CITY OF AUSTIN, TEXAS:-: MINUTES OF THE CITY COUNCIL CITY OF AUSTIN, TEXAS Special Meeting January 24, 1974 10:30 Α.Μ. Mayor's Office Municipal Building The meeting was called to order with Mayor Butler presiding. Roll Call: 62 t Present: Councilmen Dryden, Friedman, Ilandcox, Lebermann, Mayor Pro-tem Love, Mayor Butler Absent: Councilman Binder Mayor Butler announced the Special Council Meeting had been called for the purpose of opening bids and passing ordinances authorizing the issuance of $15,000,000 "City of Austin, Texas, Electric Light and Power, Waterworks and Sewer System Revenue Bonds, Series No. 29" dated February 1, 1974, and $6,000,000 "City of Austin, Texas, General. Obligation Bonds, Series 1.974 (No. 254)" dated February 1, 1974. Mayor Butler, noting it was time to receive bids on the City of Austin Revenue Bonds and General Obligation Bonds, ascertained the accuracy of the hour (10:30 A.M. C.S.T.); that there were no other bids having been received in the mailing room, the City Manager's Office, by the Finance Director, or by the City Clerk's Office or to be submitted by anyone present in the Council Chamber. Mayor Butler announced it was now 10:30 A.M. and the time for receiving bids was closed. Mr. Norman Barker, Finance Administrator, then opened and read bids as follows: ( January 24, 1974 63 CITY OF AUSTIN, TEXAS... $15,000,000 ELECTRIC LIGHT AND POWER, WATERWORKS AND SEWER SYSTEM BIDDER REVENUE BONDS 1. BLYTH EASTMAN DILLON & CO., INC. 2. THE FIRST BOSTON CORPORATION KIDDER, PEABODY & CO., INC. JOINT MANAGERS & ASSOCIATES 3. SALOMON BROTHERS BEAR, STEARNS & CO. WEEDON & CO., INC. JOIN NUVEEN & CO., INC. EFFECTIVE INTEREST RATE 5.0923 5.0934 5.10058 4. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.3 W. H. MORTON & CO. (DIV. OF AMERICAN EXPRESS CO.); AND E. F. HUTTON & CO., INC. JOINT MANAGERS 5. HALSEY STUART & CO., INC. AND ASSOCIATES 6. WHITE, WELD & CO., INC.; KUHN, LOEB & CO.; ROWLES, WINSTON, DIV. OF COWEN & CO., & WEBSTER SECURITIES CORP. MANAGERS AND ASSOCIATES 7. DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION DILLON, READ MUNICIPALS, INC. (DIV. OF DILLON, READ & CO.) JOINT MANAGERS & ASSOCIATES 5.1043 5.1124 5.118 5.17047 $6,000,000 GENERAL OBLIGATION BONDS EFFECTIVE INTEREST RATE 4.73911 BIDDER 1. THE CHASE MANHATTAN BANK, N.A.; FIRST NATIONAL BANK IN DALLAS; BANK OF AMERICA, N.T. &A., JOINT MANAGERS, AND ASSOCIATES 2. FIRST NATIONAL CITY BANK OF HOUSTON, TEXAS 4.766591 - CITY OF AUSTIN, TEXAS January 24, 1974. 3. BANKERS TRUST COMPANY AND ASSOCIATES 4.77749 4. MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC. W. H. MORTON & CO. (DIV. OF AMERICAN EXPRESS CO.); AND E. F. HUTTON & CO., INC. (JOINT MANAGERS) 4.7829 5. REPUBLIC NATIONAL BANK OF DALLAS AND ASSOCIATES; FORT WORTH NATIONAL BANK 4.7839 6. HARRIS TRUST AND SAVINGS BANK, CHICAGO, ILLINOIS, AND 4.7932 ASSOCIATES 7. FIRST NATIONAL CITY BANK, Ν.Υ., FIRST SOUTHWEST COMPANY, MERCANTILE NATIONAL BANK OF DALLAS, ROTAN, MOSLE, INC. 4.8025 8. THE FIRST BOSTON CORPORATION; KIDDER, PEABODY & CO., INC. JOINT MANAGERS & ASSOCIATES 9. BLYTH EASTMAN DILLON & CO., INC. ACCOUNT MANAGER & ASSOCIATES 4.8099 4.8148 10. HALSEY, STUART & CO., INC. 4.8190 AND ASSOCIATES 11. THE FIRST NATIONAL BANK OF 4.83697 CHICAGO, ACCOUNT MANAGER AND ASSOCIATES 12. SALOMON BROTHERS BEAR, STEARNS & CO.; WEEDEN & CO., INC., JOHN NUVEEN & CO., INC. 4.85706 13. THE NORTHERN TRUST COMPANY AND ASSOCIATES 4.85841 64 The bids were referred to Mr. Norman Barker, and the Bond Counsel, Mr. Curtis Adrian, to tabulate. After checking, Mr. Barker verified the bids. Mr. Curtis Adrian remarked that these were very good bids; and as compared with the Dow Jones Average, the City showed a savings of $488,110 on the Revenue Bonds and $418,500 on the General Obligation Bonds. Mayor Pro-tem Love moved the Council accept the bid of Blyth Eastman Dillon & Co., Inc. for an Effective Interest Rate of 5.0923 for the $15,000,000 "City of Austin, Texas, Electric Light and Power, Waterworks and Sewer System Revenue Bonds, Series No. 29" dated February 1, 1974; and the bid of Chase Manhattan Bank, N.A.; First National Bank in Dallas; Bank of America, Ν.Τ.