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Minutes March 25, 2003 ssCITY OF DENTON CITY COUNCIL M1NUTES March 25, 2003 After determining that a quorum was present, the City Council convened in a Special Called Meeting of the City of Denton City Council on Tuesday, March 25, 2003 at 11:00 a.m. in the City Council Chambers. PRESENT: Mayor Brock; Mayor Pro Tern Burroughs; Council Members Fulton, McNeill, Montgomery, and Redmon. ABSENT: Council Member Phillips 1. The Council considered adoption of an ordinance authorizing the issuance, sale, and delivery of City of Denton Certificates of Obligation Bonds, Series 2003; approving and authorizing instruments and procedures relating thereto; and providing an effective date. David Medanich, First Southwest Company, reviewed the bids received on-line and indicated that the bid from UBS Paine Webber Inc. was the lowest bid at 3.989792%. He recommended Council award the bid to UBS Paine Webber. The following ordinance was considered: NO. 2003-073 AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF CITY OF DENTON CERTIFICATES OF OBLIGATION BONDS, SERIES 2003; APPROVING AND AUTHORIZING INSTRUMENTS AND PROCEDURES RELATING THERETO; AND PROVIDING AN EFFECTIVE DATE. Burroughs motioned, Montgomery seconded to adopt the ordinance. On roll vote, Burroughs "aye", Fulton "aye", McNeill "aye", Montgomery "aye", Redmon "aye", and Mayor Brock "aye". Motion carried unanimously. 2. The Council considered adoption of an ordinance authorizing the issuance, sale, and delivery of City of Denton General Obligation Refunding and Improvement Bonds, Series 2003, levying the tax to pay same; approving and authorizing instruments and procedures relating thereto; and providing an effective date. David Medanich, First Southwest Company, reviewed the bids received on-line and indicated that the bid from UBS Paine Webber, Inc. was the lowest bid at 3.997129%. He recommended Council award the bid to UBS Paine Webber, Inc. The following ordinance was considered: NO. 2003-074 AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF CITY OF DENTON GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2003, LEVYING THE TAX TO PAY SAME; APPROVING AND AUTHORIZING INSTRUMENTS AND PROCEDURES RELATING THERETO; AND PROVIDING AN EFFECTIVE DATE. City of Denton City Council Minutes March 25, 2003 Page 2 Burroughs motioned, Montgomery seconded to adopt the ordinance. On roll vote, Burroughs "aye", Fulton "aye", McNeill "aye", Montgomery "aye", Redmon "aye", and Mayor Brock "aye". Motion carried unanimously. With no further business the meeting was adjourned at 11:15 a.m. EUL1NEBROCK MAYOR CITY OFDENTON, TEXAS JENNIFER WALTERS CITY SECRETARY CITY OF DENTON, TEXAS