1991-04-09 CITY COUNCIL SPECIAL MEETING MINUTESEVA
MINUTES OF A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF PEAR -
LAND, TEXAS, HELD ON APRIL 9, 1991, AT 7:00 P. M. IN THE COUNCIL
CHAMBERS, CITY HALL, 3519 LIBERTY DRIVE, PEARLAND, TEXAS
The meeting was called to order by Mayor Pro Tem Smith with the fol-
lowing present:
Mayor C. V. Coppinger (entered
Chambers at 7:04 P.M.)
Mayor Pro Tem/Councilmember David Smith
�--_ Councilmember William Wolff
Councilmember D. A. Miller
Councilmember Randy Weber
Councilmember Richard Tetens
City Manager Jim DeShazer
Administrative Assistant Glen Erwin
Finance Director Janet Eastburn
City Secretary Pat Jones
PURPOSE OF THE MEETING
ORDINANCE NO. 613, ORDINANCE AUTHORIZING THE ISSUANCE OF $2,125,000.00
CITY OF PEARLAND, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 1991, AND DECLARING AN EMERGENCY
Ordinance No. 613 was read in caption by Councilmember Wolff. (First
and only reading)
Mr. Frank Ildebrando of Rauscher Pierce Refsnes, Inc., Financial
Advisors, asked Council to open the eight bids received at this time.
Council considered the following bids:
SELLING GROUP TOTAL INTEREST COST NET EFFECTIVE
INTEREST RATE
NCNB CAPITAL MARKETS,
INC., N. C. NATIONAL
BANK, DALLAS OFFICE
$1,323,837.50
6.7214%
BANK ONE TEXAS, N.A.
$1,328,498.33
6.74487%
MERRILL LYNCH, PIERCE
FENNER & SMITH, INC.
$1,351,182.50
6.860245%
COASTAL SECURITIES CORP.
$1,365,274.17
6.931792%
CLAYTON BROWN & ASSOCIATES
$1,352,310.02
6.8637%
TEXAS COMMERCE BANK
$1,347,892.05
6.8424%
PRUDENTIAL BACHE SECURITIES $1,328,845.83 6.7468%
RAUSCHER PIERCE REFSNES,INC $1,330,340.00 6.7529%
Council discussed with Mr. Ildebrando and Mr. Cliff Youngblood of
Vinson and Elkins the various aspects of the bids received.
The City's financial position and bond rating were discussed at
length.
It was moved by Councilmember Wolff, seconded by Councilmember Smith,
that the bid received from NCNB Capital Markets, Inc., N. C. National
Bank, Dallas Office, for a total interest cost of $1,323,837.50 with a
net effective interest rate of 6.7214% be approved.
Motion passed 5 to 0.
It was moved by Councilmember Wolff, seconded by Councilmember Tetens,
that Ordinance No. 613 be passed and approved on its first and only
reading.
Ordinance No. 613 reads in caption as follows:
ORDINANCE NO. 613
ORDINANCE AUTHORIZING THE ISSUANCE OF $2,125,000 CITY
OF PEARLAND, TEXAS, COMBINATION TAX AND REVENUE CERTIF-
ICATES OF OBLIGATION, SERIES 1991; AND DECLARING THAT
AN IMMEDIATE PUBLIC EMERGENCY EXISTS BECAUSE THE PRO-
CEEDS OF SUCH CERTIFICATES ARE NEEDED AS SOON AS POSSI-
BLE FOR THE PROTECTION OF LIFE, HEALTH, PROPERTY AND
THE PUBLIC PEACE.
Voting "Aye" - Councilmembers Wolff, Weber, Smith, Tetens, and Miller.
Voting "No" - None.
Motion passed 5 to 0.
ADJOURN
The meeting adjourned at 7:26 P. M.
Minu,t,,es approved as submitted and/or corrected thisday of
A. D., 1991. --
Ma or
ATTEST:
City Secreta