City Council - Regular Meeting

Tuesday, August 4, 2026

The Saginaw City Council discussed proposed fee changes for the recreation center and aquatic center, and addressed concerns about garage conversions potentially increasing on-street parking. The council also held a public hearing for the fiscal year 2026-2027 proposed budget and approved bids for certificates of obligation and general obligation bonds.

About this meeting

Government Body
City Council
Meeting Type
City Council
Location
Saginaw, TX
Meeting Date
August 4, 2026

Transcript

126 sections

0:00 – 0:53•Speaker 13

Folks here, so I don't feel quite safe enough, but I'm getting there. We are always happy to host our folks, so. All right, at 6 o'clock, I call this meeting of the Saginaw City Council to order. Please rise for the pledges.

0:55 – 1:08•Speaker 12

I pledge allegiance to the flag of the United States of America and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.

1:09•Speaker 13

Honor the Texas flag. I pledge allegiance to thee.

1:19•Speaker 15

Thank you. Please be seated.

1:22•Speaker 13

One sees the invocation. Reverend Mark Towns. Welcome, sir.

1:32 – 2:44•Speaker 11

Father, we marvel that you think about us. Who are we that you should be mindful of us? And so, Father, even before we mention any needs, you are already aware. You never sleep or slumber. You're always... keeping constant watch over us. And Father, what an honor tonight to lift up my brothers and sisters, my neighbors, my friends in this place and in this community. And Father, my prayer is very simple, that in these days of summer, when it seems like the refreshment is few and far between, Father, I pray that you would bring a refreshment to each of our hearts and each of our souls as we look forward to this new fall, new school year, where students will return and teachers and staff and administrators and all the different new things that are going on. Father, we pray your blessing and watch care over all of the outworkings of our community. And as always, we pray for our first responders and ask that you would give them and their families, Father, your blessings and your riches for their service and their surrendered lives. We give you thanks for tonight and pray in Jesus' name. Amen.

2:45 – 3:23•Speaker 13

Thank you, Reverend. It's a great day. One day as honest participation, you're allowed to speak on any item that is on the listed agenda. If you wish to, there's a forum over by the chief. Thank you, sir. All right, we're going on through the consent agenda. A is action regarding minutes from July 21. B is action regarding appointment of Crime Control and Prevention District Board of Directors. C is action regarding Ordinance 2026-24, Annual Service Plan Update and 2026 Assessment for Public Improvement at Belt Mill. D is action regarding purchase of holiday decorations for the library. E is action regarding interlocal agreement with Tarrant County for remote video magistration. Questions or comments on the consent agenda? If not, I'll entertain a motion.

3:23•Speaker 3

Mayor, I make a motion we approve the consent agenda as read. All.

3:27 – 3:44•Speaker 13

Voters second. Motion passes. Let the record reflect. We do have a quorum. Council Member Lawson is on vacation. Moving on to 3A, recognitions, presentations. Gabe, what do we have?

3:45•Speaker 12

Yes, sir. The police department has a special presentation.

3:56 – 7:31•Speaker 14

Thank you, Mr. Mayor and Council for allowing us to be here tonight to recognize our recent promotions. As I previously have mentioned, honoring our employees is one of the greatest honors that a police chief ever has. Tonight, we're going to honor and do a ceremonial badge pinning in recognition of our recent lieutenant promotion. The lieutenant is responsible for the operation of an entire division. Our divisions are support services, CID, jail records, and operations, which is patrol, traffic, bike unit, and SWAT. The lieutenant promotions also perform patrol work and lead investigations depending on staffing and call types. And the lieutenant can also supervise the entire department for periods of time in the absence of the chief or the assistant chief. So it's a pretty important position that we have. If I could have Lieutenant Cody Pruitt join me. So Cody's been with the Saginaw Police Department for more than 10 years. He has more than 17 years overall police experience. He holds a master TCO license. He's a police instructor, field training officer. He's our canine supervisor and is the department's range master and the SWAT team commander. So he wears a lot of hats. Cody has continued to take on additional responsibilities in preparation for future advancements and has demonstrated himself to be a rising star within our organization. With Cody tonight is his wife, Macy, and daughters, Parker and Sawyer. If I could have you all join us. So as the family steps forward, I just want to mention that having the support of one's family is immeasurable. Our profession is stressful every day, with many days being beyond dangerous. It is the support of family and friends that allow our officers to overcome these struggles, and it's detrimental to officer wellness and future success. So Cody, if I can have you raise your right hand and repeat after me. I state your name. Do solemnly swear or affirm that I will faithfully execute the duties of peace officer of the state of Texas and will to the best of my ability preserve, protect, and defend the Constitution and the laws of the United States and of Texas, so help me God. I'm going to have a If you've never had to pin a badge on one of our shirts, the material is pretty thick and the badge pin is actually pretty dull. So it takes a little bit to get them through there. Great job, girls. So it's with a great honor that I present to you Lieutenant Cody Pruitt. We're going to do a couple of photos real quick, and then we'll return to our normal schedule. That is his smile. He is my happy face.

