1968-07-01 CITY COUNCIL REGULAR MEETING MINUTESS
A regular meeting of the City Council of the City of Pearland was
called to order to Mayor D. R. Keller with the following present:
Mayor D. R. Keller
Councilman E. A. Wasek
Councilman A. G. Ellis
Councilman B. J. Courtright
City Administrator Buford D. Waldrop
Fiscal Agent D. N. Eddleman (Underwood, Neuhaus &Co.)
City Secretary Dorothy L. Cook
Absent: Councilman Gene E. Sanders
Councilman Dale Watson
INVOCATION:
The invocation was given by D. 0. Foster, Minister of the First
Baptist Church, Pearland.
APPROVAL OF MINUTES:
It was moved by Councilman Ellis, seconded by Councilman Courtright
that the minutes of the regular meeting h-eld June 27, 1968 be
approved with corrections. Motion passed -3 to 0.
.. .............
BOND BID OPENINGS:
The bond bids were opened as follows:
Name: Rowles, Winston & Co., Inc. Mgr.
Dittmar & Company
Paine, Webber, Jackson & Curtis
Cashier's Check A-219826 - Texas National Bank of Commerce $14,500.00
$725,000.00 Bonds - Series 1968
- Cash
premium
-
none.
$105,000 - Bonds maturing
1971 -
1976
@
6.00%
190,000 -
1977 ----
. 984
@
4.80%
160,000 -
1985 -
1989
@
5.00%
80,000 -
1990 -
1991
@
5.10%
190,000 -
1992 -
1995
@
5.25%
Total Interest From 8-1-68 $ 635,042.50
Less Cash Premium 0
Net Interest Cost 635,042.50
Effective Interest Rate 5.116153%
.Name: McClung & Knickerbocker, Inc.
Weeden & Company
Cashier's Check #14228 - Capitol National Bank $14,500.00
58
$725,000.00 Bonds
- Series 1968 - Cash
premium
$36.66.
$105,000.00
- Bond Maturing 1971
- ?976
@ 5214,
350,000.00
- 19?7
- 1989
@ 5
80,000.00
- 1990
- 1991
@ 5.30%
190,000.00
- 1992
- 1995
@ 5.35%
Total Interest From 8-1-68 $658,670.00
Less Cash Premium 36.66
Net Interest Cost $658,633.34
Effective Interest Rate 5.3062%
Name: Rauscher Pierce & Company, Inc.
First Southwest Company
Cashier's Check #A260659 - First City National Bank
$725,000.00 Bonds -'Series 1968 - Cash premium - none.
$ 85,000 - Bonds maturing 1971
- 1975 @
52o'
55,000 - 1976
- 1978 @
5V
$280,000 1979
- 1988 @
5%
305,000 1989
- 1995 @
5b,
Total Interest from 8-1-68
$641,887.50 -
Less Cash Premium
0
230,000.00 -
Net Interest Cost
641,887.50
Effective Interest Rate
5.17129%
$
Name: Underwood, Neuhaus & Co., Inc.
Texas National Bank of Commerce, Houston
$14,500.00
Cashier's Check #A220434 - Texas National Bank of Commerce $14,500.00
$725,000.00 Bonds - Series 1968 - Cash premium $12.50
$105,000.00 - Bonds maturing
1971
- 1976 @
6%
160,000.00 -
1977
- 1983 @
5%
155,000.00 -
1984
- 1988 @
5410
75,000.00 -
1989
- 1990 @
5.30%
230,000.00 -
1991
- 1995 @
5.3/8%
Total Interest From 8-1-68
$
658,882.50
Less Cash Premium
12.50
Net Interest Cost
$
658,870.00
Effective Interest Rate
5.30811%
Meeting recessed at 8:02 P. M. so that Bids could be tabulated
by Fiscal Agent, City Secretary and City Administrator.
Meeting reconvened at 8:25 P. M.
ORDINANCE NO. 161 - AWARDING THE BID AND AUTHORIZING THE ISSUANCE OF
725,000.00 GENERAL OBLIGATION BONDS - SERIES 1.968:
5 t9_
It was moved by Councilman Ellis, seconded by Councilman Wasek that
Rowles, Winston & Co., Inc. Mgr - Dittmar & Company - Paine, Webber,
Jackson & Curtis be awarded the bid on $725,000.00 General Obligation
Bonds - Series 1968, thereby carrying the adoption of the following
ordinance - caption only. (Entire ordinance appended hereto.)
ORDINANCE NO. 161
r— ORDINANCE AUTHORIZING THE ISSUANCE OF $725,000.00 GENERAL
OBLIGATION BONDS, SERIES 1968; PRESCRIBING THE TERMS AND
PROVISIONS THEREOF; LEVYING TAXES TO PAY THE PRINCIPAL
THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE
SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL BE
EFFECTIVE UPON AND AFTER ITS ADOPTION.
Motion passed 3 to 0.
Acknowledgment of return of Good Faith Checks ($14,500.00 each)
signed by Mr. Eddleman on unsuccessful bidders.'
................................
SEWER LINE - WALNUT STREET, SHADYCREST, CREEKVIEW, REGAL OAKS
AND COUNTY ROAD 120 (YOST ROAD) :
It was moved by Councilamn Ellis, seconded by Councilman Wasek
that the City advertise for bids for sewer service - Walnut
Street, Shadycrest, Creekview, Regal Oaks and County Road 120
(Yost Road), and that the Current Wage Rate and Equal Opportunity
Clause be incorporated as part of the contract. Bid opening
date to be July 25, 1968. Motion passed 3 to 0.
.........................
CORRIGAN ADDITION SECTION.II:
It was moved by Councilman Ellis, seconded by Councilman Court -
right that the Council approve addition of two gas utility
easements to Corrigan Addition Section 2 Plat between lots
36 and 37 and lots 44 and 45 in Block 6. Motion passed 3 to 0.
Meeting adjourned by motion 9:12 P. M.
Minutes approved as amended and/or corrected this 11 day of
July , A. D. 1968.
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