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07/26/1983-CC-Minutes-Special184 planning to open 250 additional lots, but only Blks. 5 and 6 (consisting of 44 lots) at this time. Lloyd was requesting Council's assistance and recommendations before approving the license. Council was informed that the City's Comprehensive Plan calls for a major thoroughfare to be constructed across this property as an extension of Loop 138 west. This was not taken into consideration in McNeill's plat. Discussion. It was agreed by McNeill and the City that the plat he presented would show the entrance to be a temporary entrance with the permanent entrance to be built when the North end of the lake is filled in. The permanent entrance to be built as an extension of the city street, Loop 138. McNeill requested the City to furnish the park with two Fire Hydrants. The park is presently being metered by one master meter. Lloyd suggested that the fire hydrants be metered as well, and that some type of reimbursement be made McNeill if and when there was a fire. Council felt since it was a private water line on private land, the fire hydrants should be private and any water usage be billed to McNeill. Discussion. (Fire Hydrants cost $1,470.00.) It was agreed that McNeill purchase the Fire Hydrants and be billed for any usage. Motion was made by Inman to adjourn. Bridges gave the second. Voted unan. Meeting Adjourned. r MINUTES: Special Called Meeting July 26, 1983 PRESENT: Mayor Cole, Benny Bridges, Freddy Inman, H. W. Thomas and Carolyn Adkins ABSENT: Danny Spindle OTHERS PRESENT: Lloyd Henderson, Mary Jo Stover, and Dan Almon 1. Motion was made by Bridges to approve the minutes of the previous meeting. Inman gave the second. Voted unan. 2. The city received two (2) bids on the purchase of the $300,000 utility system junior lien revenue bond series 1983. They are as follows: (1) Underwood, Neuhaus & Company out of Houston, Texas bid as follows: Gross Interest Cost $303,160. Less: Premium -o- Net Interest Cost 303,160. Effective Interest Rate 109489965% (2) Rauscher Pierce Refsnes, Inc. out of Dallas, Texas bid as follows: Gross Interest Cost 302,635.00 Less: Premium 72.60 Net Interest Cost 302,562.40 Effective Interest Rate 10.469287% 185 Almon stated the bonds had come in at they had projected. Advanced refunds maturity schedule (which could lower 3/4%) was discussed. Council ask Almon how the interest money could be used. He stated it two ways: (1) You can apply it to or (2) to cost overrun. Almon pointed ou initial fees out first year, they Discussion. it $37, 011.02 left a percent higher than and shortening the interest rate by 1/2 to earned from the Bond could be used by one of the principle and interest; t that most entities would be paying the of bond funds the first year. After 'the would be paid out of general revenues. was noted that the city has a total of from a previous electric issue and $29,155.38 to date in the Sanger Electric Capital Improvement Fd. Savings which Council set up to help pay for capital electric expenditures. This amount of funds could carry the city awhile with hopes the interest rates would drop. Almon stated a Sale could be set up in approximately two weeks from date of notice from city. Motion was made by Bridges to reject the bids. Adkins gave the second. Voted unan. 3. Budget Workshop - Budgets were distributed to Council for study. Lloyd advised Council that pages 1-5 should not be considered since the debt service would change and would effect total figures. Lloyd requested they study the departmental requests and that he would get the corrected page figures to them in the very near future. 4. Other such matters: (a) The Span Program is going good. Span has invited Mayor Cole and Council to have lunch with them. (b) It wa�noted that another Mayor's picture had been hung. (c) Lloyd advised Council that he had received a call from Fran Clark regarding the Santa Fe Station. One foundation has no money and the Meadows Foundation doesn't want to be the first to give. Fran believes the Foundation would pay the moving of the Depot (approximately $25,000). This amount could be used. as matching funds with the Historical Preservation money. The city needs to purchase land, get land donated, or use the land they already own . (d) Lloyd brought Council up-to-date on the Lake Ray Roberts project (where the parks, ramps, etc. would be built and the possibilities of the highways leading to the lake). Lloyd stated the city should get with county commissioners to set up kind of control for building and growth in the Meeting Adjourned. Mayor some area.