Min 08/27/1985 r
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Wichita Falls, Texas
Memorial Auditorium Building
August 27, 1985
Items 1 & 2
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 9:00 o'clock A.M. , with the following members present.
Gary D. Cook Mayor
Charles Thomas
Charles Harper Councilmen
Craig A. Wilson
Bill Palmer
James A. Welburn
Thomas E. Swift Absent
James Berzina City Manager
H. P. Hodge, Jr. City Attorney
Wilma J. Thomas City Clerk
Fred L. Werner Chief Accounting Officer
The invocation was given by Councilman Wilson.
Item 3
Mayor Cook stated that the purpose of this meeting is the official action
by the Council of consideration and passage of the ordinance on general obliga-
tion bonds.
Murphy Davis, of Herbert R. Smith Associates, stated that they have been
putting together a refunding issue, along with the new issue for flooding
in Wichita Falls. This will refund all outstanding bonds of the City, and
combine them with the new issue, and we will be selling them at the prevailing
market rates. A trip to New York was also put together to meet with the bond
rating firms. The City received an Al rating with Moody' s, and a AA rating
with Standard and Poor' s. The rating is very important in selling the bonds.
They are very pleased with the ratings received because it helps lower the
interest costs to the City. Only one city (Dallas) has a higher than AA rating
with Standard and Poor' s. Schneider, Bernet, and Hickman purchased the bonds.
The approximate interest rate which the City will be paying is 9.14 or 9.15
percent.
Rick Porter, with McCall , Parkhurst, and Horton, noted that the Council
had been furnished information by the City Clerk' s office which they will
be considering this morning. The total bond issue is $21,870,000. The ordinance
authorizes the sale of bonds to Schneider, Bernet, and Hickman in the amount
of $21,323,250, plus accrued interest. He further explained the provisions
of the ordinance.
ORDINANCE NO. 89-85
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING
AND IMPROVEMENT BONDS, SERIES 1985, AUTHORIZING THE EXECUTION OF
A BOND PURCHASE CONTRACT, APPROVING AN OFFICIAL STATEMENT AND THE
EXECUTION OF AN ESCROW AGREEMENT
Moved by Councilman Wilson that Ordinance No. 89-85 be passed.
Motion seconded by Councilman Welburn, and carried by the following vote.
Ayes: Mayor Cook, Councilmen Thomas, Harper, Wilson, Palmer, and Welburn
Nays: None
Murphy Davis stated that this bond issue is a savings of what we already
had outstanding had we not had this refunding. It also creates a debt service
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Item 3, cont'd.
schedule that will not cause a dollar increase in taxes this year. Next year,
and throughout the life of the bonds, will be a very stable debt service on
the life of the bonds. If our rating had not been so good, there could have
been an additional cost to the City of 4 percent.
Mayor Cook expressed appreciation to those who came and assisted us in
the success of the sale.
Item 4
The Council recessed into executive session at 9:25 A.M. , authorized
by Section 2, Subsections (e) and (g) of Article 6252-17, Revised Civil Statutes ..
of Texas.
The City Council resumed the meeting at 2:00 P.M. , and immediately
adjourned.
PASSED AND APPROVED this IA day of , 1985.
y Co Mayor
ATTEST:
1� 01
Wilma J. Thom s, CMC, City Clerk
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