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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.