11241986 Regular Meeting - Laserfiche WebLink

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A4 Regular Meeting November 24, 1986 Page 7 Mayor Younger introduced a discussion regarding a Polling Place change for Voting Precinct 11 for the April, 1987 election(s). It was consensus of Council to temporarily change the Polling Place for Precinct 11 to the Fellowship Hall at First Baptist Church because of the reconstruction of Dunbar Recreation Center. Mayor Younger introduced a discussion by the Engineering Department regarding a transportation system evaluation. Steve Jenkins furnished the Council a written evaluation prepared by Debbie Niemeier, Traffic Engineer, in the Engineering Department, wherein Ms. Niemeier has reviewed the existing traffic signal systems in the City and prepared recommendations regarding same. Mr. Jenkins advised the Council replacement needs of signalization in the Central Business District will run $135,000.00, and the remaining signals will need an analysis and proper signal timing to ensure smooth traffic flow into an out of the City, which portion can be done in-house at no additional cost to the City. There are funds in the amount of $250,000.00 available in the bond program for modernization of the traffic signal system. A second phase will evaluate unsignalized intersections and will establish a ranking according to greatest need. Mr. Jenkins will bring an Ordinance to the Council for adoption after a review period. Mayor Younger introduced a discussion regarding the City possibly establishing a mass transit transportation district. A sales tax option is allowed for a mass transit district, wherein a City must have a minimum population of 56,000 and operate a transit system. Mayor Younger expressed an interest in the City pursuing the establishment of the district to protect the City from encroachment by other districts. The City Attorney advised the Council the City would not be able to include extraterritorial jurisdiction population to the City's population to attain the needed population for such a district. Mayor Younger introduced a discussion by Texas Capital Markets Group of Austin, Texas represented by Jorge Rodriguez regarding a proposal to underwrite the proposed refunding of existing City of San Marcos Combinatin Tax and Revenue Certificates of Obligation. Mr. Rodriguez handed out a written presentation to the Council. He stated the advantages in an advance refunding would be to take advantage of the current interest rates, which would also lower the annual debt service of the City. ~1r. Rodriguez provided the Council with a debt service comparison of the City's current net effective interest rate of 9.8184% (Series 1984A) and the anticipated 1986 refunding net effective rate of 6.821041%, based on the market conditions November 20, 1986, which would provide a savings of $167,200.00 or 3.9% over the term of the Bond. Mr. Rodriguez recommended the Council establish a savings threshold at which to proceed with refunding and appoint a financing team to consist of Texas Capital Markets, Inc., First Southwest Company and Hutchison, Price, Boyle and Brooks so the City would be in a position to enter the market expediently when savings could be realized. Mr. Rodriguez recommended the City pursue a negotiated sale rather than bid and recommended the City go into the market at 5% and that the documents be shelved until such time as the market goes down to 5%. Mr. Coddington stated he would like the City to receive a proposal from the company who provided our last refunding (First Southwest Company) and that the City retain a consultant to advise the City who was not soliciting the City's business. Mayor Younger stated he would like the City to proceed with looking into a better rate and would like to see the idea pursued.