1991-03-25 Regular Meeting - Laserfiche WebLink

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• • Minutes, Regular Meeting, La Porte City Council March 25, 1991, Page 2 11. Council considered resolution authorizing advance refunding for certain of the City's General Obligation and Water and Sewer Revenue Bonds. City Manager Bob Herrera explained that the City has the opportunity to save approximately $350,000.00 in interest over the next fifteen years if Council gives direction to authorizing advance refunding for the referenced General Obligation and Water and Sewer Revenue Bonds. Mr. Herrera introduced Mr. David Fetzer and Mr. Pete Fisher of Moroney, Beissner & Co., Inc., Financial Advisors to the City of La Porte. Refunding Analysis booklets which had been prepared as an explanation to Council, were handed out. Mr. David Fetzer presented an overview of the analysis and responded to questions from Council. Mr. Fetzer explained to Council that Moroney, Beissner & Co., Inc., at this time was asking for their permission to proceed with the planned savings program and stated that his firm will return within thirty (30) days with the actual savings opportunity for the City of La Porte and that Council can, at that time, determine if they want to proceed with the refunding. Finance Director Jeff Litchfield explained in detail the savings and advantages to the City of La Porte by authorizing our Financial Advisors to move forward and answered questions from members of Council. The City Attorney read: RESOLUTION 91-06 - RESOLUTION AUTHORIZING ADVANCE REFUNDING FOR CERTAIN OF THE CITY'S GENERAL OBLIGATION AND WATER AND SEWER REVENUE BONDS. Motion was made. by Councilperson Skelton to an~rove Resolution 91-06 as read by the City Attorney. Second by Councilperson Gay. The motion carried, 9 ayes and 0 nays. Ayes: Councilpersons Sutherland, Cooper, Matuszak, McLaughlin, Porter, Gay, Skelton, Clarke and Mayor Malone Nays: None