12151986 Regular Meeting - Laserfiche WebLink

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4 Regular Meeting December 15, 1986 Page 4 Mayor Younger introduced for consideration adoption of a Resolution which contained no caption, but the City Secretary read into the record the Resolution pertained to approving the notice of sale and bidding instructions, official bid form and official statement relative to the $1,900,000 Certificates of Obligation, Series 1987. Mr. Farr moved for adoption of the Resolution and to amend the Reso- lution in each place that stated $1,900,000 to read $1,400,000 and Mayor Younger seconded the motion, which passed unanimously. Mayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS CONSENTING TO THE SUBMISSION OF A COMPETITIVE BID BY FIRST SOUTHWEST COMPANY, THE CITY'S FINANCIAL ADVISOR, FOR THE CITY'S $1,900,000 CERTIFICATES OF OBLIGATION, SERIES 1987. Mayor Younger moved for adoption of the Resolution and to amend the Resolution and Exhibit "A" in each place that stated $1,900,000 to read $1,400,000 and Ms. Kissler seconded the motion, which passed unanimously. Mayor Younger moved Item 13C on the agenda to this point, and intro- duced a discussion of the refunding of the Certificates of Obligation. Jorge Rodriguez seeked direction from the Council to prepare a Resolu- tion wherein 5% or more would be saved before proceeding with the re- funding. Mayor Younger asked about the fees for the preparation. Mr. Rodriguez stated at the 5% savings, the City would save $250,000. Bill Newman cautioned the Council with the upcoming sale of the Certi- ficates of Obligation ($1,400,000), the City should have at least thirty days in between the sale and this refunding transaction. Mr. Rodriguez stated with the Council's direction, he would work with First Southwest Company in preparing the refunding, and it was consensus of Council to pursue this. Mayor Younger introduced for consideration approval of an Ordinance on first reading, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MÞ.RCOS, TEXAS, AMENDING CHAPTER 2 OF THE CODE OF ORDINANCES OF THE CITY OF SAN MARCOS, TEXAS, BY ADDING AN ARTICLE TO BE NUMBERED X TO SAID CHAPTER PROVIDING FOR THE CREATION OF A CITIZENS STORM DRAINAGE ADVISORY BOARD; PROVIDING FOR THE COMPOSITION AND APPOINTMENT OF THE MEMBERS OF SAID BOARD; ESTABLISHING GOALS AND OB- JECTIVES OF SAID BOARD AND DECLARING AN EFFECTIVE DATE. Mr. Farr moved for approval of the Ordinance and Mr. Coddington second- ed the motion. Mr. Coddington asked for clarification of Section 2-142. Mr. Farr suggested each Council Member select a Member from each of the five regions and the Mayor and Mayor Pro-Tern each select a Member at large. Mr. Gonzalez asked for clarification if the five representatives of regions would be required to live within the re- gion. The Council directed language be presented regarding the repre- sentatives live in the region they represent. The Council voted unani- mously for approval of the Ordinance on first reading. Mayor Younger introduced for consideration approval of an Ordinance on first reading, the caption which was read as follows: