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• • <br />• Special Meeting 8/28/74 - Continued <br />COMMENTS - Mayor Thomas stated that the overpass <br />to be built over Spencer Highway will cost in an <br />excess of one and one-half million dollars; plus, <br />Southern Pacific will reimburse the City for all <br />legal fees for this litigation. He further commend- <br />ed the Commission for their support and a job well <br />done. <br />Mayor Thomas commended both Mr. Knox Askins and <br />Mr. Will Sears for their diligent work on behalf <br />of the City in this suit. Southern Pacific had <br />asked to negotiate, and the City was most pleased <br />with the settlement and it would be beneficial to <br />all. <br />SETTLEMENT - PUBLIC RECORD - Mr. Askins stated that <br />the settlement was now public record. If anyone <br />wanted to read or wanted copies of the complete <br />settlement and judgement, they would be available. <br />He further stated that the settlement was an <br />excellent settlement from the City's standpoint. <br />• <br />3. CONSIDER RESOLUTION CONCERNING SECURITY PLEDGES <br />BY CITY BANK DEPOSITORIES - Resolution No. 74-4 <br />was read in full. Motion by Commissioner <br />Christensen, seconded by Commissioner Kibodeaux <br />to adopt Resolution No. 74-4 as read. Motion <br />carried by the following vote: <br />AYES: Commissioners Christensen, Kibodeaux, <br />Price, and Boyle. <br />NAYS: None. <br />CAPTION: A RESOLUTION OF THE CITY COMMISSION OF <br />THE CITY OF LA PORTE, CONCERNING SECURITY PLEDGES <br />BY THE CITY DEPOSITORIES. <br />0 <br />