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The City Council of the City of Taylor met on November 7, 2005, for a Special Meeting at the Community Technology Center, 410 W.7th St., Taylor, Texas.  Mayor Hill declared a quorum and called the meeting to order at 6:00 p.m. with the following present:

 

Mayor Pro Tem John McDonald                        City Manager, Frank Salvato

Council Member Ella Jez                                    City Clerk, Susan Brock

Council Member Rod Hortenstine      



REGULAR AGENDA – REVIEW/DISCUSS & CONSIDER/ACTION:

1.       Update on Capital Improvement Projects
Mr. Casey Sledge, engineering consultant to the City, presented a detailed overview of the current and planned capital improvement projects for the City.  His presentation was supplemented by additional financial information provided by Ms. Rose Dennis, Accountant, and representatives from First Southwest Asset Management, Inc.  The representatives from First Southwest provided information regarding arbitrage rebate and what steps the city needs to take to comply.  When a city gains excess earnings from bond proceeds, the Internal Revenue Service is entitled to a rebate.  After careful examination of the $3,500,000 Combination Tax and Revenue Certificates of Obligation Series 2000 and the $2,400,000 of General Obligation Bonds, Series 2000 it was determined that the City must rebate $10,511.41 to the IRS.  Documents were provided by First Southwest for the Mayor’s signature. 

Mr. Sledge highlighted specific projects and Ms. Dennis provided a detailed analysis on each project’s funding status.  Staff responded to questions from Council about specific projects and financial issues.  This item was for information and no action was taken.

 

2.      Consider DISPOSITION OF CITY OWNED PROPERTIES.
Mr. Sledge provided an aerial view of city owned properties and Council requested more specific information on each property in order to address future disposition of some of these properties.  No action was taken on this item.

ADJOURN
With no further business, the council meeting was adjourned at 9:56 p.m.

 

                       

                        ___________________________

                        Don Hill, Mayor

ATTEST:

 

___________________________

Susan Brock, City Clerk