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Councilmember Engelken moved to approve Consent Agenda item C pursuant to staff <br />recommendations. Councilmember K. Martin seconded. MOTION FAILED. <br />Ayes: Mayor Rigby, Councilmembers K. Martin and Engelken <br />Nays: Councilmembers Earp, Leonard, Zemanek, Kaminski and J. <br />Martin <br />► Absent: Councilmember Clausen <br />Councilmember Zemanek moved to authorize expenditure by the La Porte Development <br />Corporation for an incentive grant in an amount not to exceed $120,000.00, with an estimated 10 - <br />year payback period of multiple payments over time based on conditions per the development <br />agreement, to Fischer's Hardware, Inc., for infrastructure improvements to property located at 1010 <br />S. Broadway Street. Councilmember Leonard seconded. MOTION PASSED. <br />Ayes: Councilmembers K Martin, J. Martin, Kaminski, Zemanek and <br />Leonard <br />Nays: Mayor Rigby, Councilmembers Earp and Engelken <br />Absent: Councilmember Clausen <br />7. AUTHORIZATIONS <br />(a) Consider approval or other action regarding a Resolution adopting proposed amendments <br />made by the La Porte Development Corporation Board of Directors to the by-laws of the <br />La Porte Development Corporation — S. Livingston <br />Economic Development Coordinator Scott Livingston presented a summary. <br />Mayor Rigby moved to approve a Resolution adopting amendments to the by-laws of the <br />La Porte Development Corporation. Councilmember J. Martin seconded. MOTION FAILED. <br />• ' Ayes: Mayor Rigby and Councilmember J. Martin, <br />Nays: Councilmembers Earp, K. Martin, Zemanek, Kaminski, <br />Leonard and Engelken <br />Absent: Councilmember Clausen <br />(b) Consider approval or other action regarding an Ordinance authorizing and ordering the <br />issuance, sale and delivery of City of La Porte, Texas, general obligation refunding bonds, <br />series 2016 — M. Dolby <br />Finance Director Michael Dolby presented a summary and informed Council the City has an <br />opportunity for refunding bonds. <br />Robert Henderson, Financial Advisor, spoke and presented a summary. <br />Councilmember Earp questioned if the new savings is for the City after all costs of transactions. Mr. <br />Henderson responded yes. <br />Councilmember Earp moved to approve an Ordinance authorizing and ordering the issuance, sale <br />and delivery of the City of La Porte, Texas general obligation refunding bonds, series 2016. <br />Councilmember Leonard seconded. MOTION PASSED UNANIMOUSLY. Councilmember <br />Clausen was absent. <br />Prior to council action, Assistant City Attorney Clark Askins read the caption of Ordinance 2015-3621: AN <br />ORDINANCE AUTHORIZING AND ORDERING THE ISSUANCE, SALE AND DELIVERY OF CITY OF LA PORTE, <br />00 TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016; DELEGATING TO AUTHORIZED <br />REPRESENTATIVES THE AUTHORITY TO APPROVE THE AMOUNT, INTEREST RATES, PRICE AND TERMS <br />THEREOF AND CERTIN OTHER PROCEDURES AND PROVISIONS RELATED THERETO; AUTHORIZING THE <br />Page 3 of 6 <br />January 25, 2016, Council Meeting Minutes <br />