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84 Special Meeting May 20,1991 Page 2 Lehman Brothers (insured by AmBac) Total Interest Cost $2,798,558.13 Less Premium -0- Net Interest Cost $2,798,558.13 Effective Interest Rate 6.63735 NCNB Capital Markets (insured by AmBac) Total Interest Cost $2,813,096.25 Less Premium -0- Net Interest Cost $2,813,096.25 Effective Interest Rate 6.671836 Monty Ni tchalous of First Southwest Company opened and reviewed bids for the sale of the City's $850,000 Waterworks and Sewer System Revenue Bonds, Series 1991 with the Council as follows (Agenda Item 4.B.): NCNB Capital Markets Total Interest Cost $594,916.67 Less Premium -0- Net Interest Cost $594,916.67 Effective Interest Rate 6.864423 Lehman Brothers Total Interest Cost $586,333.33 Less Premium -0- Net Interest Cost $586,333.33 Effective Interest Rate 6.76538 Rauscher, Pierce, Refsnes, Inc. Total Interest Cost $591,925.00 Less Premium 250.00 Net Interest Cost $591,675.00 Effective Interest Rate 6.827018 Barre & Company, Inc. Total Interest Cost $585,125.00 Less Premium -0- Net Interest Cost $585,125.00 Effective Interest Rate 6.7509 Coastal Securities Total Interest Cost $588,083.33 Less Premium -0- Net Interest Cost $588,083.33 Effective Interest Rate 6.785577 Merrill Lynch Total Interest Cost $589,091.67 Less Premium -0- Net Interest Cost $589,091.67 Effective Interest Rate 6.797212 At this point in the meeting Mr. Ni tchalous and Mr. Fisher left the chambers to determine which was the best bid. Mayor Morris introduced for consideration Item 3 at this point in the meeting. Mayor Morris opened a public hearing to provide information regarding the 1990 Texas Community Development Programs available through the Texas Department of Commerce, and invited comments from the public regarding these programs as well as local housing and community development needs. Mayor Morris asked Mr. Gilley if he had any comments he would like to make. Mr. Gilley stated that the City previously had five contracts with the Texas Department of Commerce; Embers Industries, Enviromental Protection Systems, CTEC 707 Waterline, Dunbar/Victory Gardens and the Affordable Housing Grant. Mr. Gilley also stated the various funds available to the City; Texas Capital Fund, Community Development Fund, Housing Development Fund, Emergency/Urgent Need Fund, Special Impact Fund, and Planning/Capacity Building Fund. Mayor Morris asked if anyone wanted to speak regarding these programs. No one spoke regarding the programs and Mayor Morris closed the public hearing.