1973-01-23
19
CITY OF S TH
OU LAKE, TEXAS
SPECIAL MEETING OF THE CITY COUNCIL
JANUARY 23, 1973
The City Council of the City of Southlake met in special session
in the City Hall office in Southlake, Texas, on Tuesday, January
23, 1973, with the following members present:
Wade Booker, Mayor
Billy Joe Knox, Mayor Pro Tem
W. 0. Nunn, Councilman
R. D. Drummond, Councilman
F. A. Tetrault, Councilman
J. A. Perez, Councilman
Mayor Booker called the meeting to order at 7:40 P.M.
Mr. Joe Mihatsch was introduced to the Council as Acting President
of the American Bank of Commerce in Grapevine, Texas. He informed
the Council what terms ABC would offer if the City placed $200,000
of its funds with them, as well as how the funds would be secured.
Mr. Mihatsch then left the meeting.
Discussion followed. Councilman Nunn moved that the $200,000 re-
maining proceeds from the '72 Series G.O. Bond Issue be placed
with the American Bank of Commerce in Grapevine provided the terms
equil those of a competitive bid as follows:
Amount Time Period Interest
$ 100,000 or more 1 year 6 1/4%
$ 100,000 or more 180 days 6%
$ 100,000 or more 90-180 days 5 3/4%
Less than $100,000 Less than 1 year 5 %
j Less than $100,000 1 year 5 1/2%
Councilman Drummond seconded the motion. Motion carried unanimously.
There being no further business, the meeting adjourned.
Mayor
ATTEST:
I_
City Secretary