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05/03/1982-CC-Minutes-RegularCarpenter 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: MINUTES: City Council Meeting May 3, 1982 l' OR 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 1982-83 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. Labor $2,263. Transportation 437. Material 7,100. 9,800. Lindon explained to council that this would be a new installation and that he had met with Brown Associates and they are in the process of negotiation. (They are work- ing on retiring the existing facility that is there now). Mayor Cole questioned Lindon about the regular fee charges. Carr stated the fees would be $962..00 for the school. Motion was made by Spindle to approve the estimated cost for electrical service at the new middle school. Thomas gave, the second. Voted unan. 6.. Lloyd called council attention to the Harvey Oil Company injection well 1 mile northeast of Bolivar. Harvey Oil plans to flood a well. City engineers say one thousand wells in Texas have already been done this way. However, this can get into the aquifer and ruin a water supply. City Engineers want the Railroad Commission to monitor this operation and they also want more. detailed information of what the Harvey Company is putting into the well. The main concern is the depth the Harvey Company is going with the well. If they go deep enough there will be no pro- blems. However they are planning to go (1500' to 1560'). The City well is at 1200'. Engineers feel this is too close to our. water supply. Engineers to keep a close watch on this. 7. Other such matters: a. Thomas wanted to know the status of the avail- ability of Cable T. V, for people on West side of I-35. Lloyd stated he had checked with the company personnel on several occasions and they assured him there is no problem in serving the area. b. Lloyd requested to know if council planned to go to New York to the bond rating hearing. Mayor Cole stated he felt that a letter would be sufficient, that no one had made the trip before and it would be quite costly for the city. Council agreed to send letter. Motion was made by Spindle to adjourn the meeting. Adkins second. Voted unan. ATTEST: I���Zij 7 MINUTES: City Council Meeting May 17, 1982 PRESENT: Mayor Cole, Thomas, Spindle, Bridges, Adkins and Inman ABSENT: Mary Jo Stover