CM 1991-04-30 Minutes of April 30, 1991
The City Council of the City of Coppell met in a special called
session on Tuesday, April 30, 1991 at 6:00 p.m. in the Council
Chambers of Town Center 255 Parkway Boulevard, Coppell, Texas. The
following members were present:
Mark Wolfe, Mayor
Bill Smothermon, Mayor Pro Tem
Peyton Weaver, Councilman
David Thomas, Councilman
Tom Morton, Councilman
Ron Robertson, Councilman
John A. Nelson, Councilman
Councilman Jim Cowman was absent from the meeting. Also present
were City Manager Alan D. Ratliff, city Secretary Dorothy Timmons
and City Attorney Lawrence W. Jackson.
SPECIAL CALLED SESSION ¢ODen to the public)
Item 1 Call to order.
Mayor Wolfe called the meeting to order.
Item 2 Invocation
Item 3 Pledge of Allegiance
Item 4 Discussion and consideration to adopt an Ordinance
awarding a bid for the issuance of City of Coppell,
Texas, Waterworks and Sewer System Revenue Bonds, Series
1991, in the aggregate principal amount of $2,500,000 and
enacting other provisions related thereto.
Boyd London, city's Financial Consultant, gave the presentation on
this item. Mr. London stated that six bids had been opened earlier
in the evening with the effective interest rate ranging from
6.728508 from First Southwest Company to 6.799099 from NCNB Capital
Markets. It was the recommendation of the consultant that the low
bid be awarded. The difference between the first and second bidder
is approximately $3.600 in interest cost. Following discussion by
the Council, Councilman Smothermon moved that Ordinance No. 90505
be approved awarding the bid to First Southwest Company with an
effective interest rate of 6.728508. Councilman Morton seconded
the motion. Motion carried 6-0 with Mayor Pro Tem Smothermon,
Councilmen Weaver, Thomas, Morton, Robertson and Nelson voting in
favor of the motion.
There being no further business to come before the Council, the
meeting was adjourned.
ATTEST:
Dorothy Ti~n,~7'City Secretary