7:52 – 8:14•Speaker 13

Congratulations, Lieutenant. All right, Gabe, what else we have? Is that it? All right, thank you, folks. That's a good one. Outstanding work. We look forward to working with Lieutenant. 3B, discussion regarding a proposed fee for the Switchyard and Recreation Center and updating rental agreement form. Vicki Weldon, Recreation Services Manager. Welcome, Vicki.

8:19 – 9:45•Speaker 8

Thank you, Mayor and Council. We have put together suggested fee changes for the recreation center, rentals, and the aquatic center, and some camp. It's in your packet. I don't have a display for you, but if you have any questions on what... fees we looked at other cities we looked at what will work for our city and we didn't want to go up too much just enough to make incremental changes so we spent a lot of time on this there is one section that I'd like to define where it says Saginaw switchyard food truck park fees we have the membership for two hundred and fifty dollars to park at the switch art and we have a daily truck fee and it's defined in your packet is non-member but it really needs to be defined as access to the switch art or city property so that someone who has a membership for the switch art would still pay thirty five dollars to park at the aquatic center or direct center the softball field so those properties should be $35 per and those would all have to be pre-approved so I'd like to take out the non-member for the daily truck fee so that's the only change that I have for you do you have any questions on council questions Ricky Sean

9:50•Speaker 9

Yes, I was just wondering, when was the last time we raised these fees? At this extent, it's been since before I've been there.

9:59 – 10:18•Speaker 8

So we looked at every building, every fee. I know we've done small changes. And then we also looked at the rental agreements. And that went to the lawyer for approval. There was one small change on that. But it really defines what we see problems in or where we need more definition.

10:22 – 10:39•Speaker 5

So on the food truck Park then if they're if they're not a member would they be able to use the food truck Park and all that $35 per day. OK so they don't have to be an approved person other than applying for the permit and being allowed or the membership and for the day and being allowed.

10:39•Speaker 8

Yeah other than paying for the day that way we know who is there we assign parking places it's not you know the Wild West.

10:47 – 11:10•Speaker 5

okay but they can use the so like the reason why i'm asking is because there's a lot of times where that i see that it's empty and i feel like it could be utilized and so if there's a truck that can do that all they have to do is apply pay the fee yeah if they do the seven day notice just so that we have time to to know who's there absolutely and the trucks set their own schedule sure we have a you know we have 21 trucks registered

11:10•Speaker 8

And right now they set their own schedule. Trucks mostly take off on Mondays because they work over the weekend. So Monday is a slow day historically.

11:18•Speaker 5

I just want to make sure that we're not, there's an avenue for everybody.

11:23 – 11:37•Speaker 8

Absolutely. And this will actually give an avenue to like the lobster truck that used to come out that only wanted to come out twice a year, but they didn't want to pay the big fee. So I think this is going to open the door for more variety. Great.

11:39 – 11:53•Speaker 13

Other questions for Vicki? I just want to reiterate, our philosophy for this is we're not really doing this to make money for the city. We don't make a profit. We don't want to lose money. This costs staff time. This costs a lot of labor goes into this. So we're really trying to break even.

11:54•Speaker 3

And we realize it's the service we're providing.

11:57 – 12:15•Speaker 13

And folks' taxes pay for a lot of this stuff. So that's the purpose of these. It's not a big money maker for the city. We do not rake in the cash with this. We just try to cut our losses and then provide a great service. And I really appreciate the work Vicki does on this. And this is a great table. And I appreciate all the background work you did. I know we put a lot of time into this. So thank you very much for that.

12:16•Speaker 13

Are there any other questions for Vicki? So I guess I need a motion.

12:26•Speaker 12

Mayor, I'll make a motion that we approve as presented with the change to the

12:34•Speaker 5

Non-members.

