HomeMy WebLinkAbout1982-04-13 Regular Meeting •
AGENDA
CITY OF GRAPEVINE, TEXAS
REGULAR CITY COUNCIL MEETING
�"' TUESDAY, APRIL 13, 1982 AT 7 : 30 P.M.
COUNCIL CHAMBERS - 413 MAIN STREET
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I. CALL TO ORDER
II. INVOCATION: Councilman Ron Dyer
III. NEW BUSINESS
A. City Council to consider an ordinance author-
izing the issuance of $600 ,000 City of Grape-
vine, Texas , Waterworks & Sewer System Revenue
Bonds , Series 1982 .
B. City Council to consider an ordinance author-
izing the issuance of $2 ,370 ,000 City of Grape-
vine, Texas , General Obligation Bonds, Series
1982 .
C. City Council to consider authorizing a land
planning & engineering firm to prepare a grant
application and environmental assessment for
�,,, City park improvements.
IV. ADJOURNMENT
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IN ACCORDANCE WITH ARTICLE 6252-17 , V.A.T.C.5. , AS AMENDED
BY CHAPTER 227 , ACTS OF THE 61ST LEGISLATURE, REGULAR SES-
SION, THE REGULAR CITY COUNCIL MEETING AGENDA WAS PREPARED
AND POSTED ON THIS THE 8TH DAY OF APRIL, 1982 AT 5 :00 P.M.
City Secret y
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STATE OF TEXAS
COUNTY OF TARRANP
CITY OF GRAPEVINE
The City Council of the City of Grapevine, Texas met in Regular Session on
this the 13th day of April, 1982 at 7:30 p.m, in the Council Chambers, 413
Main Street, with the follawing mea�bers present to�ait:
,,�, Ted R. Ware Mayor Pro Tem
C. L. Oliver Council Nlember
Charles Dunn Council N1�mber
Marion Brekken Council Member
�"' Ron Dyer Council Ni�mber
William Shafer Council �er
constituting a quor�un with Mayor Tate absent, with the following members of
the City Staff:
James L. Hancock City Manager
Bill Eisen Assistant City Manager
John F. Boyle, Jr. City Attorney
Shirley Armstrong City Secretary
CALL TO ORDER
Mayor Pro Tem Ware called the meeting to order.
INVOCATION
The Invocation was delivered by Council Member Ron Dyer.
BID OPEE[�TTING, $600,000 REE�IIENLTE BONDS, $2,370,000 G. O. BONDS
�"* Mayor Pro Tem Ware advised that the first order of business was for Mr. Harold
McInroe, representing First Southwest Corporation, to open the bids relative
� to the issuance of $600,000 Waterworks and Sewer System Revenue Bonds, Series
1982, and $2,370,000 General Obligation Bonds, Series 1982.
Mr. McInroe then opened the bids and read aloud the results as shown on the
tabulations, attached hereto and made a part hereof as E�hibits "A" and "B".
He then departed momentarily for the purpose of reviewing the accuracy of the
bids presented.
AUTHORIZATION FOR PREPARATION OF PARK GRANr!' APPLICATION
The next order of business was for the City Council to consider authorizing a
land planning and engineering firm to prepare a grant application and
envirorunental assessment for City park �mprovem�zts.
Director of Parks and Recreation Kevin Conklin advised that he was seeking
authorization to allaa the firm of Schrickel, Rollins, and Associates to
prepare a proposal for a grant application to the Texas Parks and Wildlife
Departrnent. Mr. Conklin added that the total amr�unt of the grant request
would be $820,000, with the City's portion of that amount being $410,000. He
then outlined the projects for which the funds would be used in the event the
grant is approved. He added that the cost to the planning firm would not
exceed $5,500.
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Follaving a short discussion, Councilman Dyer made a motion to authorize the
City Staff to enter into an agreement with the firm of Schrickel, RQllins, and
;y� Associates for the preparation of a grant application for a cost not to exceed
$5,500. The motion was seconded by Councilman Shafer and prevailed by the
following vote:
Ayes . Ware, Oliver, Dunn, Shafer, Brekken, & Dyer
Nays . None
Absent: Tate
04/13/82
ORDINANCE, ISSUANCE OF $600,000 WATEMn10RKS & SEWER SYSTII�I RE�7h'NUE BONDS,
SERIES 1982
The next order of business was for the City Council to consider an ordinance
authorizing the issuance of $600,000 City of Grapevine, Te�as Wate�rks &
Sewer System Revenue Bonds, Series 1982.
