09232002 Regular Meeting - Laserfiche WebLink

Home Browse Search

Regular Meeting September 23, 2002 67. Page 7 Mayhew moved for adoption of the Zoning Ordinance and Ms. Narvaiz seconded the motion, which passed unanimously. Mayor Habingreither 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 2002; 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. Mr. Mihalkanin moved for adoption of the Ordinance on emergency to include amendments to the definitions, maturity schedule and interest rates, and Ms. Narvaiz seconded the motion. Mr. Wegmiller, First Southwest Company Investment Bankers, stated the Bond rating the City has received is described in the handout the Council received. Moody's gave the City an Al rating and stated it was important to note their surprise that the sales tax was not as greatly impacted here as other areas, and the outlook is stable. Standard & Poor's credit profile rating they gave the City was an A+ with a positive outlook. He stated they received four bids with True Interest Cost (%) ranging from 4.195377 to 4.282951. He reviewed the pricing Summary and Debit Service Schedule with the Council. Rick Fisher, Fisher and Newsom, stated he is the City's financial attorney. He congratulated the City on receiving great ratings. The Council then voted unanimously for adoption of the Ordinance on emergency. Mayor Habingreither 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, NOMINATING A CANDIDATE AND SEEKING THE RECOMMENDATION BY THE TEXAS MUNICIPAL LEAGUE FOR ELECTION TO THE NATIONAL LEAGUE OF CITIES BOARD OF DIRECTORS; NOMINATING CANDIDATES FOR APPOINTMENT TO COMMITTEES OF THE NATIONAL LEAGUE OF CITIES; AND DECLARING AN EFFECTIVE DATE. Mr. Mihalkanin moved for adoption of the Resolution and Mr. Mayhew seconded the motion. Mr. Mihalkanin moved to amend the Resolution by inserting Jacob Montoya in PART 1, as a candidate for election to the National League of Cities Board of Directors and Mr. Mayhew seconded the motion. On roll call the following vote was recorded: AYE: Mihalkanin, Narvaiz, Habingreither, Taylor and Mayhew. NAY: None. ABSTAIN: Montoya.