CITY OF LAREDO

                                               CITY COUNCIL MEETING

                                                            M2001-SC-01

                                             CITY COUNCIL CHAMBERS

                                                 1110 HOUSTON STREET

                                                  LAREDO, TEXAS 78040

                                                           MAY 23, 2001

                                                            12:00 NOON

 

I.          CALL TO ORDER.

 

            With a quorum present, Mayor Elizabeth G.  Flores called the meeting to order.

 

II.        PLEDGE OF ALLEGIANCE

 

            Mayor Elizabeth G.  Flores led in the Pledge of Allegiance.

 

III.       ROLL CALL

 

            In attendance:

 

            Elizabeth G.  Flores                                                      Mayor

            John C.  Galo,                                                              Council Member, District III

            Johnny Amaya,                                                             Council Member, District IV

            Eliseo Valdez, Jr.,                                                         Mayor Pro Tempore, District V

            Jose A.  Valdez, Jr.,                                                     Council Member, District VII

            Juan Ramirez,                                                               Council Member, District VIII

            Gustavo Guevara, Jr.,                                                   City Secretary

            Cynthia Collazo,                                                           Assistant City Manager

            Jaime Flores,                                                                City Attorney

 

Motion to excuse Cm. Agredano, Cm. Bruni, and Cm. Guerra.

 

Moved:  Cm. Galo

Second:  Cm. Amaya

For:     5                                               Against:  0                                            Abstain:  0

 

IV.       FINAL READINGS OF ORDINANCES

 

            Internet Availability:  http://www.ci.laredo.tx.us

 

            Motion to waive the final reading of Ordinance # 2001-O-103.

 

            Moved:  Cm. Galo

            Second:  Mayor Pro Tempore E. Valdez, Jr.

            For:      5                                              Against:  0                                            Abstain:  0

 

2001-O-103  Authorizing the issuance of City of Laredo, Texas Sports Venue Sales Tax

Revenue Bonds, Series 2001, in the principal amount of $40,000,000 to finance a Sports Venue Project for Multipurpose Entertainment Arena and related infrastructure and for payment of legal, fiscal, architectural and engineering fees in connection with such projects and ordaining other matters relating to the subject including approving a bond purchase agreement and official statement, and providing for the security of the bonds and the pledging of a sales tax and authorizing amendment to the City’s Budget to appropriate such proceeds for purposes authorized herein. 

 

Noe Hinojosa, from Estrada-Hinojosa Investment Bankers, made the presentation before City Council. 

 

                           Revenue Bonds, Series 2001 (Arena Project)

                                               25 Years (Tax-Exempt)

   Fiscal Year                               

                                    Ended 9/30                                The Bonds

 

Principal

Interest

Total

2001

$                        --

$523,701

$523,701

2002

--

2,049,266

2,049,266

2003

430,000

2,039,591

2,469,591

2004

525,000

2,018,104

2,543,104

2005

625,000

1,993,948

2,618,948

2006

730,000

1,965,179

2,695,179

2007

835,000

1,929,966

2,764,966

2008

950,000

1,889,804

2,839,804

2009

1,070,000

1,844,354

2,914,354

2010

1,195,000

1,793,391

2,988,391

2011

1,325,000

1,736,029

3,061,029

2012

1,395,000

1,665,448

3,060,448

2013

1,480,000

1,582,791

3,062,791

2014

1,565,000

1,495,248

3,060,248

2015

1,660,000

1,402,529

3,062,529

2016

1,760,000

1,304,204

3,064,204

2017

1,855,000

1,206,069

3,061,069

2018

1,955,000

1,108,438

3,063,438

2019

2,055,000

1,004,398

3,059,398

2020

2,170,000

893,491

3,063,491

2021

2,285,000

776,548

3,061,548

2022

2,410,000

651,798

3,061,798

2023

2,545,000

518,632

3,063,632

2024

2,685,000

379,083

3,064,083

2025

2,830,000

232,935

3,062,935

2026

2,980,000

78,970

3,058,970

 

Motion to adopt Ordinance # 2001-O-103 with a correction in the amount of $39,315,000.00.

 

Moved:  Cm. Galo

Second:  Mayor Pro Tempore E. Valdez, Jr.

For:  4                                         Against:  1                                Abstain:  0

                                                   Cm. Ramirez

 

            Motion to adjourn at 12:35 p.m.

 

            Moved:  Cm. Galo

            Second:  Mayor Pro Tempore E. Valdez, Jr.

            For:      5                                              Against:  0                                            Abstain:  0

 

At 12:37 p.m., Mayor Flores announced that City Council needed to reconvene upon the advice of the City Attorney in order to comply with the City Charter Section 2.07(c) requirement for binding council action on the motion to adopt Ordinance #2001-O-103.

 

Motion to reconvene the meeting to take another vote regarding adoption of Ordinance #2001-O-103.

 

Moved:  Cm. Galo

Second:  Mayor Pro Tempore E. Valdez, Jr.

For:     5                                               Against:  0                                            Abstain:  0

 

Motion to adopt Ordinance # 2001-O-103 with a correction in the amount of $39,315,000.00.

 

Moved:  Cm. Galo

Second:  Mayor Pro Tempore E. Valdez, Jr.

For:     5                                               Against:  1                                            Abstain:  0

Mayor Flores                                       Cm. Ramirez

Cm. Galo                                            

Cm. Amaya

Mayor Pro Tempore E. Valdez, Jr.

Cm. J. Valdez, Jr.        

 

Pursuant to City Charter 2.07(c), the four affirmative council votes were deemed a tie and in accordance with City Charter Section 2.15 (3), Mayor Flores voted to carry the motion to adopt Ordinance # 2001-O-103.                                      

 

V.        Adjourn.                                                                                                       Time:  12:40 p.m.

 

Motion to adjourn.

 

            Moved:  Mayor Pro Tempore E. Valdez, Jr.

            Second:  Cm. Amaya

            For:      5                                              Against:  0                                            Abstain:  0

 

I hereby certify that the above minutes contained in pages 01 through 03 are true, complete, and correct proceedings of the Special City Council meeting held on the 23rd day of May, 2001.

 

 

                                                                        ____________________________________

                                                                        Gustavo Guevara, Jr.

                                                                        City Secretary