12:35•Speaker 12

The non-members.

12:36•Speaker 15

Yes. I'll second. Technically, this is just a discussion. Yeah, I was going to say.

12:42•Speaker 13

Do we need to make anything?

12:43•Speaker 15

It's OK if you want to make a motion.

12:46•Speaker 13

You still want to make a motion?

12:48•Speaker 13

All right. Let's do it. Cast your vote.

12:57•Speaker 13

We're behind. We agree with you.

13:00•Speaker 8

Obviously. Thank you so much. No, thank you, Vicki. Thank you.

13:02•Speaker 3

Appreciate it.

13:04•Speaker 13

All right, 3C, discussion regarding home garage enclosure conversion. Chris Dyer, chief building official.

13:11•Speaker 3

That sounds good, doesn't it, Chris?

13:15 – 15:26•Speaker 4

All right. So thank you, Mayor and Council, for having me here tonight. So I wanted to bring a topic up that's come up as far as I am in my office the last couple weeks. I have a gentleman who wants to do a garage conversion. He was once upon a time in the carport overlay district, which we allowed for garage conversions in that overlay district. Now we don't have an overlay district. So now I don't know if we need to have a garage overlay district, garage conversion overlay district, or if we just want to prohibit garage conversions altogether. But I believe you all received an email from Chief Spears about what the ordinance actually says UNDER SINGLE FAMILY DWELLINGS, YOU'RE SUPPOSED TO HAVE TWO OFF STREET AND TWO ON STREET PARKING SPACES, SO FOUR TOTAL SPACES. IN THE CARPORT OVERLAY DISTRICT, IT ALLOWED FOR AN EXCEPTION FOR THAT FOR YOU COULD HAVE A GARAGE CONVERSION AND HAVE A CARPORT AND JUST HAVE TWO OFF STREET PARKINGS. IN THAT AS WELL WAS THE NON-CONFORMING BUILDING zoning regulations which said in that enclosed garage exemption all existing residential units existing in the effective date of this ordinance and the carport over the district shall be exempt from the required of having two enclosed parking spaces so that's kind of why i'm here tonight i just kind of want to see how you all feel about moving forward to draft up an ordinance or if you all want to either allow them by permit let our office do it by permit only or if you want certain districts to have them. But like in the newer subdivisions, if we allowed it for the entire city wide, like we do carports now, we would be losing those garages, which would put more vehicles onto the streets. So just want to make sure to implement that. I basically open it up for any discussion to give me your feedback so that way I can go back to the drawing board and see how we can fulfill your wishes. Thoughts?

15:27•Speaker 3

Is there safety concerns with people doing this?

15:31 – 16:12•Speaker 4

Um, safety concerns, fire life and safety, uh, no. The only concern, like I said, would be, um, in some areas where you're going to have more vehicular traffic or more vehicles parked on the street, which may hinder the, uh, you know, the services that we offer in the city of Saginaw. So we definitely don't want to look at it at the point of how much are we actually going to have those vehicles park on the roads but that would ultimately take up more space if we allowed a garage conversion and a newer residential neighborhood that may not have the infrastructure for

16:14•Speaker 3

So what would be some of the requirements? Would they have to have so many windows and a door or something?

16:19 – 17:19•Speaker 4

Definitely if it's going to be considered a bedroom, which a lot of the time what I've typically dealt with in the past is either they want it as a second room, like a bedroom, which would require windows and doors and egress and things of that matter. or a den or an office space or even a man cave. I mean, essentially whatever they wanted to turn it into, they could turn that into as far as the garage conversion. But again, you lose those two enclosed parking spots that are required by ordinance if we did that in the carport overlay district. However, we do have a numerous amount of garage conversions already existing today because of our carport overlay district that was once upon But if we opened it back up to allow them in just that highlighted area, that would still go with the spirit of that particular area back whenever the carport over the district was in place.

17:21 – 17:40•Speaker 13

My concern would definitely be more cars parking on the street. There are certain streets in Saigon that are just hard to navigate because of that. Absolutely. Putting my truck around, I can imagine driving a fire truck down there or a police car that needs to get somewhere quickly. That we might be concerned. Is that a good assumption that if we do this, you'll get more cars in the street?

17:40 – 17:52•Speaker 4

We definitely could because at that point in time, you'd only be able to get two vehicles in the driveway, and if you have four vehicles, then the other two vehicles would be out in the street, which is just going to... in turn create more traffic.

