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The City Council met on July 3, 2008, at the Plainview Convention Center, 2902 West
4th Street, Plainview, Texas. The agenda for this meeting was posted in City Hall at
10:15 a.m. on June 30, 2008. Mayor John C. Anderson presided. Councilmembers
present were: Cathy Waggoner-District 2, Belinda Pena-District 3, Ron Trusler-District
5, and Roland Nash-District 7. Councilmember John N. Bertsch arrived at 11:42 a.m.
Councilmember Kelvin Tipton-District 1 and Wendell Dunlap-District 6 were absent.
Staff members present were: Greg Ingham-City Manager, Leslie Pearce-City
Attorney, Will Mull-Police Chief, John Castro-Director of Public Works, Jack Keller-
Budget Manager, Dale Simpson-Civil Service Director and Belinda Hinojosa-City
Secretary.
News Media Representative: Tommy Young-Plainview Daily Herald
Mayor John C. Anderson delivered the invocation.
Councilmembers Kelvin Tipton and Wendell Dunlap were granted an excused
absence.
Greg Ingham, City Manager presented for consideration all matters incident and related
to the issuance of "City of Plainview, Texas, General Obligation Refunding Bonds,
Series 2008", including the first reading of the ordinance authorizing the issuance of
such bonds and providing for the redemption of the obligations being refunded -
Ordinance No. 08-3499. This is for redemption of the 2001 Series. The ordinance
presented to the Council has blanks because our financial advisor, First Southwest will
go to the financial markets on Monday and will not have the necessary information to fill
in the blanks until then. Since our ordinance requires two readings, we will need to
approve this ordinance as to form only today.
This is in the amount of $6.95 million to refund the 2001 issue only if interest rates are
favorable. At a prior meeting, the Council put in place that we must have a savings of at
least 1 %2 % which equates to a savings of about $10,000 a year. It is expected the
savings will be marginal and it does not cost the City any money to look at this. He
stated he recommends approval as to form only.
Mayor Anderson moved to approve as form only on first reading Ordinance No. 08-
3499, related to the issuance of "City of Plainview, Texas General Obligation Refunding
Bonds, Series 2008". The motion was duly seconded by Councilmember Trusler.
There was no public comment.
Councilmember Pena asked if this is not approved on second reading would this pass.
She was advised if not approved on second reading the ordinance would not pass.
Mayor Anderson asked for a vote on the matter. The motion carried with Mayor
Anderson, Councilmembers Waggoner, Pena, Trusler and Nash voting "for" the motion.
Mr. Bertsch arrived at the meeting.
Mr. Ingham presented for consideration all matters incident and related to the issuance
of "City of Plainview, Texas, Combination Tax and Revenue Certificates of Obligation,
Series 2008", including the first reading of the ordinance authorizing the issuance of
such certificates of obligation -Ordinance No. 08-3498. This is for the landfill cell that
City Council Minutes July 3, 2008 Page 1 of 2
is being built with costs of up to $1.4 million and additional for possible sewer needs and 211
issuance costs. The documents furnished are blank as to the exact amounts. If we go
with the amount of $1.550 million and if we have funds available at the end of the
projects we could put additional funds into debt service to pay down the debt or have
additional funds available if needed for the monitoring wells.
Mayor Anderson asked for public comment. There was no public comment.
Mayor Anderson moved to approve as to form only on first reading Ordinance No. 08-
3498. The motion was duly seconded by Councilmember Trusler.
Mr. Ingham stated the City received an A2 rating and we have also been offered bond
insurance. The A2 rating is a very good rating for a city our size. A good bond rating
allows a City to issue debt at a lower rate and allows them to have an option to buy
insurance to get an AAA rating.
Councilmember Trusler asked what makes someone's ratings drop. He was advised
that the overall financial risk assessment including fund balance, debt issuance and
being extremely conservative helped the City keep the rating.
Mayor Anderson asked for a vote on the matter. The motion carried unanimously.
The Council and staff reviewed the agenda for the City Council meeting of July 8, 2008.
There being no further business, Mayor Anderson adjourned the meeting at 12:13 p.m.
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Belinda Hinojosa
City Secretary
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City Council Minutes July 3, 2008 Page 2 of 2