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02/16/1976-CC-Minutes-RegularMinutes: City Council Meeting February 16,1976 Presents Mayor Cornell, Halls,Er T. Moore, McDaniel, Stover Others Present:a: R. Cole, L. Carr, B. Johnson Absent: E. Moore, Cooper Sanger Electric capital improvementss After an explanation of several items on the invoice, it was moved by Thomas Moore and amount of `*49607.44 be approved. 3. Water line to Tansey Co.s The alternate proposal for the water line crossing at Willow'.Street instead of Bolivar Street, and the cost figure were discussed. Enlow.moved to table for further study. It was agreed that this item be considered at the special called meeting on February 249 1976. 4. Items 4 and 5 on the agenda were deleted due to the absence of the City Administrator, 5. Special called meetings It was agreed unanimously tv hold a special called meeting at 7:00 p.m., February 249 1976 to pass the needed resolutions authorizing the issuance of utility revenue bonds. 6. January budget reports January 'budget report was received by the Council. There were no questions. 7. Other matterss a. Benny Johnson came before the council to discuss the little league baseball association. 1) The association would like the City to take the park over and see if there is any grant money available. 2) They want to know if there are programs such as man power offered at one time to employ teenage lower level income children in the maintenance and up keep of the park. 3) The association would like the City to help now in the cleaning up of the area and fixing the road to the park. b. Lindon Carr presented the ...plans and specifications for the new distribution line to the new high school site. He gave an estimated cost of $34,018.61 for material and labor. This would include a 7200 bank from the school to Diane Drive. Statement was made by Carr that it was Brazos' responsibility to find a site for the sub station. c. Mayor stated he would get with the school within the next two weeks and pin them down with regards to the land. d. Private club was discussed and the City Administrator is to inquire from JoYin L. Sullivan our present policy on Annexation, Meeting adjourned at 8:18 p.m. r - Mayor NTinutesz Special Council Meeting February 24, 1976 Presents Mayor Cornell, Cooper, Hall, Enlow, McDaniel, Moore, City Administrator 1. Sale of ;series 1976 utilitybondst The Mayor gave a report on the Texas Water Quality Bvard hearing on Sanger's application for a water quality enhancement loan. The loan was approved. Mr. Dan Almon, the City's financial advisor was present to explain the proposed maturity schedule for the.sale of $3059000 in revenue bonds. Almon & Co. made an offer to purchase the $140,000 in open market bonds at a graduated interest rate ranging from 5.0 to 7,25%. The Mayor asked the City Adminis trator to call an officer of the First National Bank of Sanger and offer the bonds to them. The bank stated they would inform the City of their decision the next day. The Council decided a public sale of the bonds would be too time consuming. It was moved by McDaniel and seconded by Cooper to accept an offer from the bank if the interest rate was at or below Almon & Company's offer, if not, then to accept the Almon & Co. offer. Motion carried 5-0.