08272001 Regular Meeting - Laserfiche WebLink

Home Browse Search

174, Regular Meeting August 27, 2001 Page 5 and Mr. Berry responded that is what he is hoping for. On roll call for adoption of the Resolution, the following vote was recorded: AYE: Hughson, Chiu, Cox, Mayhew. NAY: Mihalkanin, Montoya, Tatum. ABSTAIN: None. Mayor Chiu introduced continuance of a public hearing regarding an Ordinance, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, REVISING AND UPDATING ARTICLE 6, EDWARDS AQUIFER PROTECTION REGULATIONS, OF CHAPTER 94, DEVELOPMENT STANDARDS, OF THE CITY CODE; INCLUDING PROCEDURAL PROVISIONS; AND DECLARING AN EFFECTIVE DATE. Mayor Chiu opened the public hearing and asked if anyone wished to speak. No one did, so Mayor Chiu closed the public hearing. Mayor Chiu announced the public hearing and consideration of the Ordinance will be scheduled for September 10. Mayor Chiu introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2001; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; PRESCRIBING THE FORM OF SAID CERTIFICATES; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY ($8,025,000.00). Ms. Hughson moved for adoption of the Ordinance on emergency and to include amendments to Page 5, Section 3.02(b), Page 12, Section 4.02, Page 19, Section 6.02 and Page 23, Section 7.01(a), that apply to the successful bid, as provided by Bond Counsel, Rick Fisher, and Mr. Mayhew seconded the motion. Dan Wegmiller of First Southwest Company, the City's Bond Consultant, advised the Council 4.54% is one of the lowest rates they have received for a City. Moody's gave the City an A-1 rating (COs) and A-1 rating for the $32.7 million debt; and A-2 rating for the revenue debt. Standard and Poors gave the City an A+ rating. Mr. Wegmiller stated nine bids were received, eight by internet and one by telephone. Mr. Wegmiller stated regarding the debt comparison, the City will pay $39,000.00 less per year than was expected. The Council then voted unanimously for adoption of the Ordinance on emergency. Mayor Chiu introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: