12191983 Special Meeting - Laserfiche WebLink

Home Browse Search

116 Special Meeting December 19, 1983 Page 3 Mr. Farr then moved the Council bring back on the table Item 3, to receive and review bids for the sale of $1,500,000 Certificates of Obligation for sewer system improvements and award sale. Mr. Brown seconded the motion, which passed unanimously. Bill Harrison recol1ID3nded the Council award and accept the bid of Prudential Bache Securities, Inc., at a net interest cost of $1,927,665, the effective rate of 9.9956 percent. Mayor Craddock moved to accept and award the bid to Prudential Bache Securities, Inc. and Mr. Guerra seconded the motion, which passed unanimously. Mayor Craddock introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: ORDINANCE AUTHORIZING THE ISSUANCE OF $1,500,000 CITY OF SAN MARCOS, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE CERTIFICATES OF OBLIGATION, SERIES 1984. Mayor Craddock moved for adoption of the Ordinance and Mr. Guerra seconded the motion. Bond Attorney Rick Fisher advised the Council the Ordinance needed to be amended in Sections 3 and 32 to complete the blanks as follows (Mr. Fisher read the amendments into the record at this time): "Section 3. INTEREST. . . . Certificates maturing 1986 through 1993, 12.20%; Certificates maturing 1994 , 9.20%; Certificates maturing 1995 , 9.30%; Certificates maturing 1996 , 9.40%; Certificates maturing 1997 , 9.50%; Certificates maturing 1998 , 9.60%; Certificates maturing 1999 , 9.70%; Certificates maturing 2000 , 9.75%; Certificates maturing 2001 , 9.80%; Certificates maturing 2002 , 9.85%; Certificates maturing 2003 9.90%; " . . . and "Section 32. SALE OF THE CERTIFICATES. The sale of the Certificates to prudential Bache Securities, Inc.; Dean Witter Reynolds, Inc.; Paine Webber Jackson Curtis, Inc. (herein referred to as the "Purchasers") at the price of the par value thereof and accrued interest to the date of delivery plus a premium of $-0- is hereby approved and confir ned." Mayor Craddock moved to amend Sections 3 and 32 as read into the re- cord by Rick Fisher and Mr. Farr seconded the motion, which passed unanimously. The Council then voted unanimously for adoption of the Ordinance. The Council then received proposals for the sale of $300,000 Certifi- cates of Obligation for the purchase and equipment of police cars and the award of sale. Bond consultant Bill Harrison stated he had nego- tiated locally with Hays County National Bank, the City's bank depositor, at an average interest rate of 8.1598 ($70,000-1985-7.65%; $75,000-1986- 7.90%; $75,000-1987-8.15%; $80,000-1988-8.40%) and recommended the same. Mayor Craddock moved to award the sale to Hays County National Bank and Mr. Farr seconded the motion, which passed unanimously.