Minutes May 01, 2001-SC136
CITY OF DENTON CITY COUNCIL MINUTES
May 1, 2001
After determining that a quorum was present and convening in an open meeting, the City
Council convened in a Special Called Meeting on Tuesday, May 1, 2001 at 1:30 p.m. in the City
Council Chambers of CiW Hall.
PRESENT: Mayor Brock, Mayor Pro Tem Beasley, Council Members Burroughs, and
Durrance.
ABSENT: Council Members Cochran, Kristoferson and Young.
1. The Council received and opened bids regarding City of Denton Certificates of
Obligation Bonds, Series 2001.
David Medanich, First Southwest Company, opened the bids and read the effective interest rate
as follows: William R. Hough & Co. - 4.856291, Bank of America Securities, LLC - 4.851342,
ABN AMRO Financial Services, Inc. - 4.845323, First Southwest Co. - 4.843711, Dain
Rauscher, Inc. - 4.841336, Legg Mason Wood Walker, Inc. - 4.838528, Stephens Inc. -
4.829794, UBS PaineWebber Inc. - 4.817306. He stated that the bids had been checked for
accuracy and timeliness.
Medanich recommended awarding the bid to UBS PaineWebber Inc. at a rate of 4.817306%.
Beasley motioned, Burroughs seconded to award the bid to UBS PaineWebber Inc. On roll vote,
Beasley "aye", Burroughs "aye", Durrance "aye", and Mayor Brock "aye". Motion passed 4-0.
Council Member Cochran arrived at the meeting.
2. The Council considered adoption of an ordinance authorizing the issuance, sale, and
delivery of City of Denton Certificates of Obligation Bonds, Series 2001, approving and authorizing
instruments and procedures relating thereto; and providing an effective date.
The following ordinance was considered:
NO. 2001-180
AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY
OF CITY OF DENTON CERTIFICATES OF OBLIGATION, SERIES 2001;
APPROVING AND AUTHORIZING INSTRUMENTS AND PROCEDURES
RELATING THERETO; AND PROVIDING AN EFFECTIVE DATE.
Beasley motioned, Burroughs seconded to approve the ordinance. On roll vote, Beasley "aye",
Burroughs "aye", Cochran "aye", Durrance "aye", and Mayor Brock "aye". Motion passed 5-0.
3. The Council received and opened bids regarding City of Denton General Obligation
Bonds, Series 2001.
David Medanich, First Southwest Company, opened the bids and read the effective interest rate
as follows: Legg Mason Wood Walker, Inc. - 5.171187, First Southwest Co. - 5.170031,
William R. Hough & Co. - 5.149617, Dain Rauscher, Inc. - 5.148312, ABN AMRO Financial
Services, Inc. - 5.128617, Stephens Inc. - 5.123146, Banc of America Securities. LLC -
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City of Denton City Council Minutes
May 1, 2001
Page 2
5.108243, and UBS PaineWebber Inc. - 5.107992. He stated that the bids had been checked for
accuracy and timeliness.
Medanich recommended awarding the bid to UBS PaineWebber Inc. at a rate of 5.107992%.
Durrance motioned, Cochran seconded to award the bid to UBS PaineWebber Inc. On roll vote,
Beasley "aye", Burroughs "aye", Cochran "aye", Durrance "aye", and Mayor Brock "aye".
Motion passed 5-0.
4. The Council considered adoption of an ordinance authorizing the issuance, sale, and
delivery of City of Demon General Obligation Bonds, Series 2001, levying the tax to pay same;
approving and authorizing instruments and procedures relating thereto; and providing an
effective date.
The following ordinance was considered:
NO. 2001-181
AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY
OF CITY OF DENTON GENERAL OBLIGATION BONDS, SERIES 2001,
LEVYING THE TAX TO PAY SAME; APPROVING AND AUTHORIZING
INSTRUMENTS AND PROCEDURES RELATING THERETO; AND
PROVIDING AN EFFECTIVE DATE.
Burroughs motioned, Durrance seconded to adopt the ordinance. On roll vote, Beasley "aye",
Burroughs "aye", Cochran "aye", Durrance "aye", and Mayor Brock "aye". Motion passed 5-0.
With no further business, the meeting was adjourned at 1:44 p.m.
EULINE BROCK, MAYOR
CITY OF DENTON, TEXAS
JA/NE RICHARDSON
ASST. CITY SECRETARY
CITY OF DENTON, TEXAS