Mr. Mclnroe then reported that it was his reco�ndation that the bid be
awarded to Rotan-Mosle on their effective interest rate of 12.37018.
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, The City Secretary then read the caption of the proposed ordinance.
' Counci]man Dyer then made a mption that the ordinance be adopted. The mr�tion ��,
was seconded by Council Nlember Brekken and prevailed by the following vote:
Ayes . Ware, Oliver, Dunn, Brekken, Shafer, & Dyer
Nays . None
Absent: Tate
ORDINANCE NO. 82-15
AN ORDINANCE BY THE CITY COUNCIL OF Tf� CITY OF
GRAPEVINE, TEXAS, AUTfiORIZING THE ISSUANCE OF
$600,000 "CITY OF GRAPEVINE, TEXAS, WATII2�ORKS
AND SEWER SYS'I'II�I REVIIV[lE BONDS, SERIFS 1982",
DATED MAY 1, 1982, FOR � PURPOSE OF IMPROVING
AND EX'i�]DING 'I'fiE CITY'S WATEFbVORKS AND SEWER
SYSTII�I IN Tf� AMOUNT OF $600,000, AS AUTFiORIZID
', BY THE GIIVERAL� LAWS OF Tf� STATE OF TEXAS,
I PARTICULARLY ARTICLE 1111-1118, V.A.T.C.S.;
PRESCRIBING Tf� FORM OF THE BONDS AND Tf-� FORM
'I OF THE INl'EREST COUPONS; PLIDGING Tf� NEr
�, REVIIVUES OF THE CITY'S COMBINID WATEF�IORKS AND
' SEWER SYS'1'ET�I TO '1'f� PAYMENT OF SUCH BONDS AND
, TF1E INTEREST TFiEREON; PROVIDING CERTAIN �
COVELVZ�NTS PERTAINING TO THE BONDS AND Tf�
FUNDS FROM WHICH SAME ARE TO BE PAID; ENACTING ��
PROVISIONS INCIDENT AND RII�TING TO THE SUB-
JECI' AND PUl2POSE OF THIS ORDINANCE; AND DE-
CLARZNG AN II"IERGEE[�IICY
ORDINANCE, ISSUANC� OF $2,370,000 GENERAL� OBLIGATION BONDS, SERIFS 1982
The next order of business was for the City Council to consider an ordinance
authorizing the issuance of $2,370,000 City of Grapevine, Texas, General
Obligation Bonds, Series 1982.
Mr. N1clnroe reported that it was his reco�ndation that the bid be awarded to
Nlerrill-Lynch on thei.r effective interest rate of 12.6682.
The City Secretary then read the caption of the proposed ordinance.
Councilman Dunn made a motion that the ordinance be adopted. The motion was
seconded by Councilman Oliver and prevailed by the follawing vote:
Ayes . Ware, Oliver, Dunn, Brekken, Shafer, & Dyer
Nays . None
Absent: Tate •��
ORDINANC� NO. 82-16
�a,w
AN ORDINANCE BY THE CITY COUNCIL OF TI� CITY OF
GRAPEVINE, 'I�XA.S, AUTfiORIZING THE ISSUANC� AND
SAT;F: OF CITY OF GRAPEVIl�TE, TEXAS, GENE��L OBLIGA-
TION BONDS, SERIES 1982, IN THE AGGRDGATE PRINCI-
PAL ANIOUNT OF $2,370,000, F'OR � PURPOSE OF PRO-
VIDING FUNDS WITH WHICH TO MAKE VARIOUS PERMANII�Z'
PUBLIC IMPROVII�]TS FOR AND WITHIN SAID CITY; PRE-
SCRIBING THE FORM OF SAID BONDS AND Tf� INTEREST
COUPONS 'I�0 BE INITIALLY A'I'rA�iID 'I�III�EI'O; I.�VYING
AND REQUIRING ASSESSMENT AND COLLECTION OF AN ANNiJAL
04/13/82
AD VALOREM TAX ON AIZ TAXABLE PROPERTY WITHIN THE
CITY TO PAY THE INTEREST ON SAID BONDS AND TO
CREATE A SINKING FCJND FOR Tf� PAYMENT THEREOF AT
MATURITY; ENACI'ING OTHER PROVISIONS RII�ATING TO
THE SUBJEC.T; AND DDCLARING AN EN]ERGINCY
AATOURNN�]T
,�.. There being no further business to come before the Council, Councilman Dyer
made a motion that the meeting be adjourned. The motion was seconded by
Councilman Oliver and prevailed by the follawing vote:
`"�" Ayes . Ware, Oliver, Dunn, Brekken, Shafer, & Dyer
Nays . None
Absent: Tate
PASSID AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on
this the � day of �� . 1982.
