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HomeMy WebLinkAbout1981-04-14 Special Meeting CITY OF GRAPEVINE, TEXAS AGENDA SPECIAL CITY COUNCIL MEETING TUESDAY, APRIL 14 , 1981 AT 7 : 30 P.M. COUNCIL CHAMBERS - 413 MAIN STREET � wr.r I. CALL TO ORDER II. INVOCATION: Councilman Mullendore III . NEW BUSINESS A. City Council to consider an ordinance authorizing the issuance of $2 ,100 ,000 City of Grapevine, Texas Waterworks and Sewer System Revenue Bonds , Series 1981. B. City Council to consider an ordinance authorizing the issuance of $2 ,200 ,000 City of Grapevine, Texas General Obligation Bonds, Series 1981. 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 lOTH DAY OF APRIL, 1981 AT 10 : 00 A.M. Shirley Arm ro City Secre ry � Wrr 04/14/81 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 14th day of April, 1981 �* in the Council Chambers, 413 Main Street, with the following persons present to-wit: �� William D. Tate Mayor Ted R. Ware Mayor Pro-Tem Charles Dunn Council Member C.L. "Larry" Oliver Council Member William Shafer Council Member Aulton D. Mullendore Council Member Marion Brekken Council Member constituting a quorum with the following members of the City Staff: James L. Hancock City Manager Bill Eisen Assistant City Manager Bob Dransfield City Attorney Representative Shirley Armstrong City Secretary CALL TO ORDER The meeting was called to order by Mayor Tate. INVOCATION '"�'"" Councilman Mullendore delivered the Invocation. ;� BOND BIDS AND AUTHORIZATION TO ISSUE Mayor Tate advised that the purpose of the special meeting was to consider the bids and authorize the issuance of $2,100, 000 City of Grapevine Waterworks & Sewer System Revenue Bonds, Series 1981 and $2 , 200 ,000 City of Grape- vine General Obligation Bonds , Series 1981. Mayor Tate then introduced financial advisors Frank Medanich and Mike Ashford representing First Southwest Corporation. Mr. Ashford regretfully advised the Council that no bids were received on the bonds. He attributed the failure to receive bids on the unstable condition of the economy and market, and on the fact that today, (April 14 , 1981) , the state legislature passed a statue lifting the interest rate ceiling on municipal bonds. It was then suggested that the Council allow First Southwest Corporation to place one-half of the revenue bonds with local banks at a respective interest rate, in an effort to take care of the City' s immediate obligations. Mr. Ashford then recom- """""' mended that the balance of the program be brought back for bids in two to four weeks. �r Although no formal action was taken, it was the general concensus of the Council that First Southwest Corporation be given the authority to act in whatever manner they 04/14/81 deemed in the best interest of the City. There being no further business to come before the Council , Councilman Dunn made a motion to adjourn. The motion was seconded by Councilman Oliver and prevailed by the fol- lowing vote: Ayes . Tate, Ware, Oliver, Shafer, Dunn, Mullendore, & Brekken � Nays . None PASSED & APPROVED on this the a � �da of � Y . 1981. APPROV D: � ,�_--- -..5;�-.. Mayor t� �� � ATTEST: I City Secr a � � �