17:53 – 18:20•Speaker 12

Council thoughts? At the same time, I know that I have a two-car garage, but the practicality of actually parking two vehicles in that garage, I can't fit two normal-sized vehicles in it because they don't build the garages large enough for it anyway. Correct. It causes me to question whether or not we would actually see an increase. I just wonder how

18:23 – 18:40•Speaker 5

I mean, I think most of the people that wanted it, got it already. And it leads me to question too, like in my house, I have a one car garage and one driveway. So does that mean technically that my house was built outside of that ordinance and it's not compliant?

18:40•Speaker 4

It was built prior to that ordinance, yeah.

18:42•Speaker 5

So if, say, my house caught fire and I had to rebuild it, I'd have to build a two-car garage with the two-car driveway?

18:49•Speaker 4

That is something that we've had to do here recently where we've had houses that have been not in use for a while and they definitely have to put two-car garage in now.

18:59 – 19:26•Speaker 5

right because of the new ordinances to me just for the same cost i think having an overlay with a specific area just where that's allowed because otherwise you're talking my replacement cost is going to be a lot more than probably what i'm insured for so that's a concern for me and i feel like for citizens it's a concern in that area obviously the newer homes may not be as big of a concern yeah because they're already there but yeah

19:27 – 19:54•Speaker 12

do HOA covenants restrict like for any newer homes, I don't know of any neighborhoods that are going in that don't have an HOA. Correct. And those HOAs are going to have their own policy as to whether or not they can have on street parking.

19:55•Speaker 13

It's probably a no, right?

19:56 – 20:07•Speaker 4

Yeah, we have our own laws and then HOA has their own laws, so... Generally speaking, they're going to be way more regulated than we are.

20:08•Speaker 13

So we're really only discussing a certain existing district, but the old private property overlay district, that's really the area we're talking about.

20:15 – 20:34•Speaker 4

Correct. I mean, we looked at it as, do you want to allow it citywide, prohibit it citywide? Do you want to allow it by permit? Do you want it in a certain zoning district? We can make a certain zoning district for it or an overlay district. However y'all decide, thanks, then we need to move forward.

20:34 – 21:10•Speaker 5

Council, what does everyone else think? I feel like at the risk of throwing everything to an SUP, I kind of feel like in this case, I know it's an increased cost to the citizen to submit an SUP, but a garage conversion is not a small expense. So I kind of feel like they're already prepared to shovel it in, so to speak. So for me, the only place I think that would be a problem, I know there's some areas in Highland Station that don't have an HOA. And those are the tighter roads as well. So I think an SUP would be good because I don't think that would be included in the overlay if we use the old boundary line.

21:10 – 21:24•Speaker 3

we could do an overlay and for a certain area and then sup for others yeah yeah that'd be complicated are there any legal landmines we're working with doing this no i mean it sounds like the conversation is going well

21:25 – 21:38•Speaker 13

So if we did an overlay district and then sent to the SUP or else or something like that, that's legal? Sure. Okay. Any other thoughts, Council? Mary? You always have thoughts, Mary. Come on, Mary.

21:39•Speaker 9

I will say, you know, I think it is a concern having all these cars parked on the streets. You know, I'm...

21:48 – 22:33•Speaker 4

think that's a problem I wouldn't like to see that increased how many applications have do we have usually for these conversions are they pretty rare these days there so whenever because I was I was fortunate enough to be here during the carport overlay district and all the other ordinances that we've passed since then we would probably have maybe on a good year five come through. So they were rare in that instance, but they're definitely more rare now. We don't get a whole lot. I just got, I got cornered the other day in my office of, Hey, can I get a garage conversion? I was like, well, let me look into that. And then I did, did my research, read my ordinances. And I was like, well, we don't have a carport overlay district anymore. So let me go to council and see what I can do.

22:35 – 22:49•Speaker 13

So what I'm hearing from council is maybe have a garage overlay district or whatever we call it, an SUP everywhere else. Does that work for you? Absolutely. I think let's do that. Okay. We can do that.

22:49•Speaker 4

Thanks, Chris. Thank you so much.

22:50•Speaker 13

All right. We are at 3D. Discuss regarding police recruitment, recruitment plan process, and plan to fill police vacancies. Sean, this was your item.

