06/12/1985-CC-Minutes-SpecialMINUTES: Special Called City Council Meeting
June 12, 1985
MEMBERS
PRESENT: Mayor Nel Armstrong, Danny Spindle, Freddy Inman,
Harvey W. Thomas, and Carolyn Adkins.
153.
1. Council received three (3) bids on the sale of $845,000. of
Utility System Revenue Bonds sold on June 12, 1985. They
are as follows:
Net Effective
Interest Cost Interest Rate
(1) Paine Webber Incorporated
Underwood Neuhaus, Inc. 1,009,200.00 9.3835%
(2) Rotan Mosle, Inc. lr0381520e00 9.656160%
(3) Schneider Bernet &
Hickman, Inc. 1,051,850.00 9.780102%
Almon discussed the Bond Buyers Index, interest rates, comparables,
and bond ratings with council. The City of Sanger is officially
a BAA rated city. Discussion.
Motion was made by Freddy Inman to authorize the issuance of
$845,000 in Utility System Revenue Bonds and accept the bid of
Paine Webber Incorporated Underwood Neuhaus, Inc. for 1,009,200.00
at an effective interest rate of 9.3835%. Harvey Thomas gave the
second. Voted unan.
Almon presented Mayor Armstrong with a Good Faith Check from Paine
Webber for $16,900.00.
Motion was made by Carolyn Adkins to adopt Ordinance No. 85-14
authorizing the issuance of the $845,000. Utility Revenue Bonds.
Danny Spindle gave the second. Voted unan.
Motion was made by Freddy Inman to .adjourn. Harvey Thomas gave the
second. Voted unan.
City Secretary
Mayor
MINUTES: City Council Meeting
June 17, 1985
MEMBERS
PRESENT: Mayor Armstrong, Jerry Jenkins, Danny Spindle, Freddy Inman,
Harvey W. Thomas, and Carolyn Adkins.
OTHERS
PRESENT: Lloyd Henderson, Mary Jo Stover, O. W. Davis, Jr.,
Dave Prewett, Gerald R. Klein, B. McMurray, Mary LaRue,
Bill Marshall, Fay Marshall, Don Waddell, Arnold Lynch,
Mike Stanford, Bessie Ruth Dobbs, Clyde Romines, Beverly
Howard, Herbert Arledge, and J. C. Landers.
1. Carolyn Adkins gave the invocation and Mayor Armstrong led the
pledge to the flag.
2. The minutes of the regular meeting June 3, 1985 and special
called meeting June 12, 1985 were approved as printed.
3. Motion was made by Harvey Thomas to approve disbursements in
the amount of $95,288.17. Danny Spindle gave the second.
Voted ur_an .
4. It was noted that the City of Sanger has always provided the
meter bases to the electricians without cost. The cost
of the 100 amp. meter base is $13.95 and $18.43 for a 200 amp.
base. The Utility Board recommended to council that the city
discontinue this policy and permit the electricians to either