APPROVID:
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Mayor
ATZ'EST:
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City Secre
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EXHIBIT "A" TO THE MINUTES
„ Y OF APRIL 13 , 1982
PREPAREO DY: FtRST SOUTNWEST COMPANY, �OO MERCANTILE �3ANK BUILOING� DALLAS, TEXAS 752OI
TABULATION OF BIDS
RECEIVED AT SALE OF
$600,000
CITY OF GRAPEVINE, TEXAS
��� WATERWORKS AND SEWER SYSTEM REVENUE BONDS
SERIES 1982
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GROSS LESS NET EFFECTIVE
ACCOtlNT MAh1AGER i hlTEREST COST P�E:�I U� 1 NTEREST COST I NTERc ST �ATE
RAUSCHER--PIERCE $780 ,092 . 92 $55. 50 $780 ,037 . 42 12 . 777026
MERRILL--LYNCH $770 ,189. 59 None $770 , 189 . 59 12 . 6157
�., ,
CC.�N & CO. $776 ,927 . 08 None $776 , 927 . 08 12 . 7260
ROTAN--MOSLE $755 ,200 . 00 None $755 ,200 . 00 12. 37018
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i "Bond Buyer's" Index of 25 Revenue �onds
Basis Valuation of Par Bonds
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The most important guide as to what the Municipal Revenue Bond Market has done in one time period versus another
is the "Bond Buyer's" 25 Revenue 8ond Index. Published on Thursday of each week, it is the accepted guide of the
Municipal Bond Industry to determine trends and movements of interest rates in the market. The Index is based on �
30 year revenue bonds of 25 issuers rated from "Aaa" to "Baa 1" by Moody's Investors Service and from "AAA" to "A"
by Standard & Poor's Corporation. Bonds in the Index include Housina, Transporation, Hospital and Pollution
Control Credits.
Week 1979 1980 1981 1982
January. 1 8.18 10.41 14.29
2 8.21 10.34 14.32 i
3 8.15 10.72 14.12
4 8.20 11.07 14.09
5 E.30
�'"" february 1 8.47 10.84 14.03
2 8.53 11.06 13.89
3 9.14 11.06 13.75
�� 4 9.49 11.07 13.52
5
March 1 9.71 11.10 '13.35
2 9.91 11.03 13.59
3 9.99 10.67 13.73
4 10.19 10.80 13.79
5
10.25 10.92 13.70
April 2 g,gp 11.17 13.60
3 9.19 11.30
� 4 9.29 11.48
5 9.03 11.71 ,
May 1 8.15 11.68 -
2 8.24 11.65
' 3 8.51 11.54
4 8.58 11.45
5
June 1 8.51 11.48
2 8,44 11.47
3 8.39 1].48
4 6.52 11.54
5
���y 1 8.66 11.66
�;., m 2 8.7 0 11.7 3
3 8.77 11.87
4 8.89 12.01
� 5 9.31 12.12
August 1 9.47 12.34
2 9.39 12.55 .
3 ?,62 13.04
4 9.78 13.89
5
September 1
9.68 14.10
2 7.23 9.73 14.24
3 7.25 ?.92 13.78
4 7.35 10.02 13.62
5
October 1 : 7.75 10.07 13.98
• 2 7.94 9.94 13.83
3 8.15 9.b6 13.57
4 8.05 9.93 13.94
5 10.2� 13.97 .