Λ., Joint Managers, and Associates for an Effective Interest Rate of 4.73911 for ) CITY OF AUSTIN, TEXAS January 24, 1974 65 The motion, seconded by Councilman the $6,000,000 "City of Austin, Texas, General Obligation Bonds, Series 1974 (No. 254)" dated February 1, 1974. Friedman, carried by the following vote: Ayes: Mayor Butler, Mayor Pro-tem Love, Councilmen Dryden, Friedman, llandcox, Lebermann Noes: None Absent: Councilman Binder MINUTES PERTAINING TO PASSAGE AND ADOPTION OF ORDINANCE AUTHORIZING ISSUANCE OF $15,000,000 "CITY OF AUSTIN, TEXAS, ELECTRIC LIGHT AND POWER, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES NO. 29," DATED FEBRUARY 1, 1974 THE STATE OF TEXAS COUNTY OF TRAVIS CITY Or AUSTIN X X ON THIS, the 24th day of January, 1974, the City Council of the City of Austin, Texas, convened in special session at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of said meeting having been given as prescribed by Article 6252-17, Section 3A, V.A.T.C.S., with the following members present and in attendance, to wit: )))) ROY BUTLER DAN LOVE DR. S. H. "BUD" DRYDEN ) LOWELL H. LEBERMANN ) JEFFREY M. FRIEDMAN ) BERL L. HANDCOX ) Bob Binder MAYOR MAYOR PRO TEM COUNCILMEN constituting a quorum; at which and with the following absent: time the following among other business was transacted: The Mayor presented for the City Council's consideration an ordinance authorizing the issuance of $15,000,000 "CITY OF AUSTIN, TEXAS, ELECTRIC LIGHT AND POWER, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES NO. 29," dated February 1, 1974, the caption of said ordinance being as follows: "AN ORDINANCE by the City Council of the City of Austin, Texas, authorizing the issuance of $15,000,000 'CITY OF AUSTIN, TEXAS, ELECTRIC LIGHT AND POWER, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES NO. 29,' dated February 1, 1974, of which the sum of $6,700,000 is for the purpose of extending and improving the City's Electric Light and Power System, the sum of $5,200,000 is for the purpose of extending and improving the City's Waterworks System, and the sum of $3,100,000 is for the purpose of extending and improving the City's Sewer System (being the second parcel or installment of a total )))) January 24, 1974 66 CITY OF AUSTIN, TEXAS voted authorization of $60,000,000 for Electric Light and Power System purposes; the second parcel or installment of a total voted authorization of $37,400,000 for Waterworks System purposes; and the fifth parcel or installment of a total voted authorization of $27,000,000 for Sewer System purposes), as authorized by the General Laws of the State of Texas, particularly Article 11.11 et seq., V.A.T.C.S.; prescribing the form of the bonds and the form of the interest coupons; pledging the net revenues of the City's combined Electric Light and Power, Waterworks and Sewer System to the payment of the principal of and interest on said bonds; enacting provisions incident and relating to the subject and purpose of this ordinance; and declaring an emergency." The ordinance was read and Councilman Love moved that the rule be suspended which requires that no ordinance shall become effective until the expiration of ten days following the date of its final passage, that such ordinance be finally passed and adopted at this meeting, and that, for the reasons recited therein, said ordinance be passed as an emergency measure for the immediate preservation of the public peace, health and safety of the citizens of Austin as permitted by the City Charter. The motion was seconded by Councilman AYES: Friedman And carried by the following vote: Mayor Butler, Councilmen Love, Dryden, Lebermann, Friedman and Handcox NOES: None moved The ordinance was read the second time and Councilman Love that the rules be further suspended and that the ordinance be passed as an emergency measure to its third reading. The motion was seconded by Councilman Friedman and carried by the following vote: AYES: Mayor Butler, Councilmen Love, Dryden, Lebermann, Friedman and Handcox NOES: None Love moved The motion was The ordinance was read the third time and Councilman that the ordinance be finally passed as an emergency measure. seconded by Councilman Friedman and carried by the following vote: AYES: Mayor Butler, Councilmen Love, Dryden, Lebermann, Friedman and