HomeMy WebLinkAboutCC 1968-06-03 Minutes
MINUTES OF THE SPECIAL MEETING
OF THE CITY COUNCIL OF THE CITY
OF NORTH RICHLAND HILLS, TEXAS,
HELD AT THE CITY HALL, 4101
MORGAN CIRCLE, MONDAY, JUNE 3,
196$ 7:30 P. M.
CALL TO ORDER
The meeting was called to order by Mayor Luper at
7:30 P. M.
ROLL CALL
PRESENT:
Mayor
Councilmen:
Calvin F. Luper
P. M. Dodson·
J. R. Hubbard
Harold B. Daley
Dick Faram
J. F. Cato
J. B. Sandlin
Morris E. Riddle
STAFF:
City Manager, Stephen K. Shutt
City Secretary, Evalyn R. Reed
Fiscal Agent, Frank Medanich
ITEM ON AGENDA
FOR WHICH
SPECIAL
MEETING WAS
CALLED
OPENING OF BIDS FOR $1,000,000.00 CITY OF NORTH
RICHLAND HILLS, TEXAS, GENERAL OBLIGATION BONDS,
SERIES, 1968
Mr. Frank Medanich, First Southwest Company, advised
the Mayor and City Council of three proposals which
were presented as follows:
ROWLES, WINSTON AND COMPANY, INC.
For legally issued bonds, par and accrued interest
from date of issue to date of delivery, for bonds
maturing and bearing interest as follows:
7-1-69 through 7-1-7$ 6.00%
7-1-79 through 7-1-$3 5.00%
7-1-$4 through 7-1-$9 5.25%
7-1-90 through 7-1-91 5.30%
7-1-92 through 7-1-9$ 5.40%
GROSS INTEREST COST $1,022,$80.00
Less Premium None
NET INTEREST COST $1,022,$$0.00
EFFECTIVE INTEREST RATE 5.35539%
FIRST SOUTHWEST COMPANY; GOODBODY & COMPANY;
HORNBLOWER AND WEEK; HEMPHILL-NOYES
For legally issued bonds, par and accrued interest
from date of issue to date of delivery, for bonds
maturing and bearing interest as follows:
7-1-69 through 7-1-77 6iOO%
7-1-7$ through 7-1-80 52%
7-1-$1 through 7-1-89 5~%
7-1-90 through 7-1-91
7-1-92 through 7-1-94
7-1-95 through 7-1-9$
GROSS INTEREST COST
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
5.30%
5.35%
5.40%
$1,0')5,677.50
610.00
1,025,067.50
5.366$4%
EASTMAN DILLON; UNION SECURITIES; MERRILL
LYNCH, PIERCE, FENNER & SMITH, INC.;
DITTMAR & COMPANY
For legally issued bonds, par and accrued interest
from date of issue to date of delivery, for bonds
maturing and bearing interest as follows:
7-1-69 through 7-1-74 6.00%
7-1-75 through 7-1-$3 5i%
7-1-$4 through 7-1-91 5~%
7-1-9? through 7-1-93 5.30%
7-1-94 through 7-1-9$ 5.40%
GROSS INTEREST COST $1,0')4,737.50
Less Premium None
NET INTEREST COST $1,024,737.50
EFFECTIVE INTEREST RATE 5.365117%
Councilman Daley moved, seconded by Councilman Cato, that the City Council
accept the bid of Rowles, Winston and Company as outlined above·· a net
interest cost of $1,022,$$0.00 effective interest rate of 5.35539%. The
motion carried by a vote of 7-0.
Mayor Luper presented and read ordinance no. 1$7 to the City Council,
which is an ordinance outlining and calling for the acceptance of bid
and issuance of $1,000,000.00 general obligation bonds of the City of
North Richland Hills. Councilman Hubbard moved, seconded by Council-
man Sandlin, that the City Council approve and adopt ordinance no. 1$7
and declare an emergency for the adoption of this ordinance. The
motion carried by a vote of 7-0.
ADJOURNMENT
There being no further items on the agenda Council-
man Daley moved, seconded by Councilman Cato, that
this special city council meeting be ad~ourned.
~~~../
MAYOR CALVIN F. E ~
CITY OF NORTH RICHLAND HILLS
ATTEST:
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EVA YN R. R D
CITY SECRETARY