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795 On review of the bids, Mr. Anderson pointed out that the Council had been furnished a Bond Buyers Index which would give them an indication of what the current interest rates are for this type of issue such as the first week in February they could see that the interest rate has been running about 5.70 %. Mr. Anderson said in terms of a comparable sale for what the City has done in terms of average life and bond rating, sale date, and sale date on this issue was the 3rd of February, and was done by the City of Laredo and their winning bid was from Legg Mason, Smith Barney, Rauscher Pierce, PaineWebber combination was 5.48 %. Mr. Anderson said there were a few differences in their issue and the City's issue such as the City of Paris's is a qualified tax exempted obligation issue and Laredo's was not, and theirs was subject to the alternative minimum tax which this one will not be. Mr. Anderson stated that it appears that the interest rate that has been quoted is a very good rate. Dan Almon with Southwest Securities, also pointed out that the best the market has been in the last twenty years is in the 5.20% range, and the City's is only about one -half of a percent or 40 basis point off the lowest that has been seen in twenty years, and those rates in 1989 were at a 12.44% which is the highest they have been, so that will place this in perspective for you. Mr. Almon said the bond market is very good, and it is near the 20 -25 year low with very few bonds on the market. A motion was made by Councilman Fulbright, seconded by Councilman Hunt to award the bids for the issuance of $5,000,000.00 or less City of Paris, Paris, Texas, Waterworks and Sewer System Revenue Bonds, Series, 1997 to Prudential - Securities Incorporation with an effective interest rate of 5.1784 %. The motion carried 7 ayes, 0 nays. A motion was made by Councilwoman McDonald, seconded by Councilman Hunt authorizing preparation of an ordinance adding a section to be numbered 23 -31 providing that bicycles, roller skates, roller blades and skateboards be prohibited on the public tennis courts. The motion carried 7 ayes, 0 nays. Councilwoman Elder made a motion authorizing preparation of an ordinance amending Chapter 17, Article ii of the Code of ordinances in order to more specifically define the obligations of owners of property held for development within the corporate limits and distinguishing property used for agricultural purposes within the City. The motion was seconded by Councilwoman McDonald, and carried 7 ayes, 0 nays. A motion was made by Councilman Hunt, seconded by Councilman Boyd to bring Agenda Item No. 12, consideration of and statement on the City Council's policy with regard to junk yards, salvage and Wrecking yards, dilapidated structures and other code violations, forward. The motion carried 7 ayes, 0 nays. Mayor Clifford reported that he and Councilwoman McDonald and Councilman Fulbright had met with various Department Heads of City Staff, and they were having a weekly meeting on code enforcement clean -up effort, and they got down to a policy statement, which is