1978-10-09 CITY COUNCIL REGULAR MEETING MINUTESL6
MINUTES OF A REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS,
HELD ON OCTOBER 9, 1978, AT 7:30 P.M. IN THE CITY HALL, 2335 N. TEXAS AVENUE,
PEARLAND. TEXAS.
The meeting was called to order with the following present:
Mayor
Councilman
Councilman
Councilwoman
Councilman
Councilman
City Manager
City Attorney
Assistant City Secretary
Tom Reid
Harry Farley
Dennis Frauenberger
Fran Coppinger
Carlton McComb
Morris Wilson
William E. Wolff
Bobby J. Williams
Loretta K. Bonin
INVOCATION AND PLEDGE OF ALLEGIANCE:
The invocation was given by City Attorney, Bobby J. Williams. The Pledge of
Allegiance was led by City Treasurer, Dorothy S. Thompson.
BID OPENING - STREET IMPROVEMENTS:
The bids were opened as follows:
VENDOR HOT -MIX DOUBLE PENETRATION
11,750 sq. yds. Type "D" T.H.D.
Specification Item 340 No bid on Double Penetration
Angleton Asphalt Corporation $2.75/sy Alternate: 11,750 sq.yds.
Type "D" T.H.D. Spec.
Item 340 $2.75/sy
Ashland -Warren, Inc. $2.35/sy No bid on Double Penetratiun
Skrla, Inc. $3.00/sy No bid on Double Penetration
Brown 4 Root, Inc. $3.10/sy Two course surface treat-
ment, prime oil on 12,725
sq.yds. $0.95/sy
Scarify and recompact
$0.40/sy
It was moved by Councilman Wilson, seconded by Councilman Farley that the bids for
street improvements be received into the records of the City and referred to the
committee for tabulation and recommendation. Motion passed 5 to 0.
APPROVAL OF MINUTES:
It was moved by Councilman Frauenberger, seconded by Councilman Wilson that the
minutes of a regular meeting held on September 25, 1978 be approved as submitted.
Motion passed 5 to 0.
MAYOR'S ACTIVITY REPORT:
Mayor Reid read a Proclamation for Fire Prevention Week in Pearland and presented
it to Fire Chief Lee Reagan.
Mayor Reid reported that the swimming pool in Independence Park was almost
complete. He also reported that there has been a great deal of vandelism at
the swimming pool construction site. Mayor Reid asked that the City Manager and
Chief of Police work together to do whatever is necessary to prevent this vandelism.
COUNCIL ACTIVITY REPORTS: None
27
DEPARTMENTAL REPORTS:
City Manager Wolff reported that there has been progress on all projects in the
City. Also, the EM'S group has refurbished the second ambulance which will be
used as a backup when the other ambulance is out on call.
CITIZENS:
Mr. Edward Acuna, Sr., 4810 Comal St., Pearland, Texas, was not present at the
meeting, but Mayor Reid read his request to place an office trailer north of the
D.N. Flying Service Building on the west side of the Pearland Airport.
UNFINISHED BUSINESS:
CHANGE IN ORDER OF BUSINESS:
APPROVAL OF FINAL PLAT OF BRAZORIA COUNTY INDUSTRIAL PARK:
Councilman McComb read a letter dated October 5, 1978 from the City Engineer
reporting on Brazoria County Industrial Park. The letter states that all
inconsistencies had been resolved with the exception of the width of the street
paving. The Plans show a 6 inch concrete surface for 20 feet wide with a 7 foot
shoulder proposed to be crushed concrete compacted to 90% Porctor density, and
being 6 inches thick after compaction. In summary he felt that the shoulders as
now designed will adequately support traffic that may get over on them due to
the narrow 20 foot wide concrete surface.
It was moved by Councilman McComb, seconded by Councilman Wilson that, based on
the City Engineer's report, the Brazoria County Industrial Park be approved.
Motion passed 5 to 0.
CHANGE IN ORDER OF BUSINESS:
AWARD OF BID NO. B78-15, WALNUT STREET IMPROVEMENTS:
City Manager Wolff reported that the $20,000.00 required to meet the bid
specifications for a better quality street and better quality work on Walnut
Street be aquired from the interest of invested bond funds that will be arriving
within the next few days.
It was moved by Councilman McComb, seconded by Councilman Wilson that Bid No.
