HomeMy WebLinkAbout06/02/1981 - Special Minutes City Council MINUTES
SPECIAL CITY COUNCIL MEETING
TUESDAY, JUNE 2, 1981
10:00 a.m.
COUNCIL MEMBERS PRESENT:
Mayor Halter, Councilmen Boughton, Runnels, Ringer
Jones
COUNCIL MEMBERS ABSENT: Councilman Dozier, Prause
STAFF PRESENT:
City Manager Bardell, Assistant City Manager/Finance
Director Van Dever, City Engineer Ash
VISITORS PRESENT:
See guest register
AGENDA ITEM NO. 1 - Council Concerns.
No Council Concerns.
AGENDA ITEM NO. 2 - Consideration of bond sale material.
Pete Fischer, financial advisor for City, presented and explained the documents
of the official notice of sale for the bonds.
He stated that the documents stated the official place and time the bonds would
be sold. The time is at 7:30 p.m. on June 29, 1981 her at City Hall. The General
Obligation bonds for 1.5 million were described in the documents and how the
principal and semi-annual interest will evade.
He stated that Maturity schedule was from 1-10 years at $150,000a year. (1982-1991)
He stated the facts of the documents being how they were authorized, security of
the bonds, and the legality.
He also described the facts of the revenue bonds for $3.0 million being how they
were authorized and when, what purpose, what would be done with the proceeds of
these bonds, security, and legality.
Mr. Fischer stated how bidders should address the bids and where they should be
sent. The bids will be sold into two separate blocks: general obligation and
revenue bonds. The delivery of bonds should be 30 days after date of sale.
He described the document briefly to the council and stated how they will
present the City of College Station in selling bonds financially, the proposed
growth of the city in population, the growth in businesses and construction, and
the school system.
David Fetzer stated what the proposed schedule is, the interest rates, maturity
of the bonds, the option how to sell the bonds, who could buy the bonds.
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MINUTES
SPECIAL CITY COUNCIL MEETING
TUESDAY, JUNE 2, 1981
10:00 a.m.
PAGE 2
After completing describing the document, Councilman Ringer moved to
approve the draft and authorize them to sell the bonds.
Councilman Runnels seconded the motion which passed unanimously.
A~enda Item No. 3 - Adjourn.
Mayor Halter adjourned the meeting.
APPROVED:
Gary~q4al~er, ~ayor
ATTEST:
'Gle~n Sc~%~e~, City Secretary
0 Z31
GUEST REGISTER
SPECIAL CITY COUNCIL MEETING
TUESDAY, JUNE 2, 1981
lO:O0 A.M.
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