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<br /> 83
<br /> MINUTES OF THE SPECIAL MEETING OF THE
<br /> CITY COUNCIL OF THE CITY OF SAN MARCOS,
<br /> TEXAS, MAY 20, 1991
<br /> PRESENT: Mayor Kathy M. Morris
<br /> Mayor Pro-Tern Ronald K. Hart
<br /> Council Members * Rick Hernandez
<br /> Fred Guerra
<br /> Betty Jane Kissler
<br /> Billy G. Moore
<br /> Bill Plummer
<br /> City Manager Larry D. Gilley
<br /> City Secretary * Janis K. Womack
<br /> City Attorney Mark B. Taylor
<br /> Fire Chief Dan O'Leary
<br /> Director of WIC Eddie Ortega
<br /> Director of MIS Ramona Brown
<br /> Director of Human Resources Carolyn Liner
<br /> Director of Finance Bill White
<br /> Director of Public Works George Boeker
<br /> Also Present: Collette Boruff, Kim McCollum, Melissa Millecam, Stephanie
<br /> Langenkamp, Monty Nitchalous, Rick Fisher, John DeMoor, DeAnn Smith,
<br /> R.G. Phillips, Bill Coddington, and others.
<br /> Mayor Morris called the meeting to order at 7:33 p.m.
<br /> Mayor Morris introduced for consideration item 4A at this point in
<br /> the meeting, receiving and reviewing of bids for sale of the City's
<br /> $3,595,000 General Obligation Bonds, Series 1991. Monty Nitchalous
<br /> of First Southwest Company opened and reviewed the bids with Council
<br /> as follows:
<br /> Merrill Lynch (insured by AmBac)
<br /> Total Interest Cost $2,819,325.00
<br /> Less Premium -0-
<br /> Net Interest Cost $2,819,325.00
<br /> Effective Interest Rate 6.686609
<br /> Clayton Brown & Associates, Inc. (insured by AmBac)
<br /> Total Interest Cost $2,839,937.50
<br /> Less Premium 33.85
<br /> Net Interest Cost $2,839,903.65
<br /> Effective Interest Rate 6.7354
<br /> Barre & Company, Inc. (insured by AmBac)
<br /> Total Interest Cost $2,810,065.63
<br /> Less Premium 375.20
<br /> Net Interest Cost $2,809,690.43
<br /> Effective Interest Rate 6.66375
<br /> Kemper Securities Group (insured by AmBac)
<br /> Total Interest Cost $2,858,660.00
<br /> Less Premium -0-
<br /> Net Interest Cost $2,858,660.00
<br /> Effective Interest Rate 6.7799
<br /> Prudential Bache Securities, Inc. (insured by AmBac)
<br /> Total Interest Cost $2,777,962.50
<br /> Less Premium -0-
<br /> Net Interest Cost $2,777,962.50
<br /> Effective Interest Rate 6.5885
<br /> Rauscher, Pierce, Refsnes, Inc. (insured by AmBac)
<br /> Total Interest Cost $2,806,746.88
<br /> Less Premium -0-
<br /> Net Interest Cost $2,806,746.88
<br /> Effective Interest Rate 6.656777
<br /> * Rick Hernandez, Council Member, not present at this meeting.
<br /> * Janis K. Womack, City Secretary, not present at this meeting.
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