B78-15 be awarded to Marathon Paving & Utility Constructors, Inc. for a base
bid of $242,855.00, that the City Attorney be authorized to prepare the contract,
that the Mayor be authorized to sign the contract in behalf of the City, and
that the $20,000.00 additional required be taken from interest drawn on the
bond funds. Motion passed 5 to 0.
ORDINANCE NO. 387, AN ORDINANCE ALTERING THE PRIMA FACIE SPEED LIMIT FOR SPECIAL
SCHOOL SPEED ZONES:
Ordinance No. 387 was read in caption by Mayor Reid. (Second Reading)
r-- It was moved by Councilman Frauenberger, seconded by Councilwoman Coppinger that
Ordinance No. 387 be passed and approved on second and final reading. Said
ordinance reads in caption as follows:
ORDINANCE NO. 387
AN ORDINANCE ALTERING THE PRIMA FACIE SPEED LIMITS ESTABLISHED
FOR VEHICLES UNDER THE PROVISIONS OF ARTICLE 6701D, VERNON'S
TEXAS CIVIL STATUTES, UPON THE BASIS OF AN ENGINEERING AND
TRAFFIC INVESTIGATION, UPON CERTAIN STREETS AND HIGHWAYS, OR
PARTS THEREOF, WITHIN THE CORPORATE LIMITS OF THE CITY OF
PEARLAND, AS SET OUT IN THIS ORDINANCE; AND PROVIDING A PENALTY
OF A FINE NOT TO EXCEED $200,9 FOR THE VIOLATION OF THIS ORDINANCE;
AND PROVIDING AN EFFECTIVE DATE.
Voting "Aye" - Councilman Frauenberger, Councilwoman Coppinger, Councilman Farley,
Councilman McComb, and Councilman Wilson.
Voting "Nay" - None. Motion passed 5 to 0.
ORDINANCE NO. 388, AN ORDINANCE ALTERING THE PRIMA FACIE SPEED LIMIT ON COUNTRY
CLUB DRIVE:
Ordinance No. 388 was read in caption by Mayor Reid. (Second Reading)
A discussion was held among the members of the Council concerning the speed
limit for Country Club Drive.
It was moved by Councilman Wilson, seconded by Councilman Frauenberger that
Ordinance No. 388 be passed and approved on second and final reading. Said
ordinance reads in caption as follows:
ORDINANCE NO. 388
AN ORDINANCE ALTERING THE PRIMA FACIE SPEED LIMITS ESTABLISHED
FOR VEHICLES UNDER THE PROVISIONS OF ARTICLE 7601D, VERNON'S
TEXAS CIVIL STATUTES, UPON THE BASIS OF AN ENGINEERING AND
TRAFFIC INVESTIGATION, UPON CERTAIN STREETS AND HIGHWAYS, OR
PARTS THEREOF, WITHIN THE CORPORATE LIMITS OF THE CITY OF
PEARLAND, TEXAS, AS SET OUT IN THIS ORDINANCE; PROVIDING A
PENALTY OF A FINE NOT TO EXCEED $200.00 FOR THE VIOLATION OF
THIS ORDINANCE; AND PROVIDING AN EFFECTIVE DATE.
Voting "Aye" - Councilman Wilson, Councilman McComb, Councilwoman Coppinger,
Councilman Frauenberger.
Voting "Nay" - Councilman Farley. Motion passed 4 to 1.
MEETING RECESSED AT 8:05 P.M. - RECONVENED AT 8:15 P.M.
DISCUSSION ON CONOCO 6" AND 8" PIPELINES THROUGH PEARLAND:
Mr. Ray Moran representing Conoco, Continental Oil Company, spoke before the
City Council. There was extended discussion concerning this pipeline's safety
and the route it would take through Pearland.
It was moved by Councilman McComb, seconded by Councilman Wilson that this item
be tabled until plans and specifications can be reviewed by the City Engineer
and a report back to the City Council. Motion passed 5 to 0.
REQUEST BY PEARLAND LION'S CLUB TO HOLD ANNUAL TURKEY SHOOT ON NOVEMBER 4TH AND
5TH, 1978:
It was moved by Councilman McComb, seconded by Councilman Frauenberger that the
Pearland Lion's Club be granted a permit to hold a Turkey Shoot on November 4th
and 5th, 1978, or any alternate rain -out date, subject to liability insurance
furnished to the City and coordination of the traffic flow with the Chief of
Police. Motion passed 5 to 0.
