04/23/1982-CC-Minutes-SpecialMotion was made by Thomas to approve the increases.
Bridges gave the second. Voted unan.
8. Other such matters:
(a.) Lloyd reminded council of the TML
Mayors and Councilmembers Institute
to be held June 5-7 in Austin.
(b.) Council set May 3, 1982 (regular
council night) to have a codification
and fee workshop.
(c.) Lloyd advised council of the Brazos
annual meeting on Wednesday, April
28th.
(d.) Lloyd stated he had checked with
Cable T.V. about getting service to
customers on West side of Interstate
35. Stated there was no problem,
just need to measure and get it done.
Motion was made by Thomas to adjourn. Bridges second.
Voted unan.
ATTEST:
Mayo
MINUTES: City Council Special Called Meeting
April 23, 1982
PRESENT: Mayor Cole, Bridges, Spindle, Inman, Thomas
and Adkins
OTHERS
PRESENT:
Lloyd Henderson,
Garry Kraus, and
Mary Jo Stover, Bill Carpenter,
C. G. McNeil
1. Mr. Bill Carpenter, with Kidder Peabody, met with
council for their consideration of the issuance of
$150,000 General Obligation Bonds and $450,000
Utility System Revenue Bonds. Mr. Carpenter dis-
cussed General Obligation Bonds first and passed
out a five and ten year debt service schedule.
Carpenter advised Council if they went with the
5 yr. debt it would take an approximate .10c%
increase in the G. 0. debt service to pay the
additional bonds. On the 10 yr. debt schedule a
.02(� increase would be necessary. The interest
rate on the 5 year schedule was estimated at 11%
and on the 10 year schedule at 11.75%. By going
with the 5 year schedule the city could save
$61,327. Discussion. It was the general consensus
of the council to go with the 5 year debt service
schedule on the G. 0. Bonds.
Carpenter requested council to next consider the
$450,000 Utility System Revenue Bonds. Carpenter
furnished council with three debt service
schedules. One for 15 yrs., 17 yrs., and 20 yrs.
Each schedule was discussed at length. Carpenter
discussed privately placing the bonds or placing
them on the open market. His recommendation was
to place on the open market. He told council that
the City had a clean financial record and carried
a Baal bond rating. Pay back on the bonds was
discussed. Lloyd was instructed to get a rate
study done by the May 17, 1982 meeting. Lloyd
to check with the City of Whitesboro about sewage
user fees. Discussion. It was the general con-
sensus of the council to go with the 15 year debt
schedule on Revenue Bonds.
Carpenter advised council that he would put a 10
year call back option on the bonds. Carpenter
recommended the city acquire a new Moody's rating
the approximate cost of $2500) and for council to
be prepared to go to New York to the rating service.
Carpenter stated the cost would be well worth it if
the city could retain its present rating or possibly
move up. Cost per person to make the trip was
estimated at $1,000 per person.
Carpenter requested the adoption of the Bond Ordinance
be scheduled for the May 17, 1982 meeting. He gave
June 7th as an approximate time to go to the rating
agency.
Meeting adjourned.
ATTEST:
OR
MINUTES: City Council Meeting
May 3, 1982
PRESENT: Mayor Cole, Thomas, Spindle, Adkins and Inman
ABSENT: Bridges
OTHERS
PRESENT: Lloyd Henderson, Mary Jo Stover, Lindon Carr, C. G.
McNeil
1. The minutes of the April 19th and April 23rd meetings
were approved as printed.
2. Motion was made by Thomas to approve disbursements
of $16,401.56. Inman gave the second. Voted unan.
3. The Sanger Electric Capital Improvements item was passed
over.. Item not available for council.
4. Mayor Ralph Cole was appointed by council to serve as
the 198243 Official NCTCOG Voting Representative for
the City of Sanger.
5. Lindon Carr presented council with the following itemiza-
tion estimate of costs to serve the new middle school
building.