April 10, 2017 Special Meeting Y
SPECIAL MEETING OF THE CITY COUNCIL OF THE
CITY OF NEUERLANU
2:00 p_m. April 10, 2017
1_ MEETING
The special meeting was called to order at 5:41 p.m. by Mayor R. A. Nugent at the
Nederland City Office Building, 207 N. 12th Street, Nederland, Texas. See attached for
quorum.
The following statement was posted:
"F.IJRS IIANT TO SECTION 30_07, PENAL CODE (TRESPASS BY LICENSE HOLDER
WITH AN OPENLY CARRIED. HANUGUN), A PERSON LICENSED UNDER
SUBCHAPTER H, CHAPTER 411, GOVERNMENT COUE (HANUGUN LICENSING
LAW), MAY NOT ENTER THIS PROPERTY WITH A HANDGUN THAT IS CARRIED
OPENLY_"
2. _Ordinance No_ 2017-09
Chris Duque, City Manager, reported this ordinance authorizes the issuance of
City of Nederland tax and revenue certificate of obligation, Series 2017. The issuance
provides certificates of obligation in an amount not to exceed $5.5 million for the
Nederland Avenue rehabilitation project. He reminded council the remaining funds of
approximately $1 million will be utilized from the fund balance of the General Fund to
cover the remaining costs of the project.
Jim Gilley and James F. Gilley, Jr. were in attendance. Mr. Jim Gilley summarized the
sale. He said the city received 6 very competitive bids. One of the factors for receiving
such good bids was the City of Nederland being upgraded to a rating of AA Stable
resulting From the city's strong budgetary performance and total governmental fund
level in 2015_ He recommended the city accept the bid from SAMCO Capital Markets,
Dallas, TX with a true interest cost of 1.977779.
Councilmember Belaire stated he has been advised by legal counsel of Merrill Lynch to
abstain from voting due to potential conflicts of interest.
A motion was made by Councilmember Austin and seconded by Mayor Pro Tem
Albanese to approve Ordinance 2017-09, authorizing the issuance of City of Nederland,
Texas, Tax and Revenue Certificates of Obligation, Series 2017_ MOTION CARRIED.
Ayes: Mayor Nugent, Councilmembers Austin, Neal, and Albanese.
Noes: None.
Abstain: Councilmember Belaire_
3. ADJOURN
There being no further business a motion was made by Mayor Nugent and seconded
by Councilmember Neal to adjourn the meeting at 5:52 p.m. MOTION CARRIED.
Ayes: Mayor Nugent, Councilmembers Austin, Neal, Albanese, and Belaire.
Noes: None.
‘642/
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R. A. Nugent, '.yor
City of Neder ..nd, Texas
ATTEST:
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.y Fergon, City Cler'
City of Nederland, Texas