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Home My WebLink About1980-04-29 Special Meeting CITY OF GRAPEVINE, TEXAS AGENDA SPECIAL CITY COUNCIL MEETING TUESDAY, APRIL 29, 1980, AT 7 : 30 P.M COUNCIL CHAMBERS - 413 MAIN STREET � I. CALL TO ORDER � II. INVOCATION : Reverend George Clerihew III. NEW BUSINESS A. City Council to open Bids on sale of $3, 100 , 000 Waterworks and Sewer Systems Revenue, Refunding and Improvements Bonds , Series 1980. B. City Council to open Bids on sale of $1, 895, 000 General Obligation Bonds , Series 1980. C . City Council to consider an Ordinance awarding the sale of the City' s $3 , 100, 000 Waterworks and Sewer System Revenue Refunding and Improvement Bonds . �,,; D. City Council to consider an Ordinance authorizing the issuance and sale of ' $1, 895 , 000 City of Grapevine, Texas , � General Obligation Bonds , Series 1980; levying and requiring assessment and collection of an annual Ad Valorem Tax on all taxable property within the City. IV. MISCELLANEOUS REPORTS AND/OR DISCUSSIONS V. ADJOURNMENT IN ACCORDANCE WITH ARTICLE 6252-17 , V.A.T.C. S . , AS AMENDED BY CHAPTER 227 , ACTS OF THE 61ST LEGISLATURE, REGULAR SESSION, THE SPECIAL CITY COUNCIL MEETING AGENDA WAS PREPARED AND POSTED ON THIS THE 25TH DAY � OF APRIL, 1980 AT 2 : 00 P.M. � � • ��i,v Acting City Secret . : f- NIINUTES AND CERTIFICATION PERTAINING TO PASSAGE OF AN ORDINANCE BY THE CITY ;� COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, AWARDING THE SALE �F THE CITY'S WATER- WORKS AND SEWER SYSTEM REVENUE REFUND- I'""'Y ING AND IMPROVEMENT BONDS, SERIES 1980" AND RELATED MATTERS, DECLARING AN EMER- GENCY THE STATE OF TEXAS § COUNTY OF TARRANT § CITY OF GRAPEVINE § On this the 29th day of April, 1980, the City Council of the City of Grapevine, Texas, convened in Regular Meeting at the regular meeting place thereof, the meeting being open to the public and notice of said meeting, giving the date, place and subject thereof, having been posted as prescribed by Article 6252-i7, V.A.T.C.S., and the roll was called of the duly constituted officers and members of said City Council, which officers and members are as follows, to- wit: William D. Tate, Mayor Marion Brekken ) Shirley Armstrong, City Secretary C. L. Oliver ) Ted Ware ) William Shafer ) Councilmembers Charles Dunn ) � Aulton Mullendore ) ��' and all of said persons were present, except the following absentees: NONE , thus constituting a quorum. Whereupon, among other business, the following was transacted, to-wit: A written Ordinance bearing the - following caption was introduced: � An Ordinance of the City Council of the City of Grapevine, Texas, Awarding the Sale of the Cityts Waterworks and Sewer System Revenue Refunding and Improvement Bonds, Series 1980; Authorizing and Directing the Mayor and City Secretary to Execute the Official Bid Form Evidencing the City's Accept- ance of the Bid for such Bonds; and Declaring an Emergency The Ordinance, a full, true and correct copy of which is attached hereto, was read and reviewed by the City Council. Thereupon, Councilmember �Vare made a motion that such Ordinance be declared an emergency measure and that the rule prohibiting the passage of ordinances on the same day on which introduced be suspended. The motion that such Ordinance be declared an emergency measure and that such charter rule be suspended was duly seconded by Councilmember Dunn • !"'�'" The Mayor put the motion to a vote of the members of the City Council and the motion was carried by the following vote: �� . . . .- r' AYES: All members shown present voted "Aye." �'* NOES: None. ��r,� The Mayor announced that the charter rule had been suspended and that the Ordinance had been declared an erriergency measure. Thereupon, it was moved by Councilmember Ware and seconded by Councilmember Dunn that the Ordinance be finally passed and adopted. Tt�e Mayor put the motion to a vote of the members of the City Council, and the Ordinance was finally passed and adopted by the following vote: ' AYES: All members shown present voted "Aye." NOES: None. MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to correctly reflect the duly constituted officers and members of tfie City Council of said City, and the attached and following copy of said Ordinance is hereby certified to be true and correct copy of an official copy thereof on file among the official records of the City, all on this the 29th day of April, 1980. NIayor, City of Grapevine, Texas �:.