amount Of Bonds $150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 170,000 Accumulated Bond Years 262.5 675.0 1,237.5 1,950.0 2,812.5 3,825.0 4,987.5 6,300.0 7,762.5 9,375.0 11,137.5 13,050.0 15,112.5 17,325.0 19,687.5 22,200.0 24,862.5 27,675.0 30,637.5 34,165.0., .~ Average Maturity - 11.31 Years RAUSCHER PIERCE SECURITIES CORPORATION Bache Halsey Stuart Shields, Inc. First National Bank of Fort Worth The Fort Worth National Bank Goldman, Sachs & Co. Mercantile National Bank at Dallas Underwood, Neuhaus & Co., Inc. National Ba:,~k of Commerce,. Dallas Schneider, Bernet & Hickman, Inc.' 0 503 OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas Gentlemen: This bid is submitted under the terms and conditions of your "Official Notice of Sale" dated June 26, 1978, of $3,020,000 City of College Station, Texas General Obligation Bonds, Series II 1978, terms and conditions of which "Notice of Sale" are made a part hereof. For your legally issued $3,020,000 of Bonds, as described in said Notice of Sale with option for prior redemption on February 15, 1988 or any interest payment date thereafter, 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: Bonds Maturing 1980 through 19. ~-q~ ..... ~", ~ .~ .... % . Interest Cost, in accordance with the above bid, is: Gross Interest Cost ................... Less Premium ....................... Net Interest Cost ..................... EFFECTIVE INTEREST RATE ......... Attached hereto or submitted separately is Bank Certified or Bank Cashier's Check of the C National Bank, Austin, , in the amount of $60,400, which represents our GOod Faith Deposit and which is submitted in a'cco~dan~'e wi~h the terms as set forth in the "Official Notice of Sale. We request that bonds be delivered at the City National Bank, Austin, Texas gX) lg~~~N~~~, Austin, Texas ( ). Check preference. Respectfully submitted, C&C SOUTHWEST (Jt. Mgr)---c/o Cullen Center Bank & Trust FI~ ........,-,,,, r~,~n -y.a_~~ and ASSOCIATES ( 1 i st attached) 77001 ACCEPTANCE CLAUSE ...... The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas, thi~ the day of , 1978. ATT EST: Secretary. " 'Mayor, "~ity Jf CoilegJ Stat'ion, Tex~s (see Bond Years on Reverse Side) Dated: May 15, 1978 ACCUMULATED BOND YEARS $3,020,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS, SERIES II 1978 Month of Maturity: February 15 Year of Maturity 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Amount Of Bonds $150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 170,000 Accumulated Bond Years 262.5 675.0 1,237.5 1,950.0 2,812.5 3,825.0 4,987.5 6,300.0 7,762.5 9,375.0 11,137.5 13,050.0 15,112.5 17,325.0 19,687.5 22,200.0 24,862.5 27,675.0 30,637.5 34,165.0 Average Maturity- 11.31 Years July 10, 1978 $3,020,000 City of COLLEGE STATION, Texas General Obligation Bonds, Ser. II, 1978 list of account members- C&C SOUTHWEST (Joint Manager ) --- (A Joint Agreement between Cullen Center Bank & Trust, Houston, Tx. and Citizens National Bank, Dallas, Tx.) BLYTH EASTMAN DILLON, INC. DEAN WITTER REYNOLDS, INC. BEVILL BRESLER.& SCHULMAN, INC. OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas Gentlemen: This bid is submitted under the terms and conditions of your "Official Notice of Sale" dated June 26, 1978, of $3, 020,000 City of College Station, Texas General Obligation Bonds, Series II 1978, terms and conditions of which "Notice of Sale" are made a part hereof. For your legally issued $3,020,000 of Bonds, as described in said Notice of Sale with option for prior redemption on February 15, 1988 or any interest payment date thereafter, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premium of $~ .... 195.81 for bonds bearing interest as follows: Bonds Maturing 1980 through 19 8 2 _ _ 6...12_5. % ~98__~ through ~9 5. 250 ...... % 19 through 19 94 . . 5. 400 ........ 19__ through 19 95 .... 5.600 .... 19 9__6 through 19 97 ...... 5. 700 % 19_~98through 19 9~9 ......... 5 :.800 ...... % Interest Cost, in accordance with the above bid, is: Gross Interest Cost ................... $_., 1,877 ,..1.60.6 3 Less Premium ....................... 195.81 Net Interest Cost ..................... $ ....1,876 ,.964- 82 EFFECTIVE INTEREST RATE ......... 5.4938 . % Attached hereto or submitted separately is Bank Certified or Bank Cashier's Check of the_ First .... National Bank in Do.I las, DoI las, Texas. . , in the amount of $60,400, which represents our Good Faith Deposit and which is Submitted in accordance ~'~th the terms as set forth in the "Official Notice of Sale." We request that bonds be delivered at the City National Bank, Austin, Texas (X) the Capital National Bank, Austin, Texas ( ). Check preference. Respectfully submitted, FIRST NATIONAL BANK IN DALLAS Weeden & Co., Inc. T ~Xa~ C0mm%c'e Ba~-k N .A .