1994-03-14 Regular Meeting La Porte City Council

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e e Minutes Regular Meeting La Porte City Council March 14, 1994, Page 3 Councilperson Clarke suggested Council review item 7 and 8 at the same time. Council was in agreement. 8. Council considered an ordinance authorizing issuance of City of La Porte, Texas, Waterworks and Sewer System Revenue Refunding Bonds, ~eries 1994. City Attorney read: ORDINANCE 94-1971 - ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS GENERAL OBLIGATION REFUNDING BONDS, SERIES 1994, AND ALL OTHER MATTERS RELATED THERETO City Attorney read: ORDINANCE 94-1972 - ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LA PORTE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1994, AND ALL OTHER WATERS RELATED THERETO Mr. David Fetzer, Moroney, Beissner & Company, Inc., reviewed for Council the circumstances of the issuance of General Obligation Refunding Bonds, Series 1994, and the issuance of Waterworks and Sewer Revenue Bonds, Series 1994. He suggested Council set parameters of $900,000 for General Obligation Bonds and $300,000 for the Waterworks and Sewer System Revenue Refunding Bonds. Mr Fetzer recommended Council adopt the two ordinances, 94-1971 and 94-1972 tonight, authorizing the Mayor to execute the bond purchase agreement, the escrow agreement, and all the things necessary. We would not have to have another Council meeting in order to effect this refunding if the Markets allow us to get it done and accomplish the savings outlined. Mayor Malone again stated Mr. Fetzer's wishes to approve these two Ordinances as written and let Mr. Fetzer handle the sale when the Market looks better. After questions from the Council, Mr. Fetzer suggested two steps; 1) adopt the ordinances for issuance of sale, and 2. ) adopt another resolution instructing us not complete the transaction unless the savings is $900,000 on the General Obligation Bonds minimum, and $300,000 minimum on the Waterworks and Sewer Revenue Bonds. Mr. Askins asked Mr. Fetzer to write a letter to Council to be made part of the minutes so the city would have a written record of Mr. Fetzer's recommendations. Mr. Fetzer agreed with Mr. Askins suggestion. Mayor Malone asked City of La Porte Finance Director Jeff Litchfield if he had anything to add to the issue. Mr. Litchfield said he was in support of Mr. Fetzer's recommendations.