02/24/1976-CC-Minutes-Special
Minutes: Special Council Meeting
February 24, 1976
• • -n- s • •!• -a
Dan Almongadvisor was present.to
Sale of series 1976 utility bonds explain the proposed maturity schedule for the sale of $305,000
in revenue bonds. Almon & Co. made an offer to purchase the
$140,000 in open market bonds at a graduated interest rate
ranging from 5.5% to 7.25%. The Mayor asked the City Adminisam;
trator to call an officer of the First National Bank of Sanger
and offer the bonds to them, The bank stated they would info--
01
000
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 fro
the bank if the interest rate was at or below Al1 • • a •
offer,a to accept the Almon & Co. offerr •
carried 5-0
f��
2. East Sanger water line: The City Administrator made a • sentation of • proposals t• prov:41de upgrade- protectio
Willoweast of the railroad tracks. He recommended crossing the-
• laying an 81, water
fire hydrants up Railroad Avenuei It was moved by Cooper an
seconded by t. - to accept the City Administrator's
recommendation,• • r
Meeting adjourned at 8s36 p.m.
Minutes: City Council Meeting
March 1, 1976
Presents Mayor Cornell, Cooper, Hall, Enlow, McDaniel, Moore
City Administrator
L. The minutesof the regular meeting of February 16, 1976 and
the special meeting of February 24, 1976 were read and approved,
2. Monthly disbursements: After several questions to the City
Administrator, it was moved by Cooper and seconded by Hall to
approve March disbursements in the amount of $9,760.57,
Motion carried 5-0.
3, Sale of series 1976 utility revenue bonds: Mr. Dan Almon, the
City's financial advisor was present and presented the Council
with a proposed contract to purchase $1409000 in revenue bonds
and a good -faith check in the amount of $2,800. The contract
was signed by the Mayor and City Secretary. Mr. Almon pre-
sented a proposed ordinance authorizing the issuance of the
total $305,000 in series 1976 utility revenue bonds. It was
moved by Hall and seconded by Moore to approve the ordinance.
Motion carried 5-0. Additionally, the Mayor and City Secretary
signed all other required documents in connection with the
bond sale.
4. Advertising for bids for new distribution lines Mayor advised
the Council of his meeting with the School Board concerning
a site for the new substation and the Board's favorable re-
sponse, The City Administrator stated that plans and specifi-
cations were ready for the new distribution line. It was moved
by Enlow and seconded by McDaniel to advertise for bids,
Motion carried 5-0,-
5. Line to Bell Telephone facility: - The. -City Administrator and
Lindon Carr presented a cost estimate for providing service to
a proposed Bell Telephone facility 2 mile south of the County
line. The estimated cost was $1,339.28. Itwasmoved by
Cooper and seconded by McDaniel to negotiate with Bell Telephone
on servicing the facility and to return to the Council at a
later date with the proposed. Motion carried 5-09
6. Small cities solid waste collection systems The -City Admnis-
trator briefed the Council on the proposed system outlining
costs and revenues, Jack Armstrong was present to add favorable
comments. The City Administrator recommended Sanger show a
favorable response to the project, The Mayor provided comments
on some of the problems that may be encountered, The Council
directed the City Administrator and Sanger's representatives
on the Water and Sanitation District Board to proceed with
researching the project further.