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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 - 137 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