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HomeMy WebLinkAbout484 04-22-1975MEMORANDUM To: ORDINANCE FILE NO. 484 From: City Secretary Date: November 1986 Re: ORDINANCE REFERENCE SHEET This ordinance no longer in effect - Replaced by Ordinance No. 486 This ordinance revised by Ordinance No. on Copies of this ordinance were distributed to the following persons on the dates indicated: -list =hey Le in (Page Three, Regular Meeting, Euless City Council, April 22, 1975) First Southwest Company - Rauscher Pierce Securities Corporation Gross Interest Cost $ 1,385,320.90 Less Premium 210.00 Net Interest Cost $ 1,385.110.90 Effective Interest Rate 7.267108% Paine, Webber, Jackson & Curtis, Inc. - Mercantile National Bank At Dallas - Merrill Lynch, Pierce, Fenner & Smith, Inc. (Manager) & Associates. Gross Interest Cost Less Premium Net Interest Cost Effective Interest Rate $ 1,342,537.50 -0- $ 1,342,537.50 7,043743% Mr. Morong stated that as financial rill advisor for the City of Euless he recommends that the City reject all the General bids at this time. Mr. Morong stated that in several months the City could advertise for another bid sale. Mr. Morong stated that the lowest bid received was First National Bank of Dallas for $1,308,140.70. Mr. Wright moved to reject all bids re- ceived for the sale of 1.2 million dollars General Obligation Bonds. Mr. Ozebek seconded the motion and the vote is as follows: Ayes: Messrs. Wright, Ozebek, Hunt, and Mrs. McCormick Nays: None Mayor Samuels declared the motion carried. Mayor Samuels stated he appreciates Mr. Morong and the bidders for submission of the bids, but the bid interest rate ;ton had a higher figure than the City anticipated. DAM VANCE - TRINITY RIVER AUTHORITY EXTENSION LITTLE BEAR CREEK SEWER SYSTEM gas Mayor Samuels recognized Mr. Dan Vance, representative of the Trinity River Authority. Mr. Vance stated he is pre- senting an ordinance to begin construction on an interceptor sewer line. Mr. Vance stated that this interceptor line would go along the North side of Little Bear Creek. Mr. Vance stated that in the past Trinity River Authority had built the lines with 75% participation of EPA and the Trinity River Authority System providing the 25% balance. Mr. Vance stated that several cities have approached Trinity River Authority to build a line without EPA funds and with the cities participating in the cost. Mr. Vance stated that Trinity River Authority agreed and that the interceptor line would benefit Euless, Bedford, Hurst, Colleyville, and North Richland Hills and would terminate at the city limits of Keller. Mr. Vance stated that Euless' participation in the agreement would be $150,000 and the completion date of the.line would be approximately three or four years earlier than if they received a Federal grant. 14 - (Page 'Four, Regular Meeting, Euless City Council, April 22, 1975) Mr. Ozebek inquired what would happen when other cities tie on to the system. Mr. Vance stated that if other cities wanted to tie into the system they would have to pay their share of the pro -rata. Mayor Samuels inquired if the construc- tion would start on the East side of the project and Mr. Vance replied affirmatively. Mayor Samuels inquired if the City could use any of the line during construction. Mr. Vance stated that Trinity River Authority would not accept any of the line until it passes inspection, but he thought portions of it could be finished and then that portion used. Mr. Arthur Denys inquired how long the present line as it exists will be sufficient for Euless. Mr. Vance stated that the existing line would serve until 1990. Mr. Vance stated that EPA will participate only to a central sized line. Mr. Perkins inquired if we have a double standard, one for Cities and one for Federal Government. Mr. Vance stated that the Council of Governments is not participating in the line, and there will be no Federal funding. Mr. Vance stated that the completion date can be sooner without Federal funding b ecause a project of this size will be competing with several other projects, and it usually takes four or five years to receive the grant. In reply to a question from the audience, Mr. Vance stated that Trinity River Authority looks at every City's total flow and this is the amount that is charged every City. Mr. Denys inquired what would be the advantage of Euless' participation in the project. Mr. Vance stated that if Euless did not participate the line could notbe built, as the Eastern section of the line goes through the Euless city limits. Mayor Samuels stated that taking into consideration the time and cost to go into 1979 with Federal funding, Euless' participation will be approximately the same. Mr. Vance stated that the line as proposed now would not be available for a Federal Grant, as you cannot receive a Federal Grant on a oversized line. Mr. Sustaire stated that with the installa- tion of the oversized line, it would open up development in the North sec- tion of Euless, and if we delayed several years, the line could cost as much as $320,000 instead of $150,000 by participating now. Mr. Hunt inquired the anticipated completion (Page Five, Regular Meeting, Euless City Council, April 22, 1975) ppen date of the project. Mr. Vance stated they estimated the ties completion date to be the latter part of 1976. he Mayor Samuels inquired if a portion of the line could be put into operation while the remainder was being con - struc- structed. d he Mr. Flowers stated it was quite possible that the construction could be let in two (2) phases. A test could be run in the City limits, and then that line would be ready for use. Mr. Flowers er stated that there is a pollution problem in the creek at this time. 9 used. Mr. Perkins inquired if all cities were participating now. g the Mr. Vance stated all the cities but Keller. In reply to a question from Mr. Wright, Mr. Vance stated that if Keller ties g line into the system, they will be assessed their portion of the project plus my interest, and this would reduce the City's monthly bill to Trinity River Authority. double Mr. McFarland stated if it is the City's pleasure to enter into this contract, the Attorneys could work with Trinity River Authority on the final contract. of deral Mrs. McCormick moved to approve Ordinance hout No. 484 entering into a contract with Trinity River Authority with the study h and insertion of clauses by the City Attorney. ceive d that Mr. Wright seconded the motion and the the vote ias as follows: Ayes: Mrs. McCormick, Messrs. Wright, Hunt, and Ozebek. the Nays: None Mayor Samuels declared the motion carried. lid not line IV PROCLAMATION FOR SPARKLE into WEEK IN EULESS Euless Mayor Samuels read the Proclamation for Sparkle Week in Euless on May 3 through May 10 which is being sponsored by propos the Hurst - Euless - Bedford Chamber of Commerce as follows: a P R O C L A M A T I O N instal WHEREAS: The City of Euless, in a cooperative effort with the sec - local Chamber of Commerce, has joined in a clean -up as campaign, and WHEREAS: citizens of the City are encouraged to participate in 1 comple this clean -up program, and