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1981 09 01 CC Minutes, Special10901 -1 MINUTES OF THE SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF BAYTOWN September 1, 1981 The City Council of the City of Baytown, Texas, met in special session Tuesday, September 1, 1981, at 4:00 p.m. in the Conference Room of the Baytown City Hall with the following attendance: Fred T. Philips Jimmy Johnson Perry Simmons Mary E. Wilbanks Roy L. Fuller Absent: Allen Cannon Emmett 0. Hutto Fritz Lanham Randy Strong Eileen P. Hall Councilman Councilman Councilman Councilwoman Councilman Councilman Mayor City Manager City Attorney City Clerk The meeting was called to order and the following business was transacted: Discuss Sale of Bonds Tom Masterson with the firm of Underwood, Neuhaus, City of Baytown Fiscal Agent, was present. He explained that if the City of Baytown were in position to sell the $5,600,000 in bonds at this very moment, the estimated rate would be twelve (12%) percent. Mr. Masterson recom- mended that City Council proceed to the rating agencies with the city's intent to sell $5,600,000 in October, but disclose that if the condition of the market in October is still in flux, that is for the worse, the City of Baytown may very well sell $2,000,000 rather than $5,600,000. That decision can be made as short as ten days prior to the time that City Council actually receives bids for sale of bonds. Councilman Philips moved to proceed as Mr. Masterson had recommended; Councilwoman Wilbanks seconded the motion. The vote follows: Ayes: Council members Philips, Johnson, Simmons, Wilbanks and Fuller Mayor Hutto Nays: None Mr. Masterson reported that two analysts from the bond rating firm, Standard and Poors, visited Baytown recently. The analysts were very impressed with Baytown - -the refineries, as well as the steel facility. Baytown has always maintained an excellent reputation with the bond rating firms. There being no further business to be transacted, the meeting was adjourned. Eileen P. Hall, City Clerk