Handcox NOES: None adopted. The Mayor then announced that the ordinance had been finally passed and _ CITY OF AUSTIN, TEXAS.. January 24, 1974 67 MINUTES PERTAINING TO PASSAGE AND ADOPTION OF ORDINANCE AUTHORIZING ISSUANCE OF $6,000,000 "CITY OF AUSTIN, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974 (NO. 254)," DATED FEBRUARY 1, 1974 THE STATE OF TEXAS COUNTY OF TRAVIS CITY OF AUSTIN X 美美美美 ON THIS, the 24th day of January, 1974, the City Council of the City of Austin, Texas, convened in special session at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of said meeting having been given as prescribed by Article 6252-17, Section 3A, V.A.T.C.S., with the following members present and in attendance, to wit: )))))) ROY BUTLER DAN LOVE DR. S. H. "BUD" DRYDEN ) LOWELL H. LEBERMANN ) JEFFREY M. FRIEDMAN ) BERL L. HANDCOX ) Bob Binder MAYOR MAYOR PRO TEM COUNCILMEN constituting a quorum; and with the following absent: at which time the following among other business was transacted: The Mayor presented for the City Council's consideration an ordinance authorizing the issuance of $6,000,000 "CITY OF AUSTIN, TEXAS, GENERAL OBLICATION BONDS, SERIES 1974 (NO. 254)," dated February 1, 1974, the caption of said ordinance being as follows: "AN ORDINANCE by the City Council of the City of Austin, Texas, authorizing the issuance of $6,000,000 'CITY OF AUSTIN, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1.974 (NO. 254),' dated February 1, 1974, for the purpose of providing funds for permanent public improvements to wit: $3,000,000 for constructing, equipping, improving and repairing Hospital buildings of the City of Austin; $700,000 for constructing and improving streets, including bridges and drainage incidental thereto in and for said City of Austin and for acquiring necessary lands therefor $500,000 to acquire or improve, or both, land for park purposes for the City of Austin; $1,000,000 to purchase, construct and equip buildings and other permanent improvements for Library purposes and acquiring necessary lands therefor; and $800,000 for constructing and equipping a Police and Courts Building in and for the City of Austin and acquiring necessary land therefor prescribing the form of the bonds and the form of the interest coupons; levying a continuing direct annual ad valorem tax on all taxable property within the limits of said City to .. CITY OF AUSTIN, TEXAS January 24, 1974 68 2. pay the interest on said bonds and to create a sinking fund for the redemption thereof, and providing for the assessment and collection of such taxes; enacting provisions incident and relating to the purpose and subject of this ordinance; and declaring an emergency." The ordinance was read and Councilman Love moved that the rule be suspended which requires that no ordinance shall become effective until the expiration of ten days following the date of its final passage, that such ordinance be finally passed and adopted at this meeting, and that, for the reasons recited therein, said ordinance be passed as an emergency measure for the immediate preservation of the public peace, health, and safety of the citizens of Austin as permitted by the City Charter. The motion was seconded by Councilman Friedman AYES: and carried by the following vote: Mayor Butler and Councilmen Love, Dryden, Lebermann, Friedman, and Handcox NOES: None The ordinance was read the second time and Councilman Love moved that the rules be further suspended and that the ordinance be passed as an emergency measure to its third reading. The motion was seconded by Councilman Friedman and carried by the following vote: AYES: Mayor Butler and Councilmen Love, Dryden, Lebermann, Friedman and Handcox NOES: None The ordinance was read the third time and Councilman Love moved that the ordinance be finally passed as an emergency measure. The motion was seconded by Councilman Friedman and carried by the following vote: AYES: Mayor Butler and Councilmen Love, Dryden, Lebermann, Friedman and Handcox NOES: None The Mayor then announced that the ordinance had been finally passed and adopted. ) January 24, 1974 69 -CITY OF AUSTIN, TEXAS ADJOURNMENT. The Council adjourned at 11:45 Α.Μ. ATTEST: Grace Monse Acting City Clerk APPROVED: Mayor