Min - City Council - 1992 - 07/20 - Special CalledALLEN CITY COUNCII.
SPECIAL CALLED MEETING
MONDAY, JULY 20, 1992 - 6:30 P.M.
MUNICIPAL ANNEX
ONE BUTLER CIRCLE
Present:
Joe Farmer, Mayor
Councilmembers:
Kevin Lilly, Mayor Pro Tem (absent)
Mickey Christakos
David Bishop
Mike Nichols (absent)
Steve Terrell
Sharon Hamner
City Staff:
Jon McCarty, City Manager
Judy Morrison, City Secretary (absent)
Charlotte Smith, Finance Director
141ITS: F
Dan Almon, Southwest Securities
Ed Esquivel, Fulbright & Jaworski
Call to Order and Announce a Quorum 1s Present (Agenda Item I)
With a quorum of the Councilmembers present, the Special Called Meeting of the Allen
City Council was called to order by Mayor Farmer at 6:30 p.m. Monday, July 20, 1992, in
the Conference Room of the Allen Municipal Annex, One Butler Circle, Allen, Texas.
Public Input on the Proposal to Sell
Bonds Supported by the Nater and Sewer Fund (Agenda Item II)
Mayor Farmer asked City Manager Jon McCarty to summarize the purpose of the
meeting. City Manager Jon McCarty reviewed the refunding of all Water and Sewer
Revenue Bonds and issuance of $1,405,000 of New Money.
Their being no one from the audience to speak, the Mayor went on to the next item.
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PAGE 2
Consider All Matters Incident and Related
to the Issuance and Sale of "CITY OF ALLEN,
TEXAS, WATERWORKS AND SEWER SYSTEM
REFUNDING REVENUE AND IMPROVEMENT BONDS,
SERIES 1992," Dated July 15, 1992, Including
the Adoption of an Ordinance Authorizing the
Issuance of Such Bonds and Approving and
Authorizing thevExecution of a Purchase Contract
and Special Escrow Agreement, the Adoption of
a Resolution Approving and Authorizing the
Execution of a Paying Agent/Registrar Agreement
in Connection Therewith and the Adoption of
a Resolution Providing for the Redemption of
Certain Outstanding Obligations of the City (Agenda Item III)
Dan Almon, Southwest Securities, discussed interest rates, sources and uses of
proceeds, costs of issuance, underwriter's costs, and refunding savings report.
Ed Esquivel, Fulbright & Jaworski, discussed the new "base" ordinance controlling
Revenue Bond financing for the City. He stated that the City could expect receipt of the
bond proceeds by August 20.
ALLEN CITY COUNCIL
SPECIAL CALLED MEETING
JULY 20, 1992
PAGE 2
Consider All Matters Incident and Related
to the Issuance and Sale of "CITY OF ALLEN,
TEXAS, WATERWORKS AND SEWER SYSTEM
REFUNDING REVENUE AND IMPROVEMENT BONDS,
SERIES 1992," Dated July 15, 1992, Including
the Adoption of an Ordinance Authorizing the
Issuance of Such Bonds and Approving and
Authorizing thevExecution of a Purchase Contract
and Special Escrow Agreement, the Adoption of
a Resolution Approving and Authorizing the
Execution of a Paying Agent/Registrar Agreement
in Connection Therewith and the Adoption of
a Resolution Providing for the Redemption of
Certain Outstanding Obligations of the City (Agenda Item III)
Dan Almon, Southwest Securities, discussed interest rates, sources and uses of
proceeds, costs of issuance, underwriter's costs, and refunding savings report.
Ed Esquivel, Fulbright & Jaworski, discussed the new "base" ordinance controlling
Revenue Bond financing for the City. He stated that the City could expect receipt of the
bond proceeds by August 20.
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Ordinance No. 1118-7-92: An Ordinance
Authorizing the Issuance of "CITY OF
ALLEN, TEXAS, WATERWORKS AND SEWER
SYSTEM REVENUE REFUNDING AND
IMPROVEMENT BONDS, SERIES 1992";
Pledging the Net Revenues of the City's
Combined Waterworks and Sewer System to
the Payment of the Principal of and Interest
on Said Bonds; Boacting Provisions Incident
and Related to the Issuance, Payment,
Security and Delivery of Said Bonds,
Including the Approval and Execution of a
Purchase Contract and Special Escrow
Agreement and the Approval and Distribution
of an Official Statement Pertaining Thereto;
and Providing an Effective Date.
Resolution No. 1119-7-92(R): A Resolution
Providing for the Redemption of certain
Outstanding Obligations of the City; and
Resolving Other Matters Incident and Related
to the Redemption of Such Obligations.
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ALLEN CITY COUNCIL
SPECIAL CALLED MEETING
JULY 20, 1992 PAGE 3
Resolution No. 1120-7-92(R): A Resolution
Approving and Authorizing the Execution of
a "Paying Agent/Registrar Agreement" in
Relation to the "City of Allen, Texas,
Waterworks and Sewer System Revenue
Refunding and Improvement Bonds, Series
1992" and Resolving Other Matters Incident
and Related Thereto.
MOTION: Upon a motion made by Councilmember Terrell and seconded by Councilmember
Bishop, the Council voted five (5) for and none (0) opposed with the
recommendation of the Finance/Administration Subcommittee to approve
Ordinance No. 1118-7-92, Resolution No. 1119-7-92(R), and Resolution No.
1120-7-92(R) as previously captioned. The motion carried.
Items of Interest
There were no items of interest.
(Agenda Item IV)
Adjourn (Agenda Item V)
Mayor Farmer and the Council adjourned the meeting as scheduled.
These minutes approved on the 6th day of August , 1992.
ATTEST:
J y Mo on, CITY SECRETARY
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APPROVED:
Kevin Lilly, MAYOR PRO T
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