10301986 Emergency Meeting - Laserfiche WebLink

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67 MINUTES OF ThE EMERGENCY MEETING OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, OCTOBER 30, 1986 PRESENT: Mayor J. E. Younger Hayor Pro-Tem Council Members Betty Jane Kissler Karl W". Brown Bill Coddington * Gerald G. Farr Fred Guerra William C. Nicola City Manager City Secretary City Attorney Director of Finance Director of Planning A. C. Janis Lamar Betty Frank Gonzalez K. Womack W. Hankins Oliver Robbins Also Present: Melissa Millecam, Mark Hendricks, Rick Fisher, Bill Newman, Henry Krause, Bill McGee, Ted Kelly, Austin Curlee, John Davidson, Tom Peterson and others. Mayor Younger called the meeting to order at 7:30 a.m. Mayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION APPROVING AN AMENDMENT TO THE PURCHASE AGREEMENT BETWEEN THE LOWER COLORADO RIVER AUTHORITY AND THE CITY OF SAN MARCOS TO CORRECT AN ERROR IN SECTION 5.01 RELATING TO THE FUNDS TO BE PAID TO LOWER COLORADO RIVER AUTHORITY AT CLOSING OF THE PURCHASE OF THE SAN MARCOS ELECTRIC DISTRIBUTION SYSTEM AND TO PROVIDE FOR AN AMENDMENT TO THE PUR- CHASE AGREEMENT REQUIRING AN AUDIT OF ALL UNDETERMINED PAYMENTS TO BE MADE SUBSEQUENT TO THE DATE OF CLOSING. Ms. Kissler moved for adoption of the Resolution and Mr. Guerra second- ed the motion. Ted Kelly (Black and Veatch) advised the Council through an oversight LCRA had not included construction in progress for system improvements in the purchase price, this amount totaling $222,771.88, and the figure for material and supplies, which amount cannot be deter- mined by LCRA until closure of their books on October 31, 1986, at an estimated amount of $395,000.00. Mr. Coddington stated LCRA has al- ready made a commitment with the City for a purchase price of $9,240,322.38, and that the City will be paying three times this figure because it is bonded indebtedness. Mr. Fisher advised the Council if the City does not close as agreed, the underwriters can cancel the deal. On roll call for adoption of the Resolution, the following vote was recorded: AYE: Brown, Farr, Younger, Guerra, Kissler, Nicola. NAY: Coddington. ABSTAIN: None. The meeting adjourned at 7:58 a.m. on motion made by Mr. Guerra and seconded by Ms. Kissler. * Mr. Farr was present at 7:42 a.m.