03251985 Regular Meeting - Laserfiche WebLink

Home Browse Search

37 Regular Meeting March 25, 1985 Page 12 Mayor Craddock introduced for consideration approval for an estimated sum of $17,500.00 of funding of the Hutchison Street Drainage Improve- ments from the $500/000.00 Street and Drainage Improvements Funds, and direction for a budget amendment Ordinance to be prepared. Mayor Craddock moved for approval of the $17,500.00 funding from the Street and Drainage Improvements Funds account and directed a budget amend- ment Ordinance be prepared and Mr. Brown seconded the motion, which passed unanimously. Mayor Craddock introduced for consideration approval for the sale of $3,020,000.00 in general obligation bonds for capital improvements (Streets and Drainage $2,050,000.00; Parks and Recreation $250,000.00; Traffic Lights $150,000.00; Public Works Complex $570,000.00) and direction for financial advisors to prepare the necessary documents for the sale and issuance of said bonds. Mr. Coddington moved for approval and direction and Mr. Farr seconded the motion. Mr. Coddington then stated he thought it was premature to issue the bonds before the funds were actually needed. Mr. Coddington said the architectural plans were not prepared and we would not need the funds for two years. Steve Jenkins stated there were completed plans for the Streets and Drain- age work for Millview. Mr. Coddington said the planning should be prepared first. Bill Harrison of First Southwest Company, the City's financial advisors, recommends the City proceed with the course as out- lined before the Council. On roll call the following vote was recorded: AYE: Brown, Farr, Craddock, Guerra. NAY: Coddington. ABSTAIN: None. Mayor Craddock introduced a discussion regarding an Investment Manage- ment Services request for proposal. Mayor Craddock moved this matter be tabled and Mr. Guerra seconded the motion, which passed unanimously. Mayor Craddock moved the Council adjourn into Executive Session pursuant to Article 6252-17, §2(e), V.A.C.S., to seek the City Attorney's advice with respect to matters where the duties of the City Attorney to the City pursuant to the Code of Professional Responsibility of the State Bar of Texas clearly conflicts with Article 6252-17. Mr. Guerra second- ed the motion, which passed unanimously (10:35 p.m.). Mr. Farr moved the Council convene at ll:05 p.m. and Mr. Coddington seconded the motion, which passed unanimously. The meeting adjourned at 11:06 p.m. on motion made by Mr. Brown and seconded by Mayor Craddock. ~~ ' 4" ffi~ M~Y ,< ". L ûJ ltl ;Au;' . . , < 't.\...Y"- K~rl W. own Bi 1 COddingto~)1 <a¡ unc' Council Member ~~" /', /L¡;d. L/- 'A.€./1 -, l" Fred Guerra -I Council Member