Min 12/12/1967 1129
Wichita Falls, Texas
Memorial Auditorium Building
December 12, 1967
Items 1 $ 2
The Board of Aldermen 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 10:00
o'clock A.M. , with the following members present:
Leroy Daniel Mayor Pro tem
R. Kenneth Hill X
Aubrey L. Wilson X
James M. Davis X Aldermen
Jack Davis City Manager
H. P. Hodge, Jr. City Attorney
Wilma J. Thomas City Clerk
R. C. Rancier Absent
Max Kruger Absent
Cletus C. Schenk Absent
The invocation was given by Alderman Davis.
j Item 3
i ;
Mayor Pro tem Daniel announced that this meeting was called to open bids on
sale of $3,000,000 City of Wichita Falls General Obligation Bonds as part of the
1967 Capital Improvements.
Moved by Alderman Wilson that Mr. Frank Medanich of the First Southwest Company
in Dallas, be appointed Fiscal Agent for the City of Wichita Falls.
Motion seconded by Alderman Hill, and carried unanimously.
At this time the bids were opened by the City Clerk, and read by Mr. Medanich,
after which a recess was held to tabulate the bids, as follows, with the average
interest rates:
Republic Bank of Dallas 4.4216
Continental Illinois Bank of Chicago 4.49532
Mercantile National Bank of Dallas 4.4436
First National City Bank of New York 4.4218
Lehman Brothers 4.5034
First National Bank in Dallas and Associates 4.36200
First Southwest Company - Dallas and Underwood Neuhaus 4 Assots. 4.38905
Halsey Stuart Company $ Associates 4.5450
Merrill Lynch, Pierce, Fenner and Smith, Inc. 4.42837
The meeting was reconvened at 11;00, and Mr. Medanich recommended award of the
bid to First National Bank in Dallas and Associates (Stern Brothers and Company,
First City National Bank of Houston, First National Bank of Fort Worth, E. F. Hutton
and Company, Bank of the Southwest, Houston, Columbian Securities Corporation, Paine,
Webber, Jackson, and Curtis, and Reinholdt and Gardner.). Mr. Medanich also stated
that the City's bond counsel has determined that the interest rate shown on the bid
for 1982 should be 4.875 instead of 4.78. This was determined by figuring interest
calculations against the gross interest cost.
Moved by Alderman Davis that the bid of First National Bank in Dallas be accepted
at the effective interest rate of 4.36200; also that they recognize that the interest
rate should be 4.875 per cent for the year 1982.
Motion seconded by Alderman Hill, and carried by the following vote:
Ayes: Mayor Pro tem Daniel, Aldermen Hill, Wilson, and Davis.
Nays: None
,/ ORDINANCE NO. 2379
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS.
1130
Item 3 cont'd
Moved by Alderman Hill that Ordinance No. 2379 be Passed, authorizing the
issuance of $3,000,OOOGeneral Obligation Bonds.
Motion seconded by Alderman Filson, and carried by the following vote:
Ayes : Mayor Pro tem Daniel, Aldermen Hill, Wilson, and Davis.
Nays : None
Frank Medanich stated that this is a fine bid; that money markets are in a
turmoil, and they feel that interest rates will go even higher in the future.
One reason the City was able to obtain this bid is because it has disciplined
itself to pay bonds off in a shorter time, and this has resulted in better than
average interest rates in the past five or six years. The average interest rate
in the United States is 4.45
Moved by Alderman Wilson that the meeting be adjourned.
Motion seconded by Alderman Davis, and carried unanimously.
The Board of Aldermen adjourned at 11:15 A.M.
PASSED AND APPROVED this day of �� _��� � , 196_.
i
Mayor
ATTEST:
City Clerk