November 1 8.16 ?0.43 13.54 '
2 9.05 10.39 ]2.66
3 E.2� 10.38 13.05 '
4 8.07 10.51 13.26
5
- December 1 7.97 10.9� 1�•�g
2 8.14 ?1.?0 13.8�
� 3 g.i0 li.�l 1?.95
q a,�i i�,�� ?4.12
EXHIBIT "B" TO THE MINUTES
OF APRIL 13, 1982
PREPARED f3Y: FIRST SOUTNWES7 COMPANY� �OO MERCANTILE I3ANK BUILDING� DAI.LAS, TEXAS 75ZOI
TABULATION OF 61DS
RECElVED AT SALE OF
$2,370,000
CITY OF GRAPEVINE, TEXAS
��' GENERAL OBLIGATION BONDS �
SERIES 1982 .
GROSS lESS NET EFFECTIVE
ACCOt1NT MANAGER � lNTEREST COST P�E'�SIUK INTEREST COST INTERrST �ATE
RAUSCHER--PIERCE $4,413 ,800 . 00 $62 . 35 $4 ,413,737 . 65 12 . 968232
MERRILL--LYNCH $4,311 ,630. 00 None $4 ,311 ,630. 00 12 .6682
,�.,��
C N & C0. $4 ,402 ,742 . 50 None $4 ,402 , 742 . 50 12. 9359
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The most important guide as to what the Municipal Bond Market has done in one time period versus another is the
• "Bond Buyer's" 20 Bond Index. Published on Thursday of each week, it is the accepted guide of the Municipal Bond
Industry to determine trends and movements of interest rates in the market. To compute the index each week a poll
is taken of several large investment banking houses on the 20 year price (expressed in terms of an interest,rate)
of the outstanding bonds of certain municipalities,
Week 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982
January 1 6.79 5.74 5.03 5.08 5.18 7.08 �.29 5.78 5.64 6.58 7.32 9.49 13.36
2 6.61 5.39 4.99 5.03 5.22 6.99 7.13 5.89 5.75 b.50 7.30 9.57 13.44
3 6.53 5.13 5.17 5.D0 5.24 6.90 7.09 5.90 5.74 6.48 7.28 9.68 13.16
4 6.78 5.16 5.29 5.08 5.26 6.59 7.01 5.92 5.70 6.30 7.33 9.91 13.15
5 6.78 5.20 7.54 6.85 7.52
February 1 6.54 5.27 5.35 • 5.16 5.16 7.34 6.86 5.93 5.63 6.22 7.71 9.90 13.13
2 6.42 5.05 5.27 5.21 5.18 6.27 6.95 5.86 5.59' 6.31 7.75 9.99 13.09
3 6.32 5.27 5.24 5.06 5.21 6.40 6.97 5.83 5.61 6.33 8.46 10.22 12.96
�,.. 4 6.16 5.34• 5.28 5.13 5.26 6.55 6.98 5.92 5.65 6.38 8.72 10.27 12.J0
` 5
March 1 6.00 5.37 5.29 5.22 5.27 6.54 7.04 5.92 5.63 6.42 8.94 10.40 12.53
�_�' 2 5.95 5.28 5.16 5.27 5.32 6.65 6.98 5.92 5.58 6.35 9.08 10.34 12 J1
3 6.18 5.00 5.32 5.34 5.46 6.80 6.92 5.90 5.58 6.30 9.20 9.81 12.99
4 5.98 5.03 5.34 5.35 5.57 6.95 6.72 5.88 5.59 6.29 9.44 10.09 13.04
5 5.40 5.26 5.85 5.69 6.26 .
