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<br />121 <br /> <br />MINUTES OF THE SPECIAL MEETING OF THE <br />CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS, FEBRUARY l7, 1988 <br /> <br />PRESENT: <br /> <br />Mayor <br /> <br />J. E. Younger <br /> <br />Mayor Pro-Tem <br />Council Members <br /> <br />Gerald G. Farr <br />* Karl W. Brown <br />Fred Guerra <br />Rick Hernandez <br />Betty Jane Kissler <br />** William C. Nicola <br /> <br />City Manager <br />City Secretary <br />City Attorney <br />Assistant City <br />Assistant City <br /> <br />Attorney <br />Manager <br /> <br />A. C. Gonzalez <br />Janis K. Womack <br />** Lamar W. Hankins <br />Joan Kennerly <br />Larry W. Gilley <br /> <br />Also Present: Monty Nitchalous, Don Henderson, Rick Fisher, Patty <br />Wenk, Wayne Moore and others. <br /> <br />Mayor Younger called the meeting to order at 5:45 p.m. <br /> <br />Mayor Younger introduced for consideration the receiving and reviewing <br />of bids for the sale of the City's $l,320,000 Waterworks and Sewer <br />System Revenue Bonds, Series 1988. Monty Nitchalous of First South- <br />west Company opened and reviewed the bids with Council as follows: <br /> <br />Clayton Brown & Associates, <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />Inc. (insured <br />$1,088,965.29 <br />-0- <br />$l,088,965.29 <br />7.30604 <br /> <br />by MBIA) <br /> <br />Underwood, Neuhaus & <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />Co., <br /> <br />Inc. (insured by <br />$1,ll7,803.75 <br />-0- <br />$1,117,803.75 <br />7.4995220 <br /> <br />MBIA) <br /> <br />Prudential Bache Securities, Inc. (insured <br />Gross Interest Cost $1,070,664.79 <br />Less Premium -0- <br />Net Interest Cost $1,070,664.79 <br />Effective 7.1832 <br /> <br />by MBIA) <br /> <br />Rotan Mosle, Inc. (insured <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />by MBIA) <br />$1,076,880.22 <br />-0- <br />$l,076,880.22 <br />7.224960 <br /> <br />Smith Barney, Harris <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />& Upham (insured by MBIA) <br />$l,094,445.82 <br />129.80 <br />$l,094,3l6.03 <br />7.34l939 <br /> <br />Shearson Lehman Bros., <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />Inc. <br /> <br />(insured by MBIA) <br />$1,096,446.89 <br />-0- <br />$l,096,446.89 <br />7.356235 <br /> <br />* Mr. Brown was present at 6:l3 p.m. and left the meeting at 6:30 p.m. <br />** Messrs. Nicola and Hankins were not present at this meeting. <br />