HomeMy WebLinkAbout05/19/1981 - Special Minutes City Council MINUTES
SPECIAL CITY COUNCIL MEETING
TUESDAY, MAY 19, 1981
12:00 Noon
COUNCIL MEMBERS PRESENT: Mayor Halter, Councilmen Ringer, Runnels, Jones
Dozier
COUNCIL MEMBERS ABSENT:
STAFF PRESENT:
Councilmen Boughton, Prause
City Manager Bardell, City Secretary/Tax Assessor-
Collector Schroeder, City Engineer Ash, Director
of Industrial Foundation Goehring
VISITORS PRESENT:
See guest register.
Agenda Item No. 1 - Discussion and Consideration of proposed Bond Issue.
City Manager Bardell stated that with the current bond market as it is, the
city staff had studied the initial bond issue proposed for $12.2 million
dollars. The city staff recommended that a smaller bond issue be sold at
this time.
He recommended that the city sell $4.5 million dollars in bonds to allow
funding for the most important projects at this time.
He suggested funding of revenue projects consisting of Water System Improve-
ments, land for well sites, Electrical System Mapping, Sludge Handling, and
Engineering and Designing for future projects. The estimate amount
needed for these revenue projects would be $3,000,000.
The General Obligation Projects would be $1.5 million in bonds for the
Engineering and Architectural Designing for future projects in this category.
It also includes the Southwest Parkway extension to the East Bypass of
Highway 6, and the improvements on Wellborn Road.
David Fetzer, financial advisor of Moroney, Beissner, & Co., Inc. recommended
that the city sell $4.5 million in municipal bonds for a maturity period of
ten (10) years.
He stated that the city could offer the bonds with two alternatives con-
cerning the refunding clause.
One is to have the bonds bid with no refunding option, and the other is to
have them bid with a five year refunding option.
After further discussion by Councilmembers, Councilman Ringer moved to have
the staff and financial advisors put together a proposal of $1.5 million
of general obligation bond and $3.0 million of revenue bonds.
Councilman Ringer seconded the motion which passed unanimously.
MINUTES
SPECIAL CITY COUNCIL MEETING
TUESDAY, MAY 19, 1981
12:00 Noon
PAGE 2
A~enda Item No. 2 - Closed session on land acquisitions [6252-17(f)].
The Council moved to closed session to later reopen to the public.
Asenda Item No. 3 - Action on closed session.
The Council took no action on closed session items.
A~enda Item No. 4 - Adjourn.
Mayor Halter adjourned the meeting.
APPROVED:
GARY HAL ;R/ ' "
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