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05/02/1983-CC-Minutes-Regular174 15. Motion was made by Thomas to accept the contract with Rauscher Pierce Refnes, Inc. as financial advisor for the City. Bridges gave the second. Voted unan. 16. No other matters came before Council. Motion was made by Bridges to adjourn the meeting. Inman gave the second. Voted unan. Meeting Adjourned. MINUTES: City Council May 2, 1983 PRESENT: Mayor Cole, Benny H. W. Thomas, and yor Bridges, Danny Carolyn Adkins Spindle, Freddy Inman,_ OTHERS PRESENT: Lloyd Henderson, Mary Jo Stover, Dan Almon, Ken Smith, Debbie McGuire, Joyce Parrent, and Teddy Inman. 1. The minutes of the April 18, 1983 meeting were approved as printed. 2. Thomas made the motion to approve disbursements in the amount of $30,430.47. Spindle gave the second. Voted unan. 3. Mr. Dan Almon and Mr. Ken Smith with Rauscher Pierce, Rfnes., discussed the options for selling the City's municipal electric bonds. Mr. Almon suggested that Council might consider something - other than the historical bond issue. He stated that the bond covenant says you must meet a test of 1.5 times the principle and interest covered on all issues in terms of net revenues. The City had difficulty in meeting this test on the last issue and the audit for the last twelve month period will not meet the test. The City might want to consider a non -voted issue or issue a junior lien bond. On the junior lien bonds you get the same or better rate. On parity bonds the City would have to pledge a revenue bond tax. The City could also have a refund on all revenue bonds. Sell the new refunded issue to include the new bond package. The advantage is the City could dispose of the old bond order and start with a new order. Mayor Cole asked Mr. Almon if this would increase the interest rates on the bonds. He replied it would on some but would lower on the most recent issue. Mayor Cole explained to Mr. Almon that an individual has stated he was interested in buying the entire issue. Almon stated he was certainly in favor of exploring this option. Mr. Almon further explained to Council that the City's bonds did not have to go out for bids. He stated the City could negotiate with his firm or the individual. He recommended to Council they go with an all or nothing sale. Council requested Mr. Almon to start the advertising proceedings in order to be on target if individual declined the purchase. 4. Consideration was given to the Wednesday Study Club Hostess Program Agreement. Mayor Cole stated he didn't think the City should enter into an agreement with anyone. He stated he would like to request that Council pass over this item. He called for a motion to approve or disapprove this item. No motion was made. Item passed over. 175 5. Lloyd advised Council that he had been working with a company that was interested in locating their plant in Sanger. Since the City qualifies for UDAG, the City can assist the company through the grant to install water and sewer lines, railroad spurs, and to build streets. The City can receive approximately $1.00 for every 5.00 the company commits to the project. Lloyd explained that it would be necessary for the City to move fast since UDAG applications must be in by the end of May. The grant is a matching grant based on need. Jack Russell can apply for the grant and submit the necessary exhibits. His charge will be $2,000 for this and is reimbursable to the City if the grant is approved. Lloyd requested that he and Mayor Cole be authorized to proceed with negotiations. Motion was made by Bridges to authorize the Mayor and City Manager to proceed with the negotiations and to initiate the grant pro- ceedings. Inman gave the second. Voted unan. 6. Mayor Cole advised Council that he had received the revised report from the'Guernsey Company and that he had so many questions on it he didn't feel it would be ready for discussion with Council. He stated he would like to see the material sent to the City and not to Brazos. 7. Other such matters: (a) Council was advised that two more mayor pictures had been hung this week. Bridges made the motion to adjourn the meeting. Thomas gave the second. Voted unan. Meeting Adjourned. y�L MINUTES: City Council May 16, 1983 PRESENT: Mayor Cole, Benny Bridges, Danny Spindle, H. W. Thomas, and Carolyn Adkins ABSENT: Freddy Inman OTHERS PRESENT: Lloyd Henderson, Mary Jo Stover, Debbie McGuire 1. The minutes of the previous meeting were approved as printed. 2. Motion was made by Bridges to approve disbursements for the amount of $6,572.62. Spindle gave the second. Voted unan. 3. Motion was made by Bridges to approve the Sanger Electric Capital Improvements for $6,697.17. Adkins gave the second. Voted unan. 4. Council received the monthly tax report for March and April, 1983. 6. Motion was made by Bridges to appoint the following police reserve officers for one year. They are as follows: Al1ie M. Davenport, Jr. Ricky Dewayne George Danny Jo Spindle Donald Harold Howard Wanda Jane Morrison