23:01 – 23:41•Speaker 5

Yeah, so I just I know we talked about it during the budget process and and budget process is ongoing, but I just wanted to know if there was an update or if there was. Maybe a way that we could. Formally have a plan because I do have citizens that are coming to me and saying, hey, we're seeing more vagrants were seeing people in the park after hours laying down on the basketball courts and things like that and while obviously yes they should report it and i don't think that if they did report it that it would go unaddressed i don't want to see this get to a point where it might and since safety is a number one concern of mine i just would like to see you know, a concrete plan.

23:42 – 23:55•Speaker 3

Could we maybe table this and do a workshop September 1st? So it gives the police some time to work at it and gives us some time to look at it. And Council Member Lawson's not here as well, and he was pretty vocal about it at the workshop.

23:55•Speaker 13

I'm fine with that. What does the rest of the council think? What's the council's pleasure?

24:01•Speaker 3

I mean, if we're going to do a workshop, I'll agree to the table. Do a workshop September 1st. That gets us through the budget and gives us some time in the police department time to research a little bit.

24:12•Speaker 13

OK. I'll entertain a motion.

24:15•Speaker 5

Mayor, I make a motion we table 3D until September 1st.

24:20 – 24:50•Speaker 13

Second. and sean i would encourage you maybe to find some time to sit down with chief maybe sort of fill him on your thoughts give him a little heads up before he's prepared september 1st yeah all right excellent folks uh we are at 4a so at 6 24 for the public hearing fiscal year 20 26 27 proposed budget kim quinn finance director

24:51 – 25:29•Speaker 2

Thank you, Mayor and City Council. We've been having budget workshops, budget retreats for all through the spring and summer. This is our first required budget public hearing. Elizabeth's gonna go over just a few summary graphs with you to kind of summarize the whole budget. And then I would just remind you that after we have the public hearing and hear from anyone that wishes to speak, that we will table this until next week when we have, we'll conclude the public hearing on the budget. We'll have the tax rate public hearing and a vote on all of the budget and all of the other items that go along with it.

25:31•Speaker 13

Okay, thank you.

25:32 – 26:16•Speaker 1

Hi. Like Kim was saying, none of this information is new based off what we've been doing through the budget process. So it's just presented in a different manner with graphs. Now, this is going to be all funds revenue. So this is going to have all 13 funds. And if you look, property tax is about a fourth of it. And that's going to include the general fund, debt service fund, and the tourist fund. Same thing for the sales tax, except that's going to be general funds, CCPD, and street maintenance. Now looking at the expenses for all the funds, Public Works is a good chunk of it. That's the general fund, the water sewer fund, and street maintenance fund as well.

26:16•Speaker 13

I would encourage council to jump in with questions at any point.

26:20 – 30:41•Speaker 1

Yeah, like I said, we've already gone over this. That's why I'm kind of just doing a little speed run of it. Like I said, just present it in a different manner. And looking at, again, this is still all funds expenditures. Most of it, 27% of it is going to be personnel services. That's like salaries and benefits. All right, this is just going to be the general fund revenue. Current property taxes and sales taxes, majority of it. Moving on to the general fund expenditures over half of it is going to be your public safety, which is going to be a fire and police. Again, general fund expenditures. This is just showing you that salary and benefits are 69%, which in the past it's been about in the 70s. And it's just showing you that operating expenses are going up. The same services are just costing more. Now, this is going to be just a breakdown of some quick highlights for each fund. The general fund, the big thing this year is going to be the TMRS contribution rate from 7% to 8%, and the 1% for the salary increase to offset. And then the debt service, it's TERS contributing for the East McElroy Debt Service. The enterprise fund, uh, water and wastewater rate is 8%. Oh, not 8%. I'm sorry. 3.25%. And we're also doing a, um, fog program for the fats, oil and grease. And then enterprise escrow fund is going to have the West McElroy 12 inch water line, partial funding. Moving on to the capital projects fund we have a few that are carry forward expenses such as North Old Decatur Road the railroad quiet zone Signal at Jarvis and Bailey as well but this is also going to include the renovations for fire station 2 and the design and site preparation for the animal shelter The drainage fund It has a carry forward as well, the Saginaw Boulevard Drain Institution 3. And then also we're going to get some accessories for the excavator. We just got this year a service truck in low water crossing at Willard Creek Park. Street maintenance fund. We also have some carry forwards as well, such as Lottie Lane. A reconstruction of Opal Street phase one. But we are going to start doing phase two for the design. So that's fun. The CCPD, we have three vehicles that we're funding, 14 positions, the flock safety system, the axon contract. And then for the Police Extendable Trust Fund, it's the K-9 program that we have. It funds that. I'm pressing this, but I have to double press it for some reason. The donation funds, all these expenses have been approved by the designated boards that do that. And then for the general escrow fund, we have some special event entertainment, the farmer's market, partial funding for North Old Decatur Road as well. Now the PID, which is the Belt Mill Public Improvement District Fund. We have administrative expenses. That's just to manage that fund. And then for the TERS, we have the administrative expenses and then the service for East McElroy as well for the debt. Now, the TAD estimates, I would say the big thing here is we have 104 million in new value. And if you're looking at the taxable value between 2025 and 2026, it decreased to about 10,000. And then the proposed rate is the 0.586649 is what we're proposing this year. And then our next step is to, next week, adopt the budget and adopt the tax rate. Hopefully.