AWARD OF BID FOR STREET IMPROVEMENTS AND AUTHORIZATION FOR MAYOR TO EXECUTE
CONTRACT AFTER ALL DOCUMENTS HAVE BEEN COMPLETED REGARDING ISSUANCE OF
CERTIFICATES OF OBLIGATION:
This item will be placed on the next regular council agenda.
ORDINANCE NO. 246-53, AN ORDINANCE AMENDING THE LAND USE ORDINANCE - E. D. LEBOUF,
APPLICATION NO. 59 (AMENDED) PU TO R-2:
Ordinance No. 246-53 was read in caption by Mayor Reid. (First Reading)
It was moved by Councilman Farley, seconded by Councilman Wilson that Ordinance
No. 246-53 be passed and approved on first of two readings. Said ordinance reads
in caption as follows:
ORDINANCE NO. 246-53
AN ORDINANCE OF THE CITY OF PEARLAND, TEXAS, AMENDING
ORDINANCE NO. 246, KNOWN AS THE LAND USE AND URBAN
DEVELOPMENT ORDINANCE OF THE CITY OF PEARLAND, TEXAS;
PROVIDING FOR AMENDMENT OF THE LAND USE DISTRICT MAP;
PROVIDING AN EFFECTIVE DATE AND CONTAINING OTHER PRO-
VISIONS RELATING TO THE SUBJECT.
Voting "Aye" - Councilman Frauenberger, Councilwoman Coppinger, Councilman Farley,
Councilman McComb, and Councilman Wilson.
Voting "Nay" - None
Motion passed 5 to 0.
ORDINANCE NO. 246-54, AN ORDINANCE AMENDING THE LAND USE ORDINANCE - W.E.L.
HARTMAN. ETUX. APPLICATION NO. 62. PD TO R-2:
Ordinance No. 246-54 was read in caption by Mayor Reid. (First Reading)
It was moved by Councilwoman Coppinger, seconded by Councilman McComb that
Ordinance No. 246-54 be passed and approved on first of two:.readings. Said
ordinance reads in caption as follows:
ORDINANCE NO. 246-54
AN ORDINANCE OF THE CITY OF PEARLAND, TEXAS, AMENDING
ORDINANCE NO. 246, KNOWN AS THE LAND USE AND URBAN
DEVELOPMENT ORDINANCE OF THE CITY OF PEARLAND, TEXAS;
PROVIDING FOR AMENDMENT OF THE LAND USE DISTRICT MAP;
PROVIDING AN EFFECTIVE DATE AND CONTAINING OTHER PRO-
VISIONS RELATING TO THE SUBJECT.
Voting "Aye" - Councilman Wilson, Councilman McComb, Councilman Farley,
Councilwoman Coppinger, and Councilman Frauenberger.
Voting "Nay" - None
Motion passed 5 to 0.
RESOLUTION NO. R78-41 AUTHORIZING CERTIFICATES OF OBLIGATION FOR PAYMENT OF CLAIM
NO. 3 TO P.G. BELL ON POOL PROJECT:
Resolution No. R78-41 was read in full by Councilman Wilson.
It was moved by Councilman Wilson, seconded by Councilman McComb that Resolution
No. R78-41 be passed and approved on first and only reading. Said resolution
reads as follows:
THE STATE OF TEXAS 0
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND
The City Council of the City of Pearl -and, Texas, convened in regular
meeting, open to the public, on the 9th day of October, 1978, at the City Hall,
and the roll was called of the duly constituted officers and members of the City
Council and the Assistant City Secretary of the City, to -wit:
Tom Reid
Dennis Frauenberger
Harry Farley
Fran Coppinger
Morris Wilson
Carlton McComb
Loretta K. Bonin
Mayor
Councilman
Councilman
Councilwoman
Councilman
Councilman
Assistant City Secretary
and all of said persons were present, except the following absentees: None,
thus constituting a quorum. Whereupon, among other business, the following was
transacted at said meeting: a written resolution entitled:
RESOLUTION APPROVING CLAIM AND AUTHORIZING THE ISSUANCE
OF CERTIFICATES OF OBLIGATION
(the "Resolution") was duly introduced for the consideration of the City Council
and reviewed in full. It was then duly moved and seconded that the Resolution
be passed; and, after due discussion, the motion, carrying with it the passage of
the Resolution, prevailed and carried by the following vote:
AYES: All members of the City Council shown present above voted "Aye".