April 1 6.11 5.15 5.49 5.22 5.73 6.93 6.69 5.79 5.76 6.25 9.44 10.21 13.13
2 6.33 5.21 5.54 5.07 5.75 7.03 6.65 5.70 5.74 6.33 9.07 10.45 12.99%
3 6.50 5.32 5.50 5.17 5.61 6.86 6.54 5.73 5.79 6.30 7.89 10.70
4 6.73 5.48 5.20 5.14 5.82 6.97 6.55 5.68 5.89 6.26 8.11 10.80
' 5 6.79 5.69 6.55 7.96 10.94
May 1 6.89 5.84 5.35 5.10 5.91 6.95 6.71 5.76 5.98 6.21 7.11 10.90 �
2 6.96 5.96 5.39 5.10 6.00 6.86 6.83 5.82 5.99 6.30 7.44 10.83
3 7.02 5.96 5.29 � 5.14 6.04 6.88 6.91 5.70 5.98 6.30 7.72 10.73
� 4 7.12 5.86 5.19 5.20 6.05 7.09 1.03 5.71 6.16 6.21 7.73 10.64
5 5.22 6.08 7.09 6.16
June 1 6.92 5.70 5.15 5.13 6.01 7.05 6.89 5.72 6.19 6.09 7.6) 10.59
� 2 7.03 5.87 5.31 5.13 6.04 6.80 6.86 5.65 6.18 6.11 7.53 10.63
• 3 7.03 6.00 5.36 5.19 6.13 6.93 6.85 5.55 6.16 6.18 7.55 10.73
4 6.86 6.23 5.43 5.25 6.33 7.00 6.87 5.61 6.26 6.12 7.76 10.74
5 5.43 5.56 6.29
���y 1 6.79 b.19 5.43 5.34 6.64 6.96 6.87 5.63 6.31 6.08 ' 7.88 10.85
2 6.59 6.06 5.44 5.40 6.95 6.98 6.78 5.64 6.32 6.11 7.95 10.97
3 6.60 6.03 5.41 5.31 6.78 7.08 6.78 5.62 6.25 6.15 8.03 11.09
4 6.28 5.97 5.35 5.48 6.34 7.22 6.71 5.62 6.24 6.19 8.19 1?.34 .
,� ., 5 6.40 6.05 7.09 6.73 8.59 11.44
August 1 6.25 6.07 5.32 5.59 6.70 7.16 6,65 5.63 6.12 6.14 6.61 11.62
�,:�.� 2 6.30 6.03 � 5.24 5.56 6.58 7.1) 6.60 5.63 6.03 6.13 8.53 11.94 .
3 6.17 5.49 5.22 5.47 6.61 7.18 6.60 5.63 6.19 6.16 8.68 12.49
4. 6.07 5.71 5.32 5.44 6.73 7.18 6.58 5.58 6.11 6.23 8.85 12.97 '
5 ' 5.38 5.34 6.91 6.16 6.36
September 1 6.16 5.39 5.39 5.18 6.88 7.34 6.52 5.54 6.13 6.47 8.7B 13.10
2 6.30 5.36 5.38 5.18 6.79 �.40 6.52 5.48 6.02 6.49 8.82 13.21
3 6.26 5.38 5.37 5.05 6.76 7.49 6.50 5.51 6.12 6.57 8.98 12.79
4 6.28 5.48 5.30 5.00 6.62 • 7.54 6.52 5.50 6.09 6.56 9.18 12.57
5 5.24 6.47 5.51
October 1 6.39 5.17 5.22 5.14 6.68 7.67 6.33 5.60 6.07 6.64 9.22 12.93
' 2 6.38 4.99 5.16 4.99 6.52 7.58 6.25 5.70 6.10 _ 1.12 9.01 12.73
3 6.35 4.97 5.23 5.05 6.48 7.29 6.30 5.67 6.14 7.18 8.81 12.53
4 6.45 5.11 5.13 5.12 6.51 7.1) 6.33 5.59 6.21 7.38 . 9.06 12.99
5 6.40 6.65 7.36 9.45 12.99
November 1 6.28 4.99 5.04 5.17 6.66 1.52 6.34 5.55 6.22 7.27 9.64 12.44 '
2 6.12 5.19 5.10 5.19 6.55 7.43 6.39 5.51 6.17 7.31 9.50 11.43 ', '
3 5.87 5.25 5.01 5.27 6.53 7.39 6.26 5.�',5 6.11 7.38 9.50 11.11
4 5.44 5.36 4.96 5.13 6.71 7.39 6.16 5.45 6.16 7.26 9.61 Z1.98•
' S 4.99 5.15 6.29 .
December 1 5.41 5.44 4.96 5.15 6.89 7.31 6.03 5.47 6.29 7.17 9.84 12.?8
2 5.33 5.23 5.03 5.06 ).15 7.34 5.96 5.54 0.45 7.26 ?O.S2 12.84
3 5.47 5.21 5.10 5.11 7.08 7.?0 5.95 5.55 6.61 7.22 10.56 13.00
4 5.50 5.13 5.11 5.16 � 7.08 1.30 5.93 5.62 6.61 7.23 9.�9 13.17
��-•• 5 5.58 5.02 5.fl3 5.66 9.16 13.30