30:42•Speaker 13

Council questions?

30:45•Speaker 5

I just had the one. We talked about, at the last meeting, the $10,000 for the home program. And we had gotten an email from the chief. I just didn't note. Did that get worked in? Perfect. Thank you.

30:58•Speaker 1

All right. That's all I have. Other questions?

31:05 – 31:27•Speaker 13

Thank you, ma'am. Appreciate that. Thank you. All right, so this is a public hearing. It is open. The microphone is open to anyone who wishes to speak. You don't have to fill out a form. You can just approach the microphone. Anybody? Talk about anything about the budget. Now's your time. All right, so then I want to table this, right? We close it out and then I need to table it.

31:27•Speaker 15

No? Leave the public hearing open and just. Until next week? Okay.

31:30•Speaker 13

All right, then I will entertain a motion.

31:33•Speaker 3

Mayor, I make the motion we table the public hearing for the 26-27 proposed budget. I'll second.

31:42•Speaker 13

Do we need to say until when?

31:45•Speaker 3

It would be best if there was a date. Until August 11th, the next meeting. Special meeting.

31:51•Speaker 13

Paul May, Moe Valerie, second.

31:53•Speaker 3

Please cast your vote. All right, motion is stable.

31:58 – 32:14•Speaker 13

We look forward to working this out next week, and I appreciate everybody's hard work on this. I know it's been a lot, so we're almost there. Thank you, folks. All right, 5A, a series action on the ordinance authorization of the issue of sale of a series on tax and accommodates the tax and regulatory specifics of obligation. Kim.

32:16 – 32:28•Speaker 2

Thank you, Mayor and City Council. We had bids for our debt today, and I think Andrew is going to present the results. They were really great results.

32:31•Speaker 7

Andrew, welcome. Good to have you.

32:33•Speaker 14

Good evening, Mr. Mayor and council members.

32:35 – 32:57•Speaker 7

I'm joined with one of my partners, Jack McCliny. He's going to pass out those bid results. And he priced the certificates of obligations and the bonds today, so I'm going to turn it over to him to run through that. I'll steal a little bit of his thunder. We got great bid results on both the COs and the GO bonds today. Busy day in the bond market.

32:57•Speaker 13

It just happened today, right? It did.

33:00 – 34:12•Speaker 7

Bids at 10 and 11 a.m. on each of the CO and the GO bonds. We're a AA credit rating. We went through the S&P rating process. They affirmed our credit rating. It's a very high-grade investment-grade rating. Their S&P's report is certainly worth you all reading, but they... give y'all accolades for strong management team, strong budgetary practices, strong financial position. Y'all maintain high levels of reserve, so I'd encourage y'all to keep that up. There was a AA plus credit in the market today, a city in the San Antonio Metroplex. We had a competitive sale where the bids are due at those 10 a.m., 11 a.m., and we go with the best bid, the lowest interest rate. We priced somewhere on the back end of this 20-year deal 20 to 30 basis points better than a higher-rated credit through that competitive sale. So the interest rates Jack's going to go through, we couldn't be more pleased with. They're higher than what we've seen as interest rates have ticked up over the last five years. Still great interest rates, certainly the best interest rates in the market today. So with that, I'll turn it over to Jack to run through those bid results for you.

