1993-04-08 CITY COUNCIL SPECIAL MEETING MINUTESMINUTES OF A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, HELD ON APRIL 8, 1993, AT 5:30 P. M. IN THE
COUNCIL CHAMBERS, CITY HALL, 3519 LIBERTY DRIVE, PEARLAND, TEXAS
The meeting was called to order at 5:53 P. M. with the following
present:
Mayor Pro Tem
Councilmember
Councilmember
Councilmember
City Manager
City Secretary
Randy Weber
Benny Frank
Joy Colson
David Smith
Paul Grohman
Pat Jones
Also present: Cliff Youngblood, Bond Counsel, Vinson & Elkins.
Absent from the Meeting: Mayor Coppinger and Councilmember Mill-
er.
PURPOSE OF THE MEETING:
ORDINANCE NO. 653, AUTHORIZING ISSUANCE OF REFUNDING BONDS
Ordinance No. 653 was read in caption by Mayor Pro Tem Weber.
City Manager Grohman reminded Council that all members would have
to vote "aye" to enact this ordinance due to the absence of other
members.
Mr. Frank Ildebrando, financial advisor, discussed the savings
the City will realize with the passage of this ordinance which
will authorize the advance refunding of bonds.
It was moved by Councilmember Frank, seconded by Councilmember
Colson, that Ordinance No. 653 be passed and approved on its
first reading.
Councilmember Smith asked the motion be amended to reflect this
ordinance is being read as an emergency and will require one
reading only.
The maker and seconder of the motion agreed to amend the motion
accordingly.
Said Ordinance No. 653 reads in caption as follows:
ORDINANCE NO. 653
ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PEARLAND,
TEXAS, REFUNDING BONDS, SERIES 1993; AUTHORIZING THE
REDEMPTION PRIOR TO MATURITY OF CERTAIN OUTSTANDING
BONDS; AUTHORIZING THE ADVANCE REFUNDING OF CERTAIN
OUTSTANDING OBLIGATIONS AND THE EXECUTION AND DELIVERY
OF AN ESCROW AGREEMENT AND THE SUBSCRIPTION FOR AND
PURCHASE OF CERTAIN ESCROWED SECURITIES; AND DECLARING
THAT AN IMMEDIATE PUBLIC EMERGENCY EXISTS BECAUSE THE
PROCEEDS OF SUCH BONDS ARE NEEDED AS SOON AS POSSIBLE
FOR THE PROTECTION OF LIFE, HEALTH, PROPERTY AND THE
PUBLIC PEACE.
Voting "Aye" - Councilmembers Smith, Colson, Weber, and Frank.
Voting "No" - None.
Motion passed 4 to 0.
12
ADJOURNMENT
The meeting adjourned at 6:00 P. M.
Minutea,approved as submitted and/or corrected this day of
A. D., 1993.
ATTEST:
A
Pat Jones, ity Secretary
C. -'V-. Cop ger, M or