Min 10/06/1993 400
Wichita Falls, Texas
Memorial Auditorium Building
October 6 , 1993
Item 1
The City Council of the City of Wichita Falls, Texas, met
in called session on the above date in the Council Room of the
Memorial Auditorium Building at 8: 30 o'clock a.m. , with the
following members present.
Michael Lam - Mayor
Leon Mallonee -
Terrance E. Loughry -
Paul Hughes - Councilors
J. W. Martin -
Harold Hawkins -
James Berzina - City Manager
Gregory Humbach - City Attorney
Lydia Torres - City Clerk
Angus Thompson - Absent
Item 2
Mayor Lam announced that the meeting was called to discuss
financial opportunities for the City. The Mayor introduced Mr.
Murphy Davis, the City' s financial advisor.
Mr. Davis advised the Council that interest rates are at a
25 to 30 year low and now was the opportune time to refinance
outstanding debts that previously were not economically feasible
to refinance. He provided background information and noted he
would like two items from the council today: ( 1) A concensus
of the Council to proceed; and ( 2 ) Permission to contact the
underwriters, select one, and come back on a certain date within
several weeks to ensure everything is proceeding according to
plan.
Questions were posed by the Mayor and Councilors regarding
insurance, ratings and savings. Mr. Murphy addressed these
questions by explaining the refinancing process.
Councilor Martin moved that the City Council authorize Mr.
Murphy Davis to proceed with the study, contact and select an
underwriter, and come back for the Council to consider the
action.
Motion seconded by Councilor Hughes and carried
unanimously.
The City Council meeting adjourned at 9: 35 a.m.
PASSED AND APPROVED this 19 0k day of 1993 .
Michael Lam, Mayor
ATTEST:
Lyd' Torres
City Clerk
r.