- .... Parks'B. pedrick, Jr., Vice Presid'eht ' First National Bank in Dallas ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas, tlfi. s t. Ja~ day of , 1978. ATT EST: Secretary Mayor, City of College Station, (See Bond Years on Reverse Side) Dated: May 15, 1978 ACCUMULATED BOND YEARS $3,020,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS, SERIES II 1978 Month of Maturity: February 15 Year of Maturity 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Amount Of Bonds $150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 170,000 Accumulated Bond Years 262.5 675.0 1,237.5 1,950.0 2,812.5 3,825.0 4,987.5 6,300.0 7,762.5 9,375.0 11,137.5 13,050.0 15,112.5 17,325.0 19,687.5 22,200.0 24,862.5 27,675.0 30,637.5 34,165.0 Average Maturity - 11.31 Years OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas Gentlemen: This bid is submitted under the terms and conditions of your "Official Notice of Sale" dated June 26, 1978, of $3,020,000 City of College Station, Texas General Obligation Bonds, Series II 1978, terms and conditions of which "Notice of Sale" are made a part hereof. For your legally issued $3,020,000 of Bonds, as described in said Notice of Sale with option for prior redemption on February 15, 1988 or any interest payment date thereafter, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premium of $. .... c~ .--- for bonds bearing interest as follows: Bonds Maturing 1980 through 19 ~.~ 19 ~_._~through 19 19~'2 through 19 19 ~.~ through 19 19~ through 19 ~.~ Interest Cost, in accordance with the above bid, is: Gross Interest Cost ................... $ /i ~ ~ 7~. -~.~'~ ~... Less Premium ....................... $. '-- ~ ---- Net Interest Cost ..................... $ EFFECTIVE INTEREST RATE ......... ~. ,~K-/,~j~ ~ % Attached hereto or submitted separately is Bank Certified or Bank Cashier's Check of the Citv National Bank. Austin. Taxas , in the amount of $60,400, which represent~ our Good Faith Deposit and which is submitted in accordance with the terms as set forth in the "Official Notice of Sale." We request that bonds be delivered at the City National Bank, Austin, Texas (X) the Capital National Bank, Austin, Texas ( ). Check preference. Respectfully submitted, Republic National Bank of Dallas - Manager The First Boston John ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas, this the day of , 1978. ATT EST: Secretary Mayor, City of College Station, Texas (See Bond Years on Reverse Side) ACCUMULATED BOND YEARS $3,020,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS, SERIES II 1978 Dated: May 15, 1978 Month of Maturity: February 15 Year of Maturity Amount Of Bonds Accumulated Bond Years 1980 1981 $150,000 150,000 262.5 675.0 1982 1983 150,000 150,000 1,237.5 1,950.0 1984 1985 150,000 150,000 2,812.5 3,825.0 1986 1987 150,000 150,000 4,987.5 6,300.0 1988 1989 150,000 150,000 7,762.5 9,375.0 1990 1991 150,000 150,000 11,137.5 13,050.0 1992 1993 150,000 150,000 15,112.5 17,325.0 1994 1995 150,000 150,000 19,687.5 22,200.0 1996 1997 150,000 150,000 24,862.5 27,675.0 1998 1999 150,000 170,000 30,637.5 34,165.0 Average Maturity - 11.31 Years 0 10 OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas Gentlemen: This bid is submitted under the terms and conditions of your "Official Notice of Sale" dated June 26, 1978, of $3,020,000 City of College Station, Texas General Obligation Bonds, Series II 1978, terms and conditions of which "Notice of Sale" are made a part hereof. For your legally issued $3,020,000 of Bonds, as described in said Notice of Sale with option for prior redemption on February 15, 1988 or any interest payment date thereafter, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premium of $ ..... -0.7 _ for bonds bearing interest as follows: Bonds Maturing 1980 through 19 _ 1~_~3 through 19 9 0 ........ 5: 2 5~ ~ ~ % 19~_~1 through 19 91 ............ 5. 3,0 ~ % 1~_~ through 19 9 3 5. ,40~ % 1994 through 1996 ~ . , 5. 50 % 19~_7 through 19 9 9 .... 5.7 5 ..... % Interest Cost, in accordance with the above bid, is: Gross Interest Cost ................... $ 1, 884, 950. O0 Less Premium ....................... $ -0- Net Interest Cost ..................... $, 1, 884, 950. O0 EFFECTIVE INTEREST RATE ......... 