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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