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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
REGULAR AGENDA –
REVIEW/DISCUSS & CONSIDER/ACTION:
Update on Capital
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
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.
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.
With no further business,
the council meeting was adjourned at 9:56 p.m.
Susan Brock, City Clerk