01/11/1996, Special Meeting Minutes2193
MINUTES OF
KENNEDALE CITY COUNCIL
SPECIAL MEETING - JANUARY 11, 1996
100 E. BROADWAY ST. - COMMUNITY CENTER
6:30 P.M.
Mayor Abbott called the workshop to order at 6:40 p.m.
Members present were Mayor Abbott, Councilman Barrett and Mundy.
Councilman Boone arrived at 6:50 p.m., and Councilman Wright arrived at
7:00 p.m. Councilman Kovach was absent.
Staff present were Ted Rowe, Kathy Turner, and Vicki Thompson.
Also present were Gene Blessing representing Kennedale News, and Mr.
Boyd London and Jason Wilcox with First Southwest Advisors.
The purpose of the workshop was to brief Council on the issues relating
to the financing of the fire truck, and refinancing options available
for the radio equipment, well control system, the relocation of water
lines for Highway 287, and well and pump repair to T-2 that would net an
overall savings of $44,000 to the City.
Discussion then ensued with Mr. London advising Council that a proposal
had been prepared reflecting the lowest costs to finance the above
mentioned improvements.
Next, Mr. London explained the different obligations Council could
choose and the advantages/disadvantages of each one. In addition, he
stated they had prepared a Certificate of Obligation which would be
backed by the city's ability to levy and collect property taxes and
water revenues.
In addition, Mr. London said general obligations sell better than any
other obligation that the city could offer which in turn, results in a
better interest rate.
In closing, Mr. Jason Wilcox presented a Reimbursement Resolution for
Council to consider which would reimburse the city for soft charges that
had already been expended for engineering costs for the highway 287
project and well control system.
There being no further discussion, Mayor Abbott adjourned the meeting at
7:25 p.m.
APPROVED:
Mayor Bill Abbott
ATTEST:
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City Se etary