NOES: None.
The Mayor thereupon announced that the Resolution had been duly and lawfully
adopted. The Resolution thus adopted follows: .
RESOLUTION NO. R78-41
RESOLUTION APPROVING CLAIM AND AUTHORIZING
THE ISSUANCE OF CERTIFICATES OF OBLIGATION
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND §
WHEREAS, the City Council of the CITY OF PEARLAND, TEXAS
(the "City"), by resolution adopted February 27, 1978, found
that it was necessary and desirable for the City to construct
and equip public works for the City, to -wit: swimming pools
and appurtenances, and that certificates of obligation should
be issued by the City for all or any part of the cost of same;
and
WHEREAS, the City Council gave due and proper notice to
bidders of the time and place when and where a contract, or
contracts, for such construction and equipment would be let
and due and proper notice of its intention to issue such cer-
tificates of obligation; and
WHEREAS, the City Council thereafter awarded a contract
to P. G. BELL COMPANY, Houston, Texas (the "Contractor") in
the amount of $453,873.00, as the lowest and best bid for the
furnishing of such construction and equipment and the Con-
tractor at the time of the receipt of such bid elected to
assign such certificates in payment for all or any part of the
cost of the contract in accordance with the arrangements made
by the City Council; and
WHEREAS, the Contractor, as shown on a true copy of its
Claim No. 3, attached hereto as Exhibit "A" and made a part
hereof as if fully written herein, has submitted said claim
pursuant to said contract; and
WHEREAS, the City has received the full benefits of such
contract represented by said claim to the full extent thereof
and to the fu..11 extent of the certificates of obligation here-
inafter authorized to be delivered; and no person, corporation
or trust estate has given notice in writing or otherwise to the
City, or to any official thereof, of any liens for any materials,
apparatus, fixtures, machinery or labor furnished to the Con-
tractor as provided by Chapter 17, Acts of the Legislature of
Texas, 1925 (Article 5472-a, Vernon's Texas Civil Statutes),
or any other provision of law; and
WHEREAS, the City does not hold a claim of any kind or
character which might be properly charged or interposed as an
offset or counterclaim to the payment of the aforesaid claim;
and
WHEREAS, said claim has been assigned.to Pearland State
Bank, Pearland, Texas, without discount„ and said bank is now
the legal owner and holder thereof: and
WHEREAS, the City Council of the City wishes to approve
said claim and authorize the payment thereof by the issuance
and delivery of certain of said certificates of obligation,
all as shown on said Exhibit "A" and as hereinafter set out:
AMOUNT TO BE AMOUNT TO BE
CLAIMANT PAID NOW CARRIED FORWARD
P. G. Bell Company $35,000.00 $3,458.00
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PEARLAND, TEXAS THAT:
Section 1. The matters and facts contained in the preamble
of this resolution are hereby found and declared to be true and
correct.
Section 2. The claim described in the preamble of this
resolution and fully set forth in Exhibit "A" mentioned in said
preamble shall be, and the same is hereby, approved and allowed,
and the City hereby acknowledges receipt of the full benefits
represented by said claim to the full extent thereof and to the
full extent of the certificates of obligation herein authorized
to be delivered; and the City hereby recognizes and approves the-
-2-
transfer and assignment of said claim and account to Pearland
State Bank, Pearland, Texas.
Section 3. There is now due and owing to said bank the
sum of $35,000.00 and to the Contractor the sum of $3,458.00.
Section 4. There shall be executed and delivered to said
bank Certificates Nos. 35 through 41, aggregating $35,000, of
the CITY OF PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION, SERIES
1978, dated May 1,"1978, and the sum of $3,458.00 shall be
carried forward to the next delivery of such Certificates to
the Contractor.
Section 5. The Mayor, City Secretary, City Treasurer,
and other appropriate City officials, are hereby authorized and
directed to deliver said Certificates above mentioned and to
do any and all things necessary or convenient to carry out the
terms of this resolution.
PASSED AND APPROVED this 9th day of October.,, 1978.
