01261987 Regular Meeting - Laserfiche WebLink

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63 Regular Meeting January 26, 1987 Page 8 Mayor Younger introduced for consideration approval of appointments to the Citizens Storm Drainage Advisory Board. Mr. Guerra nominated W. W. McElroy for Storm Water Management Area 1 and Mr. Farr nominated Gerald Champagne for Storm Water ~lanagement Area 2. Ms. Kissler moved for the two appointments and Mr. Brown seconded the motion, which passed unanimously. The remaining appointments will be scheduled for the next Reg~lar Meeting. Mayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF TEE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, INSTRUCTING THE CITY'S BOND COUNSEL, FINANCIAL ADVISOR AND UNDERWRITER TO DEVELOP A RE- FUNDING PROGRAM FOR THE CITY'S CERTIFICATES OF OBLIGA- TION, AUTHORIZING PARTIES TO ACCOMPLISH SAID REFUNDING, AND DECLARING AN EFFECTIVE DATE. Mr. Coddington moved for adoption of the Resolution and Mayor Younger seconded the motion. Mr. Coddington stated he has great confidence in Mr. Rodriguez's group and thinks the refunding is a good deal. Mr. Gonzalez stated Texas Capital Markets would be the underwriter in just this one transaction. Mr. Coddington stated he wants the Council to hear from Dillon Read & Co., Inc. of Dallas, Texas, who had a repre- sentative present at the meeting (Steven Borg). Jorge Rodriguez of Texas Capital Markets handed out to each Council Member a proposal re- garding the refillXlingand stated a refunding would be pursued when a 5% savings on the existing debt could be realized. He stated in the pre- sent market, the City can realize at least a 5% savings. Steven Borg of Dillon Read & Co., Inc. handed to the Council an annual review but presented no formal proposal. Ee provided the Council with background information of his company. Mr. Borg advised the Council they would not want to be a co-partner on this particular transaction because he did not feel they could add anything additional as a co-partner. Bill Newman of First Southwest Company advised the Council that he predicts little change in the market in the next two to four weeks. He then reviewed with Council Texas Capital Markets' scenarios. Mr. Coddington stated he thought the City should go with Texas Capital Markets on this transaction but wants the City to talk with more than one underwriter on any future transactions. Mr. Farr stated he favors Scenario 1. Mr. Guerra stated he wanted all Council Members contacted for names of underwriters on any future transactions. The Council then voted unani- mously for adoption of the Resolution. Mayor Younger introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING THE COST OF ENGINEERING SER- VICES SPECIFIED IN AN AGREEMENT BETWEEN SAID CITY AND THE U. S. DEPARTMENT OF AGRICULTURE SOIL CONSERVATION SERVICE WHICH PROVIDES FOR THE CONSTRUCTION OF A BASIC RECREATIONAL FACILITY ALONG THE SAN MARCOS RIVER, AUTHOR- IZING THE ~ffiYOR TO EXECUTE SAID AMENDMENT NUMBER ONE TO SAID AGREEMENT ON BEHALF OF SAID CITY, AND DECLARING AN EFFECTIVE DATE. Mr. Farr moved for adoption of the Resolution and Mr. Brown seconded the motion, which passed unanimously (Mr. Coddington not present to vote on this item).