34:16 – 35:10•Speaker 6

Mayor, Council, how are you all tonight? My name is Jack McCliney with Samco Capital Markets. I appreciate you all having us out. As Andrew said, we saw great results this morning in the market. And Mr. Mayor, if you'll allow, I'm going to run through the results of both the CO and the GO, though it will be two separate action items before you all tonight. This first page that you all have in front of you is just the timetable of events that we've gone through for this financing. You'll look at the very top. That was the last time you all saw us on Tuesday, June 2nd. And since then, we have been working very closely with city staff to really button up the minute details of this borrowing. This morning at 10 a.m., we went out for bid on the certificates of obligation, receiving back seven bids from all across the country. This is really a testament to the city standing in the market and how prevalent and recognizable you all have become.

35:10•Speaker 13

So you think seven bids is pretty good? Is that about what we expected?

35:13 – 36:47•Speaker 6

That is very good. We really average anywhere from four to five we consider good. So seven we'd say is very great. And that really goes out to all the work that Gabe and Kim have been doing behind the scenes that a lot of your citizens do not see. And investors are hungry to buy y'all's debt. Of those seven bids, RW Baird and Co. was the low bidder at a true interest cost of 4.08. They purchased y'all's bonds at a premium, so if you go forward, it is three pages in, you will see that the par amount for the bonds, the amount to be repaid, is $4,170,000. What is being deposited into the project fund is $4,200,000. So they are paying a premium to get their hands on the city's bonds. onto the uh... geo bonds which went out this morning at eleven a m just following the sale of the CEO we received eight bids back on the geo bonds and again the low bidder was R.W. Baird with true interest cost of four point oh four percent over the term of the borrowing these are Great results. They come in well under our forecasted numbers of, I believe, 4.5%. Very easy for us to hit all of our goals and all of the different directions that you all wanted to see.

36:47•Speaker 13

Can I ask, why was there a difference in the bids between the two types of bonds?

36:53 – 37:18•Speaker 6

The different size of it predominantly, even though it is pretty close together, just the different size and the times that they went out in the market. RW Baird, they were very aggressive today on their bids, and we really reaped the benefit of that. And with that, SAMCO's recommendation would be to accept the bid from RW Baird on both the general obligation bonds and the certificates of obligation.

37:19•Speaker 13

Any questions for our friends from SAMCO? I have a question. Do I need to make two motions for this or just one?

37:27•Speaker 15

I would make two motions.

37:29 – 37:42•Speaker 13

OK. Then I will consider a motion for 5A, which is certificates of obligation. Is that the best way to phrase that one? Yeah. So I'll entertain a motion for 5A.

37:43 – 37:59•Speaker 12

Mayor, I'll make a motion that we accept 5A as presented. Motion passed.

37:59•Speaker 13

All right, I'll entertain a motion for 5B.

38:00•Speaker 12

5B. Mayor make a motion that we accept 5B as presented.

38:14•Speaker 13

Motion passes. Gentlemen, thank you all very much. Andrew, Jack, thanks for your hard work. Appreciate this.

38:19•Speaker 7

If we could interrupt you for just one minute to get a couple of signatures from you, Mr. Mayor. Absolutely. We will be on our way. Lou, okay? Lou, anything? Yes, sir. That would be perfect.

38:28•Speaker 15

I actually have a report from you on that sheet as well as the last date on that.

38:38•Speaker 1

One of those is going to be for your copies. The investors are waiting on this.

38:41•Speaker 15

They can start to unload it as well as I can learn.

38:44•Speaker 13

We want to have.

39:13 – 39:24•Speaker 7

We need to get to taking the sign. Thank you, sir.

39:24•Speaker 15

Thank you, sir. Congratulations to you. Thank you, guys.

39:27•Speaker 13

Appreciate the hard work.

39:41•Speaker 3

It's like getting married, all the witnesses and everything.

39:45 – 40:21•Speaker 13

This is real-time signatures, right? Financial transactions. There you go. It's good sausage, though. I like it. All right. All right, so at 639, we're in executive session. Pursuant to Texas Government Code 551.087, Deliverance Regarding Economic...

49:48•Speaker 10

Everybody back?

49:49•Speaker 13

All right, at 6.49, go back in regular session. I'll entertain a motion to adjourn.

49:53•Speaker 12

Mayor, make a motion we adjourn.

49:54•Speaker 3

Second. Motion passes at 6.49. We're adjourned.

50:00•Speaker 13

Thank y'all.

This transcript was automatically generated from the official public meeting video and is presented unedited. It reflects remarks made on the public record by elected officials, staff, and public commenters. Transcript accuracy may vary; view the original recording for reference.