ATTEST:
CITY OF PEARLAND, TEXAS
Assistant City Secretary
CITY OF.PEARLAND, TEXAS
EXHIBIT "A"
Claim No. 3
Dated: October 9, 1978
of P. G. Bell Company (the "Contractor"), against the City of
Pearland, Texas (the "City"), as per contract in the amount of
$453,873.00, between the City and the Contractor:
1. Total completed to date . . . . . . . . . . $231,620.00
2. Less 10% retainage. . . . . . . . . . . 23,162.00
3. Less previous payments. . . . . . . . . . . 170,000.00
4. Current payment due . . . . . . . . . . . . . 38,458.00
5. Amount to be paid Contractor by issuance
of Certificates of Obligation . . . . . . . . 35,000.00
6. Carry-over to next claim. . . . . . . . . . . 3,458.00
The amount shown in line 4 above represents our claim
against the City of Pearland, Texas, for performance under and
in conformity with the terms and conditions of the contract de-
scribed above; and $35,000.00 of such claim has been and is
Bank, Pearland, Texas.
P. G. BELL COMPANY
By: /s/James G. Gross
(Authorized Representative)
Treasurer
(Title)
--------------------------------------------------------------------------------
All materials and supplies represented by the claim shown in line 4 above
�- are in full accordance with the terms and conditions of the contract described
above, and such claim is hereby in all things approved for payment by the City.
Voting "Aye" -Councilman Frauenberger, MALCOLM A. COLLINS, ENGINEER
Councilwoman Coppinger, Councilman
Farley, Councilman McComb, and BY /s/ Malcolm A. Collins
Councilman Wilson. Voting "Nay" -None. Motion passed 5 to 0.
RESOLUTION NO. R78-42 AUTHORIZING CERTIFICATES OF OBLIGATION FOR PAYMENT OF CLAIM
NO. 4 TO P. G. BELL ON POOL PROJECT:
Resolution No. R78-42 was read in full by Councilwoman Coppinger.
It was moved by Councilwoman Coppinger, seconded by Councilman Frauenberger that
Resolution No. R78-42 be passed and approved on first and only reading. Said
resolution reads as follows:
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
The City Council of the City of Pearland, Texas, convened
in regular meeting, open to the public, on the 9th day of
_October, 1978, at the City Hall, and the roll was called of
the duly constituted officers and members of the City Council
and the Assistant City Secretary of the City, to -wit:
Tom Reid
Dennis Frauenberger
Harry Farley
Fran Coppinger
Morris S. Wilson
Carlton McComb
Loretta K. Bonin
Mayor
Councilman
Councilman
Councilman
Councilman
Councilman
Assistant City Secretary
and all of said persons were present, except the following ab-
sentees: None
r
thus constituting a quorum. Whereupon, among other business,
the following was transacted at said meeting: a written resolu-
tion entitled:
RESOLUTION APPROVING CLAIM AND AUTHORIZING
THE ISSUANCE OF CERTIFICATES OF OBLIGATION
(the "Resolution") was duly introduced for the consideration
of the City Council and reviewed in full. It was then duly
moved and seconded that the Resolution be passed; and, after
due discussion, the motion, carrying with it the passage of
the Resolution, prevailed and carried by the.following vote:
AYES: All members of the City Council shown
present above voted "Aye".
NOES: None.
The Mayor thereupon announced that'the Resolution had been duly
and lawfully adopted. The Resolution thus adopted follows:
RESOLUTION NO. R78-42
RESOLUTION APPROVING CLAIM AND AUTHORIZING
THE ISSUANCE OF CERTIFICATES OF OBLIGATION
THE STATE OF TEXAS S
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
WHEREAS, the City Council of the CITY OF PEARLAND, TEXAS
(the "City"), by resolution adopted February 27, 1978, found
that it was necessary and desirable for the City to construct
-and equip public works for the City, to -wit: swimming pools
and appurtenances, and that certificates of obligation should
be issued by the City for all or any part of the cost of same;
and
WHEREAS, the City Council gave due and proper notice to
bidders of the time and place when and where a contract, or
contracts, for such construction and equipment would be let
and due and proper notice of its intention to issue such cer-
tificates of obligation; and
WHEREAS, the City Council thereafter awarded a contract
to P. G. BELL COMPANY, Houston, Texas (the "Contractor") in
the amount of $453,873.00, as the lowest and best bid for the
furnishing of such construction and equipment and the Con-
tractor at the time of the receipt of such bid elected to
assign such certificates in payment for all or any part of the
cost of the contract in accordance with the arrangements made
by the City Council; and
WHEREAS, the Contractor, as shown on a true copy of its
Claim No. 4, attached hereto as Exhibit "A" and made a part
hereof as if fully written herein, has submitted said claim
pursuant to said contract; and
WHEREAS, the City has received the full benefits of such
contract represented by said claim to the full extent thereof
and to the full extent of the certificates of obligation here-
inafter authorized to be delivered; and no person, corporation.
