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Council allows sale of $1.4 million in bonds for water system work
by Gary Kent
Aug 23, 2012 | 745 views | 0 0 comments | 9 9 recommendations | email to a friend | print
BEEVILLE — The City Council voted unanimously Tuesday evening Aug. 14, to give the Beeville Water Supply District directors the authority to sell $1.4 million in bonds to finance improvements to the district’s facilities.

The BWSD board voted Wednesday evening at a meeting at City Hall to go ahead with the sale.

Duncan Morrow of Southwest Securities said he and investment counselor Steve Elliott had received bids on the sale earlier Wednesday and they had gotten four proposals.

The board voted to sell the bonds at a 1.07 percent interest rate.

“Any time you can sell bonds at a 1 percent interest rate, that’s a good thing,” BWSD Board President Jim Crumrine said.

Braymen, Lambert and Noel Securities, Ltd. purchased the bonds. The company has offices in Los Angeles, Calif., Dallas and San Antonio.

Attorney Thomas K. Spurgeon of the San Antonio offices of McCall, Parkhurst & Horton L.L.P. was also at the meeting Wednesday.

Morrow explained that the bonds will be paid off in four years and the total interest paid on the issue will come to $37,900.

In other business Tuesday, the council voted to:

— Authorize the city staff to seek bids for water line improvements in the Lightburne Street area. The city has received a $300,000 grant to help finance the improvements.

— Allow the installation of “Neighborhood Watch” signs in the city’s parks.

— Approve a request from A.C. Jones High School to use Veterans Memorial Park for cross-country meets on Sept. 8 and Oct. 26.

— Allow a street closure in the 100 block of West Corpus Christi Street for a National Night Out block party there and on the north lawn of the Bee County Courthouse.

— Approve the payment of a facade grant of $5,683.13 to O’Daddy’s Bar and Grill on West Corpus Christi Street.

— Table several items that would have dealt with the use of hotel and motel occupancy tax funds by the Bee County Chamber of Commerce.

— Authorize $12,557.20 in repairs to the bucket of a bucket truck the city had previously purchased.

— Approve a proposed property tax rate of 0.58105 cents per $100 valuation. The rate is the same that the city collected last year.

The rate is slightly higher than the effective tax rate of 0.54105 computed by Bee County Tax Assessor-Collector Linda Bridge.

The council will hold a public hearing on the rate at 6 p.m. on Aug. 28.

— Schedule a public hearing on proposed amendments to the city’s animal control ordinance for Aug. 28
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