HomeMy WebLinkAbout1968-02-26 Special Meeting 53
February 26, 1968
A call meeting of the Grapevine City Council was held on February
26, 1968. Members present were Mayor Wnods and Councilmen Benedict,
Pirkle, Huber, Dalton and Foust.
Purpose of the me�ting was to open bids on the sale of $200,000.00
in Waterworks and Sewer System Revenue Bonds, 1968.
All bids received were opened and are as follows :
Rowles Winston & Company
Cash Premium $ - O -
May 1, 1970, through May l, 1978 -- 6.00%
May 1, 1979, through May 1, 1983 -- S.00�b
May 1, 1984, through May 1, 1985 -- 5.05�
, May 1, 1986, -- 5.10%
May 1, 1987, -- 5.15�
May 1, 1988, through May 1, 1989 -- 5.20�
May 1, 1990 Only -- 5.25�
Interest cost, in accordance with the above bid, is:
Gross Interest Cost $157,518.75
Less Premium -O-
' NET INTEREST COST $157,518.75
EFFECTIVE INTEREST RATE 5.2331819b
Fizst Southwest Company
Cash Premium $148.00
May l, 1970, through May 1, 1975 -- 6.00%
May 1, 1976, through May 1, 1990 -- 5.009b
Interest cost, in accordance with the above bid, is:
, Gross Interest Cost $151,925.00
Less Premium 148.00
NET INTEREST COST $151,777.00
EFFECTIVE INTEREST RATE 5.04242%
After due discussion a MOTION by (b uncilman Pirkle, seconded by
Councilman Dalton to accept the low bid of First Southwest
Company. MOTION carried by Councilmen Benedict, Pirkle, Huber,
Dalton and Foust. There were no noes.
Ordinance 68-4 authorizing the issuance of Revenue Bonds was
introduced for the consideration of the City Council and read
in full. MOTION by Councilman Foust, seconded by Councilman
Huber that said Ordinance be finally passed on one reading, as
an emergency measure, to be effective immediately; and after
due discussion, said MOTION, carried by a yes vote by Council-
men Benedict, Pirkle, ?iubez, nalton an,� Foust. There were no
noes. .
ORDINANCE 68-4
AN ORDINANCE AUTHORI'LING THE ISSUANCE
' OF REVENUE BONDS
A complete copy of of said Ordinance is attached hereto and is
� a part of thesc minutes.
Meeting adjourned.
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C' y Secret ry Mayor
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