P. G/ BELL COM_PAIW
By
Authorized Representative)
SES)
(Title)
-----� ---------------------------------------------------
All
---------------------------- ------ ------------All materials and supplies represented by the claim shown
'-- in line 4 above are in full accordance with the terms and con-
ditions of the contract described above, and such claim is
hereby in all things approved for payment by the City.
MALCOLM A. COLLINS, ENGINEER
By
0-,
Voting "Aye" - Councilman Wilson, Councilman McComb, Councilman Farley,
Councilwoman Coppinger, and Councilman Frauenberger.
Voting "Nay" - None. Motion passed 5 to 0.
CALL OF A PUBLIC HEARING FOR STREET ASSESSMENTS ON GALVESTON AVENUE FROM PEAR
STREET TO WALNUT STREET:
It was moved by Councilman McComb, seconded by Councilman Wilson that a public
hearing be called for street assessments on Galveston Avenue on November 13, 1978
at 7:30 P:M. Motion passed 5 to 0.
RESOLUTION NO. R78-43, A RESOLUTION AUTHORIZING MAYOR TO EXECUTE RECIPROCAL AGREEMENT
WITH CITY OF FRIENDSWOOD (WATER & SEWER SERVICES)
r—
Resolution No. R78-43 was read in full by Councilman Farley.
I.t.was moved by Councilman Farley, seconded by Councilman McComb that Resolution
No. R78-43 be passed and approved on first and only reading. Said resolution
reads in caption as follows:
RESOLUTION NO. R78-43
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AUTHORIZING THE MAYOR TO EXECUTE.A CONTRACT AND
AGREEMENT BY AND BETWEEN THE CITY OF PEARLAND AND THE CITY
OF FRIENDSWOOD.
Voting "Aye" - Councilman Frauenberger, Councilwoman Coppinger, Councilman
Farley, Councilman McComb, and Councilman Wilson.
Voting "Nay" - None. Motion passed 5 to 0.
FINAL APPROVAL OF PINESHADOWS SUBDIVISION:
It was moved by .Councilman Farley, seconded by Councilman Wilson that, based on.
the recommendation of the City Manager, Pineshadows-Subdivision be approved.
Motion passed 4 to 0. Councilman McComb abstained.
l.iT •AT/'.T TTT 11T iiTT /1T Tiil. TVTit't t'. _
EXCUSED ABSENCE FOR COUNCILMAN FARLEY FROM REGULAR MEETING SEPTEMBER 25, 1978:
It. was moved by Councilman McComb, seconded by Councilman Wilson that Councilman
Farley.be excused from his absence of the September 25, 1978 regular.council
,meeting. Motion passed 4 to 0. Councilman Farley abstained.
EXECUTIVE SESSION - TEXAS OPEN MEETING'S LAW - SECTION 2, SUBSECTION (e) LEGAL.
RECESSED AT 9:15 P.M. - RECONVENED AT 9:50 P.M.
ACTION AS A RESULT OF EXECUTIVE SESSION:
INVESTMENT OF BOND FUNDS:
City Manager Wolff reported that the City had submitted a proposition to three
banks whereby the City would temporarily invest funds from the City's recent
bond issue. The best proposal submitted to the City, according to the City's
Auditor, was from Community Bank. Mr. Wolff recommended that the money be
temporarily invested with this bank for a period of time until it can be paid
out on the projects.
The Mayor stated that the total bottom line figure as bid by the Community
Bank was $247,400.00; the next highest bid was also by Community Bank for
$245,800.00; the third bid was by First City National Bank of Houston for
$243,900.00; and the Pearland State Bank bid $221, 400.00.
It was moved by Councilman Farley, seconded by Councilman McComb that, based on
the recommendation of the City's fiscal agent, the temporary investment of the
General Obligation Bonds, Series 1978 and Waterworks and Sanitary Sewer System
Revenue Bonds be deposited in Community Bank of Houston, Texas based on this
being the highest offer of $247,400.00. Motion passed 5 to 0.
ADJOURN:
The meeting adjourned at 9:55 P.M.
Minutes approved as submitted and/or corrected this the day of
oe : , A. D., 1978.
Mayor
ATTEST:
t
City Secretary,
b ,.