Austin Secures $126 Million for Utilities
- Austin approved the issuance and sale of $126 million in revenue notes to fund the city's combined utility systems.
- These utility notes were purchased by Dillon, Read at a 6.13768% interest rate.
- The council expedited this significant financial decision during a special meeting, waiving standard procedural readings for swift action.
Full Transcript
Austin City Council MINUTES For August 18, 1988 - SPECIAL CALLED MEETING - 9:00 A.M. Council Chambers, 307 V*st Second Street, Austin, Texas t Mayor Cooke called to order at 1:56 P.M. the special called meeting set for 9:00 A.M., noting the presence of all Councllmembers . BOND SALE The Council, on Councllmember Humphrey's motion, Councilmember Nofzlger's second, waived the requirement for three readings and finally passed an ordinance authorizing the issuance and sale of $126,000,000 "City of Austin, Texas, Combined Utility Systems Revenue Notes, Series 1988A," dated August 15, 1988, Including the receipt of bids, to Dillon, Read for 6.13768%. (7-0 Vote) The Council, on Councilmember Carl-Mitchell's motion, Councilmember Urdy's second, adopted a resolution approving and authorizing the execution of a Paying Agent/ Registrar Agreement with M Trust Corp., National Association in relation to the "City of Austin, Texas Utility Systems Revenue Notes, Series 1988A". (7-0 Vote) ADJOURNMENT Council adjourned its meeting at 2:00 P.M.