� ' ATTEST: �k� City Secretary i o Grape ' e, Texas APPROVED: City Attorney, City of pe , Texas [SEAL] �� r�+�• . • • : . MINUTES AND CERTIFICATION PEr'i.TAINING TO PASSAGE OF AN ORDINANCE BY THE CITY +� COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, AUTHORIZING THE ISSUANCE OF $1,895,000 "CITY OF GRAPEVINE, TEXAS, GENERAL OBLIGATION "�'� BONDS, SERIES 1980" AND ftELATED MATTERS; DECLARING AN EMERGENCY THE STATE OF TEXAS § COUNTY OF TARRANT § CITY OF GRAPEVINE § On this the 29th day of April, 1980, the City Council of the City of Grapevine, Texas, convened in Regular Meeting at the regular meeting place thereof, the meeting being open to the public and notice of said meetinb, giving the date, place and subject thereof, having been posted as prescribed by Article 6252-17, V.A.T.C.S., and the roll was called of the duly constituted officers and members of said City Council, which officers and members are as follows, to- wit: William D. Tate, Mayor Marion Brekken ) Shirley Armstrong, City Secretary C. L. Oliver ) Ted Ware ) William Shafer ) Councilmembers Charles Dunn ) Aulton Mullendore ) �;�. � and all of said persons were present, except the following absentees: �3nNF , thus constituting a quorum. Whereupon, among other business, the following was transacted, to-wit: A written Ordinance bearing the following caption was introduced: An Ordinance of the City Council of the City of Grapevine, Texas, Authorizing the Issuance and Sale of City of Grapevine, Texas, General Obligation Bonds, Series 1980, in the Aggregate Principal A- mount of $1,895,000, for the Purpose of Providing Funds with which to make Various Permanent Public ImproVements for and within said City; Prescribing the Form of said Bonds and the Interest Coupons to be Initially Attached Thereto; Levying and Requiring Assessment and Collection of an Annual Ad Valorem Tax on all Taxable Property Within the City to Pay the Interest on said Bonds and to Create a Sinking Fund for the Payment Thereof at Maturity; Enacting Other Provisions Relating to the Subject; and De- claring an Emergency The Ordinance, a full, true and correct copy of which is attached here�o, ��..� was read and reviewed by the City Council. Thereupon, Councilmember Dunn made a motion that such � Ordinance be declared an emergency measure and that the rule prohibiting the � passage of ordinances on the same day on which introduced be suspended. The motion that such Ordinance be declared an emergency measure and that such "` `�" charter rule be suspended was duly seconded by Councilmember Oliver The Mayor put the motion to a vote of the members of the City Council and ' the motion was carried by the following vote: �� AYES: All members shown present voted "Aye." NOES: None. The Mayor announced that the charter rule had been suspended and that the Ordinance had been declared an emergency measure. Thereupon, it was moved by Councilmember Dunn and seconded by Councilmember 4liver that the Ordinance be finally passed and adopted. The Mayor put the motion to a vote of the members of the City Council, and the Ordinance was finally passed and adopted by the following vote: AYES: All members shown present voted "Aye." NOES: None. . MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to c�rrectly reflect the duly constituted officers and members of the City Council of said City, and the attached and following copy of said Ordinance is hereby certified to be true and correct copy of an official copy thereof on file �-- � among the official records of the City, all on t s the 29th day of April, 1980. '� l�� -� , � - -G�� ' Mayor, City of Grapevine, Texas ATTEST: j City Secretary it f Grapevin , exas � APPROVED: I � ! . ! City�Attorney, Ci y of ape , Texas i [SEAL] � i � � STATE OF TEXAS COUNTY OF TARRANT CITY OF GRAPEVINE The City Council of the City of Grapevine met in Special Session on this the 29th day of April, 1980 at 7:30 P.M. with the following persons present to-wit: �* William D. Tate Mayor Ted R. Ware Mayor Pro Tem � Aulton Mullendore Council Member Charles Dunn Council Member Larry Oliver Council Member Marion Brekken Council Member William Shafer Council Member constituting a quorum with the following members of the City Staff: James L. Hancock City Manager Bill Eisen Assistant City Manager John F. Boyle, Jr. City Attorney Bobbie Phillippe Acting City Secretary CALL TO ORDER Mayor Tate called the meeting to order and welcomed those in attendance. � INVOCATION �ry Reverend George Clerihew of the First Baptist Church, Grapevine