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MINUTES OF THE SPECIAL CITY COUNCIL MEETING <br />OF THE CITY OF PARIS, TEXAS <br />July 15, 2013 <br />The City Council of the City of Paris met for a special session at 5:30 p.m. on Monday, <br />July 15, 2013, at the City Council Chamber, 107 E. Kaufman, Paris, Texas. <br />Present: Mayor: A.J. Hashmi <br />Council Members: Aaron Jenkins; Billie Lancaster; John Wright; <br />Matt Frierson; and Cleonne Drake <br />City Staff. Gene Anderson, Interim City Manager; Kent <br />McIlyar, City Attorney; Janice Ellis, City Clerk; <br />and Shawn Napier, City Engineer <br />Absent: Council Member: Council Member Grossnickle <br />Opening Agenda <br />Call meeting to order. <br />Mayor Hashmi called the meeting to order at 5:30 p.m. <br />2. Consider and take action on ORDINANCE NO. 2013 -024: AN ORDINANCE <br />AUTHORIZING THE ISSUANCE OF THE CITY'S GENERAL OBLIGATION <br />BONDS; APPROVING THE USE OF A PAYING AGENT /REGISTRAR <br />AGREEMENT; ENGAGING BOND COUNSEL AND FINANCIAL ADVISOR; <br />PROVIDING FOR THE PLEDGE OF FUNDS FOR THE PAYMENT OF THE <br />BONDS; AND ENACTING OTHER PROVISIONS RELATING OT THE ISSUANCE <br />AND SALE OF THE BONDS. <br />Interim City Manager Gene Anderson explained that approval of this ordinance was <br />formalizing the selling of bonds as discussed at an earlier Council meeting, when staff was <br />directed to proceed forward. Mark McLiney, Senior Vice President for Southwest Securities told <br />City Council they saved money by enabling the bonds to be sold, because interest rates were on <br />the rise and in another week there would be additional competition. Mr. McLiney said a few <br />weeks could make a big difference citing if the City had sold the bonds two or three weeks <br />earlier, there would have been a savings of $200,000 to $300,000. Council Member Frierson <br />asked about the timeline between coordinating selling of the bonds and seeing a plan of work. <br />Mr. McLiney said that was a question for the engineering side. Council Member Drake inquired <br />of any consequences if the City did not spend the $35 million in three years. Mr. McLiney said <br />that the City would be subject to arbitrage rebate and that would mean the City was earning more <br />money and that was a good problem. Mayor Hashmi inquired if the City could pay off the bond <br />early and Mr. McLiney said the earliest the City could pay it off was December 2023. Mr. <br />McLiney also said other bonds callable before that date could be paid off early. Mr. McLiney <br />