HomeMy WebLinkAbout1996-10-03 Special Meeting AGENDA
CITY OF GRAPEVINE, TEXAS
SPECIAL CITY COUNCIL MEETING
THURSDAY, OCTOBER 3, 1996 AT 5:30 P.M.
COUNCIL CHAMBERS - MUNICIPAL COURT ROOM #205
307 WEST DALLAS ROAD
CALL TO ORDER
1 . Consider an ordinance authorizing the issuance and sale of City of Grapevine,
Texas, Combination Tax and Tax Increment Reinvestment Zone Revenue
Certificates of Obligation, Series 1996, in the aggregate principal amount of
$28,915,000.00; approving the Official Statement; Pledging Reinvestment '
Zone Number One Tax Increment Fund Revenues, Levying a Tax and Providing
for the Security for and Payment of said certificates; Enacting other provisions
relating to the subject and take any necessary action.
ADJOURNMENT
IF YOU PLAN TO ATTEND THIS PUBLIC MEETING AND YOU HAVE A DISABILITY
THAT REQUIRES SPECIAL ARRANGEMENTS AT THE MEETING, PLEASE CONTACT
THE CITY SECRETARY'S OFFICE AT (817) 481-0392 AT LEAST 24 HOURS IN
ADVANCE OF THE MEETING. REASONABLE ACCOMMODATIONS WILL BE MADE
TO ASSIST YOUR NEEDS.
IN ACCORDANCE WITH TEXAS GOVERNMENT CODE, CHAPTER 551 .001 et seq,
ACTS OF THE 1993 TEXAS LEGISLATURE, THE SPECIAL CITY COUNCIL MEETING
AGENDA WAS PREPARED AND POSTED ON THIS THE 30TH DAY OF SEPTEl��ER,
1996 AT 5:00 P.M.
od' C. Brown
istant City Secretary
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE
The City Council of the City of Grapevine, Texas met in Special Session on this the
3rd day of October, 1996 at 5:30 p.m. in Council Chambers - Municipal Court Room
#205, 307 West Dallas Road, with the following members present to-wit:
William D. Tate Mayor
Ted R. Ware Mayor Pro Tem
Sharron Spencer Council Member
C. Shane Wilbanks Council Member
Jerry L. Pittman Council Member
Clydene Johnson Council Member
Roy Stewart Council Member
constituting a quorum, with the following members of the City Staff:
Trent Petty City Manager
. Roger Nelson Assistant City Manager
John F. Boyle, Jr. City Attorney
Linda Huff City Secretary
Christopher Hooper Assistant to City Manager
CALL TO ORDER
Mayor Tate called the meeting to order at 5:30 p.m.
ITEM 1 ORDINANCE, AUTHORIZE COMBINATION TAX AND_TAX INCREMENT
REINVESTMENT ZONE REVENUE CERTIFICATES OF OBLIGATION,
SERIES 1996• AUTHORIZE PAYING AGENT/REGISTRAR AGREE__MENT
WITH TEXAS COMMERCE BANK; AND AUTHORIZE AGREEMENT WITH
VINSON & ELKINS
City Manager Trent Petty introduced Mr. Dave Medanich, of First Southwest, who
reported the City's ratings as assigned by Moody's Investors Service, Inc. - "A1 " and
Standard & Poor's Ratings Services - "A+ ". Mr. Medanich then presented the five
bids received, ranging from 5.6229% to 5.4830%, for the sale of 528,915,000.00
City of Grapevine, Texas Combination Tax and Tax Increment Reinvestment Zone
Revenue Certificates of Obligation, Series 1996. He recommended the City Council
consider awarding the bid to the lowest and best bidder, Dain Bosworth, at the rate
of 5.4830%.
10/03/96
City Manager Petty requested the City Council consider award of the bid as
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recommended by the City's financial advisor and an ordinance authorizing the
issuance of 528,915,000.00 in combination tax and tax increment reinvestment zone
revenues certificates of obligation, a paying agent/registrar agreement between the
City and Texas Commerce Bank, the general certificate and an engagement agreement
between the City and Vinson & Elkins for legal services.
Council Member Pittman, seconded by Council Member Wilbanks, offered a motion
to award the bid to Dain Bosworth at 5.4830% and to approve the ordinance as
recommended. The motion prevailed by the following vote:
Ayes : Tate, Ware, Wilbanks, Pittman, Johnson & Stewart '
Nays : None
Abstain : Spencer
ORDINANCE N0. 96-82
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
AUTHORIZING THE ISSUANCE AND SALE OF CITY OF
GRAPEVINE, TEXAS, COMBINATION TAX AND TAX
INCREMENT REINVESTMENT ZONE REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1996, IN THE
AGGREGATE PRINCIPAL AMOUNT OF 528,915,000; �
APPROVING THE OFFICIAL STATEMENT; PLEDGING
REINVESTMENT ZONE NUMBER ONE TAX INCREMENT
FUND REVENUES, LEVYING A TAX, AND PROVIDING FOR
THE SECURITY FOR AND PAYMENT OF SAID
CERTIFICATES; ENACTING OTHER PROVISIONS RELATING
TO THE SUBJECT, DECLARING AN EMERGENCY AND
PROVIDING AN EFFECTIVE DATE :
ADJOURNMENT
Council Member Spencer, seconded by Council member Johnson, offered a motion
to adjourn the meeting at 5:35 p.m. The motion prevailed by the following vote:
Ayes: Tate, Ware, Spencer, Wilbanks, Pittman, Johnson & Stewart
Nays: None
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE,
TEXAS on this the 15th day of October , 1996.
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10/03/96
APPROVED:
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William D. Tate
Mayor
ATTEST:
Lind Huff
City Secretary
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