1998-04-27 Regular Meeting of City Council

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e e City Council Minutes - April 27. 1998 Page 2 4. PETITIONS, REMONSTRANCES, COMMUNICATIONS, AND CITIZENS AND TAX PAYERS WISHING TO ADDRESS COUNCIL Spero Pomonis, 218 Bay Colony Drive, requested City Council grant him more than five (5) minutes. City Council granted him permission to speak for more than five (5) minutes. Mr. Pomonis addressed City Council regarding the Junk Vehicle Ordinance. Mr. Pomonis wants to know why the City has an Ordinance that is not enforceable. In addition, Mr. Pomonis suggested City Council seek a legal opinion on the Ordinance. 5. CONSIDER APPRO V AL OR OrnER ACTION REGARDING A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, ADOPfING THE OFFICIAL NOTICE OF SALE AND OFFICIAL STATEMENT FOR THE 1998 SERIES GENERAL OBLIGATION BONDS AND THE 1998 SERIES WATERWORKS AND SEWER SYSTEM REVENUE BONDS (Res. 98-04) J. Litchfield Assistant City Manager/Finance Director Jeff Litchfield presented summary and recommendation, Mr. Litchfield advised Council the City of La Porte will be selling $3 million in General Obligation Bonds and $1.25 million in Revenue Bonds in the next couple of months. This money will be used to fund projects that have previously been discussed with Council and will be re-discussed at a future meeting. As the first step in the process, the City Council needs to give approval over a document that is known as the Official Notice of Sale and Official Statement. The Official Statement contains information about the City and the area in general. and is used by potential investors. City AUorney Knox Askins read: A RESOLUTION OF THE CITY CONCIL OF THE CITY OF LA PORTE, TEXAS, ADOPTING THE OFFICIAL NOTICE OF SALE AND OFFICIAL STATEMENT FOR THE 1998 SERIES GENERAL OBLIGATION BONDS AND THE 1998 SERIES WATERWORKS AND SEWER SYSTEM REVENUE BONDS. Motion was made by Council person McLaughlin to approve this Resolution as presented. Second by Councilperson Maxwell. The motion carried, 7 ayes, 0 nays.