1985-09-23 Regular Meeting - Laserfiche WebLink

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~ ~ Minutes, Regular Meeting, La Porte City Council September 23, 1985, Page 2 Motion was made by Councilperson Skelton to aRprove the minutes of the September 16 meeting as presented. Second by Councilperson Waters. The motion carried, 9 ayes and 0 nays. Ayes: Councilpersons Walker, Lloyd, Matuszak, Waters, Pfeiffer, Gay, Skelton, Westergren and Mayor Malone Nays: None 5. Mr. Robert Thrower addressed Council regarding redistricting and presented Council with a petition endorsing adoption of scenario 4 as the official redistricting map. Mr. Tom Simons addressed Council regarding the inclusion of the restoration of Sylvan Beach in the City's FY 1985-86 budget. Dr. Clyde Smith addressed Council regarding the 1986 Texas Sesquicentennial, and presented official Sesquicentennial pins to them as his personal appreciation for the City's support. 6. Council considered an ordinance amending Chapter 26, Article II, 11Water, Sewers and Sewage Disposal,' of the City of La Porte Code of Ordinances. Mr. David Fetzer of Moroney, Beissner informed Council that the City's bond ratings had been received. The rating from Moody's on the general obligation bonds is A, and the rating from Standard and Poor's is A+. On the water and sewer revenue bonds, the rating from Standard and Poor's is A-, and Baaa-1 from Moody's. He is hoping the water and sewer ratings will rise, but feels it will not until the utility department stands on its own. He reminded Council that the bond ordinance for the revenue bonds commits the City to maintain water and sewer rates at all times to produce revenues sufficient after operating and maintenance expenses to pay the debt service on the bonds and create reserve funds. In addition, we are committing to maintain rates at all times adequate to meet the debt service on the bonds 1.25 times. Mr. Lewis McLain addressed Council regarding an alternate method of commercial billing, and how he arrived at the proposed new rates.