5. 517196 , . Attached hereto or submitted separately is Bank Certified or Bank Cashier's Check of the .. ~+ .... ~.T~+.~ .... 7.. ~. ^..~*~- .... , TM the amount of $60,400, which represents oUr od Fatth Depomt and wht~ ts su6~n~ttte~~n accoraance with the terms as set forth in the "Official Notice of Sale.' We request that bonds be delivered at the City National Bank, Austin, Texas ( ) the Capital National Bank, Austin, Texas ( ). Check preference. Respectfully submitted, FJ~t City !'lationa!-Bank of Housten,Mgm.. ,-/ ,.....~ .... '",/,) .. lied Bank of Texa.a. Ho~:at~n . //__. /"~'~-~, .~ - F. ttu~t°n & Co, ~nc. ~ William G. M~sser,..~ice. Presid~at ACCEPTANCE CLAUSE _. The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas, this the day of . _ _, 1978. ATT EST: Secretary ' ' .,~:" Mayor, City ~fCollege Station, 'Texa~ (See Bond Years on Reverse Side) O'~~~ '' ACCUMULATED BOND YEARS $3,020,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS, SERIES II 1978 Dated: May 15, 1978 Month of Maturity: February 15 Year of Maturity Amount Of Bonds Accumulated Bond Years 1980 1981 $150,000 150,000 262.5 675.0 1982 1983 150,000 150,000 1,237.5 1,950.0 1984 1985 150,000 150,000 2,812.5 3,825.0 1986 1987 150,000 150,000 4,987.5 6,300.0 1988 1989 150,000 150,000 7,762.5 9,375.0 1990 1991 150,000 150,000 11,137.5 13,050.0 1992 1993 150,000 150,000 15,112.5 17,325.0 1994 1995 150,000 150,000 19,687.5 22,200.0 1996 1997 150,000 150,000 24,862.5 27,675.0 1998 1999 150,000 170,000 30,637.5 34,165.0 Average Maturity- 11.31 Years OFFICIAL BID FORM Honorable Mayor and City Council City of College Station College Station, Texas Gentlemen: This bid is submitted under the terms and conditions of your "Official Notice of Sale" dated June 26, 1978, of $3,020,000 City of College Station, Texas General Obligation Bonds, Series II 1978, terms and conditions of which "Notice of Sale" are made a part hereof. For your legally issued $3,020,000 of Bonds, as described in said Notice of Sale with option for prior redemption on February 15, 1988 or any interest payment date thereafter, we will ~ay 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: Bonds Maturing 1980 through 19 ~995_ mrou~ ~9___ _ 5.60 % , __ 199__6 through 19 9__7 5.7 0 % 19__9 8through 19___99 5.75 % 1~__ through 1~___ ...... % 19__ through 19 .... % Interest Cost, in accordance with the above bid, is: Gross Interest Cost ................... Less Premium ....................... Net Interest Cost ..................... $ EFFECTIVE INTEREST RATE ......... 1,889,075.00 $ -0- s amc 5.52927 % _ _ , A~~~i~er-et~ or submitted separately is Bank Certified or Bank Cashier's Check of the City National Bank, Austin, Texas , in the amount of $60,400, which represents our C~o~d Faith Deposit and which is submitted in accordance with the terms as set forth in the "Official Notice of Sale." Austin, Texas ( ). Check preference. Shearson .~ay_de_n Stone Inc. Fred Baker & AssOciates, Inc. We request that bonds be delivered at the City National Bank, Austin, Texas ~()~ the Capital National Bank. First Southwest Company IN ASSOCIATION WITH- Rowles, ~,Jinston Div. ision., ~Cowen &, Co. Greer Moreland Fosdick & Shepherd Inc. Respectfully submitted, ROTAN MOSLE INC. , Mer~: Lynch-Wh~¢ Weld Capital Management Inc. BOg ~a~n~ ' Loeb Rh-oades, Horn'blower & Co. ACCEPTANCE CLAUSE 'M.'~. All. on & Co., Inc. - - The above and foregoing bid is hereby in all things accepted by the City of College Station, Texas, this the day of , 1978. ATT EST: Secretary -- ,. Mayor, City of College Station, Texas (See Bond Years on Reverse Side) -~-.~..gq ACCUMULATED BOND YEARS $3,020,000 CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BONDS, SERIES II 1978 Dated: May 15, 1978 Month of Maturity: February 15 Year of Maturity Amount Of Bonds Accumulated Bond Years 1980 1981 $150,000 150,000 262.5 675.0 1982 1983 150,000 150,000 1,237.5 1,950.0 1984 1985 150,000 150,000 2,812.5 3,825.0 1986 1987 150,000 150,000 4,987.5 6,300.0 1988 1989 150,000 150,000 7,762.5 9,375.0 1990 1991 150,000 150,000 11,137.5 13,050.0 1992 1993 150,000 150,000 15,112.5 17,325.0 1994 1995 150,000 150,000 19,687.5 22,200.0 1996 1997 150,000 150,000 24,862.5 27,675.0 1998 1999 150,000 170,000 30,637.5 34,165.0 Average Maturity- 11.31 Years :095 4 PLEASE SIGN BELOW: Special City Council Meeting JulylO, 1978 7:00 P.M. 2. 19. 20. 21. 4~ 5~ 6~ 12. 22. 23. 24. 25. 26. 27. 28. 29. 30. 13. 31. 14. 32. 15. 33. 16. 34. 17. 35. 18. 36.