delivered the Invocation. NEW BUSINESS The first order of business to come before the Council was to open bids on the sale of $3 ,100,000 Waterworks and Sewer Systems Revenue, Refunding and Improvements Bonds, Series 1980, and $1, 895,000 General Obligation Bonds Series 1980 . Mayor Tate introduced Mike Ashford of First Southwest Corporation who officially opened the bids received from various participants . A recess was then called by Mayor Tate in order for Mr. Ashford and Financial Director Lee Maness to make the bid calculations to confirm that the interest rates were correct. � Following the recess, the Council was advised of all bids received . A copy of said tabulation is attached '�"' hereto and made a part hereof as Exhibit "A" . Mr. Ashford and Mr. Maness then recommended to the Council to accept the low bid of 8.364 from Rowles, Winston, Division of Cowen and Company, et al. Mayor Tate then called upon Acting City Secretary, Mrs. Phillippe to read the caption of the proposed ordinance for the $3 , 1.00,000 Waterworks and Sewer Systems Revenue, Refunding and Improvements Bonds, 04/29/80 Series 1980. Mayor Pro Tem Ted Ware then made a motion to adopt the Ordinance. The motion, seconded by Councilman Charles Dunn, prevailed by the following vote : Ayes : Tate, Ware, Mullendore, Dunn, Shafer, Oliver and Brekken Nays : None � ORDINANCE N0. 80-26 �r�.+ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, AWARDING THE SALE OF THE CITY' S WATERWORKS AND SEWER SYSTEM REUENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1980; AUTHORIZING AND DIRECTING THE MAYOR AND CITY SECRETARY TO EXECUTE THE OFFICIAL BID FORM EVIDENCING THE CITY' S ACCEPTANCE OF THE BID FOR SUCH BONDS; AND DECLARING AN EMERGENCY. ORDINANCE, $1,895,000 G. O. Bonds The next order of business was for the City Council to consider an ordinance authorizing the issuance and sale of $1, 895,000 City of Grapevine, Texas, General Obligation Bands, Series 1980; levying and requiring assessment and collection of an annual Ad Valorem Tax on all taxable property within the City. ,�.� Mike Ashford and Lee Maness recommended to the Council to accept the low bid of 7.500822 from First City �.:� National Bank af Houston. The Acting City Secretary read the caption of the proposed ordinance. Councilman Charles Dunn made a motion to adopt the ordinance. Councilman Oliver seconded the motion and it prevailed by the following vote : Ayes : Tate, Ware, Mullendore, Dunn, Shafer, Oliver and Brekken Nays : None ORDINANCE NO. 80-24 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF GRAPEVINE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1980, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1, 895,000, FOR THE PURPOSE OF PROVIDING FUNDS WITH WHICH TO MAKE VARIOUS PERMANENT PUBLIC IMPROVEMENTS FOR AND WITHIN � SA ID C ITY; PRESCRIB ING THE FORM OF SA ID BONDS � AND THE INTEREST COUPONS TO BE INITIALLY AT- �, TACHED THERETO; LEVYING AND REQUIRING ASSESS- MENT AND COLLECTION OF AN ANNUAL AD VALOREM TAX ON ALL TAXABLE PROPERTY WITHIN THE CITY TO PAY THE INTEREST ON SA ID BONDS AND TO CREATE A SINKING FUND FOR THE PAYMENT THEREOF AT MATURITY; ENA CTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY. 04/29/80 A DJOURNMEN T There being no further business to come before the Council, Aulton Mullendore made a motian to adjourn. Councilman William Shafer seconded the motion and it prevailed by the following vote: "�"" Ayes: Tate, Ware, Brekken, Mullendore, Shafer, Oliver, and Dunn Nays: None �� PASSED & APPROVED by the City Council of the City of Grapevine, Texas on this the � day of �G�� , 1980. . � .�-� � Mayor ATTEST: . • . _ � City Secretary (Acting ,�.:�, '�� EXHIBIT "A" BID TABULATION ,,,,,:.> $3, 100,000 WATERWORKS & SEWER SYSTEM REVENUE REFUNDING & IMPROVEMENT BONDS, SERIES 1980 �,.� Company Name Bid Rowles, Winston Division Cowen & Company . . . . . . . . . . . . . . . . . . 8.364 Rauscher Pierce Refsnes, Inc. . . . . 8.408635 $1, 895,000 GENERAL OBLIGATION BONDS, SERIES 1980 Company Name Bid First City National Bank of Houston . . . . . . . . . . . . . . . . . . . . . . . 7.500822 Underwood, Neuhaus & Co. , Inc. . . . . 7. 758969 Rowles, Winston Division Cowen & Company . . . . . . . . . . . . . . . . . . 7.927 � Rauscher Pierce Refsnes, Inc. . . . . 7.933424 � First National Bank of Dallas . . . . . . . . . . . . . . . . . . . . . . . . 7.9884 Merrill Lynch, White Weld Capital Markets Group & Asso. . . . . 7.9127 C & C Southwest . . . . . . . . . . . . . . . . . . 8.048326 � ��