HomeMy WebLinkAbout02/11/1985 City Council 00193
Minutes of the City Council
of the City o£ The Colony, Texas
held on
February 11, 1985
The SPECIAL SESSION of the City Council of the City of The Colony, Texas
was called to order at 7:00 p.m. with the following members present:
Larry D. Sample Mayor
Rick Harris Councilman
Noel Long Councilman
Charles Dodds Councilman
Marlene Poole Councilman
and with Councilmen Amick and Gray absent due to prior commitments; however,
a quorum was established.
1. CLOSED DOOR SESSION AS AUTHORIZED BY ARTICLE 6252-17 OF V.A.C.S.
SECTION 2g, SPECIFICALLY REGARDING APPOINTMENTS TO THE YOUTH
ADVISORY BOARD
Mayor Sample announced the Council would be in closed session until 7:30 p.m.
to conduct interviews for the Youth Advisory Board.
Mayor Sample reconvened the meeting in Open Session promptly at 7:30 p.m. and
went on to address agenda item #2.
2. CONSIDERATION OF ACCEPTANCE OF BIDS FOR THE SALE OF $5,000,000
IN CITY GENERAL OBLIGATION BONDS AND ORDINANCE AWARDING SAME
Mr. Boyd London, City Financial Advisor, announced that £our bids had been
received. The bidders were:
Continental Bank o£ Illinois 9.82#797 %
Dean Witter Reynolds, Inc. 9.6#5991%
Rauscher, Pierce, Re£snes, Inc. 9.567969 %
InterFirst Bank, Dallas 9.6015 %
He went on to recommend the Rauscher, Pierce, Refsnes, Inc. bid because
they bid the lowest and best interest rate. Mr. Bob Dransfield, the City
Bond Attorney, then reviewed aloud the Ordinance. A brief discussion on
rates, premiums and interest followed. Mayor Sample then read the Ordinance
caption as follows:
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS, AUTHORIZING THE ISSUANCE
AND SALE OF CITY OF THE COLONY, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1985, IN THE AGGREGATE
PRINCIPAL AMOUNT OF $5,000,000, FOR THE PURPOSE
OF PROVIDING FUNDS WITH WHICH TO MAKE VARIOUS
PERMANENT PUBLIC IMPROVEMENTS FOR AND WITHIN
THE CITY; PRESCRIBING THE FORM OF SAID BONDS;
LEVYING AND REQUIRING ASSESSMENT AND COLLECTION
OF AN ANNUAL AD VALOREM TAX ON ALL TAXABLE
PROPERTY WITHIN TH CITY TO PAY THE INTEREST ON
SUCH BONDS AND TO CREATE A SINKING FUND FOR
THE PAYMENT THEREOF AT MATURITY; ACCEPTING THE
BEST BIDDER THEREFOR AND AWARDING THE SALE
THEREOF; APPROVING THE OFFICIAL STATEMENT;
ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT;
AND DECLARING SAME TO BE EFFECTIVE IMMEDIATELY
FROM AND AFTER ITS PASSAGE
O01.9,i
Councilman Poole made the motion to accept all bids received and
by Ordinance award the bid to Rauscher, Pierce, Refsnes, Inc.
Councilman Harris seconded the motion.
Mr. London advised everyone present that the money should be received
within 35 days from tommorrow (February 12th).
With no further comments or questions, the motion on the floor carried
with a unanimous roll call vote.
With no further action to be taken at this time, Councilman Dodds moved
to adjourn the meeting. Seconded by Councilman Harris, the motion
carried with a unanimous vote.
Mayor Sample adjourned the meeting at 7:50 p.m.
Attest:
3anet~2~(dd, City Secretary
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