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<br />60 <br /> <br />Special Meeting <br /> <br />December 3, 1986 <br /> <br />Page 2 <br /> <br />the City an opinion stating the Bosque case has no merit. Mr. Hankins <br />stated the matter would be subject to the Open Records Act at this <br />time, and that no opinion could be requested. Mr. Rankins stated he <br />could ask the Assistant Attorney General to write a letter commenting <br />on the merits of the suit but that he does not think he would agree <br />to do it. Mayor Younger stated he thinks the City needs to proceed <br />with the bids and for the City Attorney to provide whatever informa- <br />tion can be acquired. Mr. Coddington stated Mr. Gonzalez had not <br />provided the Council with alternatives of funding except a letter <br />from the City's bonding attorney, Rick Fisher, advising the City the <br />building could be financed with Certificates of Obligation. Mr. Gonzalez <br />responded he had investigated alternatives. He advised the Council he <br />had looked at private financing from a builder; he had discussed finan- <br />cing with the City's financial advisor and bond consultant and had been <br />advised if bond reserves were used it could affect the City's bonding; <br />he stated a non-profit organization could be set up but it would require <br />much more time and effort and there WQuld be no financing advantage in <br />doing so; he advised the City's auditor was not familiar with cash re- <br />serves (internal borrowing) being used by clties for a long-term. Mr. <br />Gonzalez reminded Council there are Staff changes occurring, a new com- <br />puter is being installed and that an electric department is in the pro- <br />cess of being set up. Mr.Coddington stated he could not believe the <br />City does not have $2.3 million in reserves available that could be <br />used to set up a non-profit corporation with a low interest rate. Mr. <br />Kester advised the Council bid opening is scheduled for January 19, . <br />1987. Mayor Younger stated he wanted the City to look at any options <br />we may have that could save money and that he is opposed to general <br />obligation bonds but he thinks it is our only option to use and meet <br />the City's contract restraints. he requested the City Attorney pro- <br />vide any information that becomes available that will affect the build- <br />ing. Mr. hankins stated the Bosque County lawsuit is of a frivolous <br />nature. Mr. Hankins advised the Council before award of bid on the <br />Public Works Complex is made, the funding of the Complex will need to <br />be in place. On roll call for authorization to bid, the following <br />vote was recorded: <br /> <br />AYE: <br /> <br />Brown, Farr, Younger, Guerra, Kissler. <br /> <br />NAY: <br /> <br />Coddington. <br /> <br />ABSTAIN: <br /> <br />None. <br /> <br />Mr. Brown stated he would like the Council in Executive Session or in <br />an open meeting to give direction to the City Attorney and the City <br />Manager regarding the Public Works Complex. he stated the Council may <br />need to set a policy for direction to the Staff and that he is opposed <br />to one Council Member giving direction for all of the Council. This <br />matter will be set on the December 8, 1986 agenda in Executive Session <br />and in an open meeting for the Council's consideration. <br /> <br />The meeting adjourned at <br />seconded by Ms. Kissler. <br /> <br />5:35 p.m. on motion made by Mr. <br /> <br /> <br />CJ-i~, --, <br />, J~.. 2founger <br />Ma /fl <br />, ~ 'L <br />Blll~dingt~ <br />Council Member <br /> <br />Guerra and <br /> <br />KðUJ< ß~,w~ <br /> <br />Karl W. Brown <br />Council Member <br />