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.