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