1997-03-03 CITY COUNCIL SPECIAL MEETING MINUTES7 7
MINUTES OF A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, HELD ON MARCH 3, 1997, AT 7:30 P. M. IN THE COUNCIL
CHAMBERS, CITY HALL, 3519 LIBERTY DRIVE, PEARLAND, TEXAS.
The meeting was called to order with the following present:
Mayor
Councilmember
Councilmember
Councilmember
City Manager
City Attorney
Interim City Secretary
Tom Reid
Kevin Cole
Helen Beckman
Richard Tetens
Paul Grohman
Amy McCullough
Wendy Standorf
Others in attendance: Finance Director David Castillo; Strategic Planning
Coordinator/Grant Director Janet Berry; and Project Coordinator Alan Mueller.
NEW BUSINESS:
ORDINANCE NO. 776 - AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, AUTHORIZING THE ISSUANCE OF CITY OF PEARLAND, TEXAS
CERTIFICATES OF OBLIGATION, SERIES 1997; PRESCRIBING THE TERMS AND FORM
THEREOF; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL THEREOF AND
INTEREST THEREON; AWARDING THE SALE THEREOF; AUTHORIZING THE
PREPARATION AND DISTRIBUTION OF AN OFFICIAL STATEMENT TO BE USED IN
CONNECTION WITH THE SALE OF THE CERTIFICATES; MAKING OTHER PROVISIONS
REGARDING SUCH CERTIFICATES, INCLUDING USE OF THE PROCEEDS THEREOF,
AND MATTERS INCIDENT THERETO; AND DECLARING AN EMERGENCY.
Councilmember Beckman made the motion, seconded by Councilmember Tetens, to
approve Ordinance No. 776 on its first and only reading.
City Manager Paul Grohman stated that Rick Witte and Frank Ildebrando were present
and would inform them of the results.
Mr. Ildebrando addressed Council, informing them that 3 bids were received for the
bonds. He presented the results of the bids, which indicate that Rauscher Pierce
Refsnes, Inc. was the low bidder.
Mr. Ildebrando stated that the interest rate was considerably less than we estimated,
however the approximate 5.525992% is very fair in the market and recommend accepting
the bid of Rauscher Pierce Refsnes, Inc.
Mr. Witte addressed Council, informing them that the ordinance they have is complete
with the exception of the information that needs to be acted upon this evening. He
78 infiored Council that on page 6, there are blanks for the interest rates; on page 19,
section 7.1 the name of the bidder will appear with the net effective rate.
City Manager Grohman reminded Council of the projects that were included as
possibilities with the sale of these certificates.
City Attorney Amy McCullough advised Council that the motion should be to amended
to include the bidder, the interest rate, and the insurer.
Councilmember Beckman amended her motion to include awarding the bid to Rauscher
Pierce Refsnes at the interest rate of 5.525992%; with MBIA being the insurer for the sale
of the Certificates of Obligation in the amount of $6,250,000.
Voting "Aye" Councilmembers Beckman, Tetens, and Cole.
Voting "No" None.
Motion passed 3 to 0.
ADJOURNMENT:
The special meeting adjourned at 7:50 P. M.
M[mites approved as submitted and/or corrected this the day of
M , A. D., 1996.
Tom Reid
Mayor
ATTEST:
r
Wendy Stan
Interim City Secretary