1958 02 06 CC Minutes, Specialr /,10
MINUTES OF THE SPECIAL MEETING OF
THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS
February 6, 1958
The City Council of the City of Baytown, Texas met in special session. on
Thursday, February 6, 1958 at 7:30 p.m. in the Council Room of the Baytown City
Hall with the following members in attendance:
R. H. Pruett Mayor
P. H. Mears Councilman
W. L. Ward Councilman
J. C. Garrison Councilmen
W. C. Swain Councilman
Al Clayton Councilman
Lacy Lusk Councilman ..
C. D. Middleton City Manager
Goerge Chandler City Attorney
Eina Oliver City Clerk
The Mayor called the meeting to order and stated that the special meet-
ing was called for the purpose of receiving bids onthe $1 million street Im-
provement bonds and $1. million Waterworks bonds recently approved by the vote of
thepeople of Baytown.
Bids - Water & Sewer System Revenue Bonds
Total Int. cost Prey
Rotan -Mosle & Cc 3}% 1967 -69 $609,087.50 $87.50
3 3/4% 1970-80
Net Int. cost Effective date
6609,000.00 3.72568%
Equitable Securities Int. r tea Total Eat. Cost Pre�y�
Company 3 1/4% 1967 -68
0582,012.81 5240.00
3k5/8%
1975-80
Net lot. Cost Effective rate
5581,772.81
3.559114%
Lynch, Pearce Eat. Rates Total Int. Cost Pre=uQ
Fenner & Beene 3..60 % 1967 -74
3 3/4% 1975 -80 5602,878.13 $82.60
Net Int. Cost Effec w. ra
5602,795.53 3.687725%
ESnicipal Securities Int. Rates Total Int. Cos t $gplium
Corporation 4% 1967 -71
3 5/8 1972 -77 $6102956.88 076.00
3 3/4% 1978 -80
Net Int. cost Effective rate
$610,880.88 3.7372%
Rowles, Winston Int. rates Total Int, Cost premium
& Company 5% 1967 -68
4% 1969 -73 S587,2a4.37 $235.50
1974-79
1 1/4% 1980
Net Eat. Cost Effective rate
$587,048.87 3.5913915%
Afterhaving the bids checked and figures verified, Councilmen Ward
moved to accept the bid of Equitable Securities Company as low bidder on the
Waterworks & Sewer System Revenue Bonds. Councilman Swain seconded the motion.
The roll call vote was as follows:
Roll Call: Ayes: Councilman Clayton Nays: None
" Ward
" Garrison
Swain
" Lusk
" Nears
Mayor Pruett
/ /.Z I
Bids - Street Pxainase 1=oveme t Bonds -
Rotan -Mosle Int. Rates Total. Int. Cost Pte, tri
& Company 3 1/4% 1960-71
3.4 % 1972 -74 0384,214.00- $153.50
Ket Int- cos Effective__ rate
$3802131025 3.33183%
plus $3,000.00 fee
3.35785%
-Equitable Security
Company
Lynch, Pearce
Fenner & Beene
Int. rates
3% 1960 -65
3 1/4% 1966 -71
3 3/8% 1972-74
Total Int. cost
o
380,291.25
Net Int.* Cost
$380,131.25
Int.-rates T tal Int. cost
3 1/4% 1960 -71 384,214.00
3.40% 1972-74
Net Int. cost
$383,994.00
$160.00
Effective rate
3.297746%
P2
Effective rate
3.331257%
Municipal Securities Int• rates Total Int. Cost Premium
Corporation 4% 1960 -64 $ 397,650.00 $28.00
3% 1965 -69
3 1/2% 1970 -74
Net .Int. cost Effective rate
$3972622.00 3.4495%
Rowles, Winston Int. rates Total Int. Cost Pr emiam
& Company 5% 1960-63 $3802622.50 $777.77
3% 1964 -66
31/4% 1967 -74
_ Net Int. Cost Effective rate
0379,844.73 3.295260% -'
After having the bids checked and figures verified, Councilman Swain -moved
to a ccept the bid of Rowles, Winston & Company as low bidder on. the Street -
Drainage Improvement Bonds. Councilman Mears seconded the motion. The roll
call vote was as follows:
Roll Call: AyesB Councilman Clayton Nays: None
Ward
It Garrison
" Swain
Mears
" Lusk '
Mayor Pruett
An ordinance was introduced and read authorizing the.issuance of $1,0001000
City of Baytown Street and Drainage Improvement Bonds and containing provision
relating to the subject. Councilman Lusk moved to adopt the ordinance as read.
Councilman Ward seconded the motion. The roll call vote was as follows:
Ro11 Call: Ayes: Councilman Clayton Nays: None
It Ward
It Garrison
"• Swain
Mears
it Lusk
Mayor Pruett
The caption of the ordinance follows
ORDINANCE NO. 462
AN ORMANCE AUTHORIZING THE ISSUANCE OF 01,000)000 CITY OF BAYTOWN STREET
AND DRAINAGE IMTROVEMENT BONDS; PRESCRIBING THE TEMS AND OONDITIONS THEREOF;
LEVYING TAXES TO PAY THE PRINCIPAL THEREOF AND INTEREST THEREON; AWARDING
THE SALE--THEREOF; CONTAINING OTHER. PROVISIONS RELATING TO THE SUBJECT; AND
PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS ADOPTION.
p)
Ordinance - AUthor-izing, Issuarkee of JLOW,000 Waterworks & Sewer S-v*s±aBo di;
An ordinance was introduced and read authorizing the issuance--of•$1.,000.,000
City of Baytown Waterworks and Sewer System Revenue.Bonds and containing,lrovisions
relating to the- subject• Councilmen Ward moved to adopt the ordinance as read.
Councilman Garrison seconded the motion. The roll call vote was as follows:
Roll Call i" Ayes: Counci3nan Clayton
Nays: None
Ward
Garrison
Swain
Mears
Lusk
Mayor Pruett
The caption of the ordinance follows:
ORDINANCE NO. 463
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1.,000.,000 CITY OF BAY7OWN
WATERWORKS.AND SEWER SYSTEM REVENUE BONDS; PRESCRIBING THE TERES AND
CONDITIONS, THEIMFJ. AWARDING THE SALE THMOF; CONTAINING 07M PRO-
VISIONS RELATING TO THE SUBJECT; AM PROVIDING THAT THIS ORDINANCE
SHALL TAKEEFFECT FROM AND .AFTER ITS _ADOPTION.
Adiournment
Councilman Ward moved for the meeting to adjourn. Councilman Afars
seconded the .motion. The ayes were unanimous and the Mayor declared the meet-
ing adjourned.
R. H. Rruett,. Mayor