Wells Fargo Bank will serve as agent
Christopher Maher, Alice Echo-News Journal
The Alice City Council voted to approve an ordinance authorizing the issuance of $9.6 million in bonds Monday, moving one step closer to bringing repairs to the city's water and wastewater infrastructure.
Don Gonzalez, a representative of the firm that is processing the bonds for the city, told the council Monday that the bonds had been sold at a rate of 4.3 percent, a lower rate than had been anticipated.
Under the proposal currently being considered by the council, the bonds will be repaid exclusively through an increase in utility rates.
Voters overwhelmingly approved the bonds in an election in May.
On Monday, the council first approved an agenda item to extend the contract of Estrada Hinojosa and Company Inc., the firm which has represented the city in the bond process.
The council also authorized entering into an agreement with Wells Fargo Bank, N.A., authorizing the bank to perform and serve as a paying agent and registrar for the bonds.
In other business, the council voted to table a proposal by the firm Triple E Development for assistance with the development of land in the area of the U.S. Highway 281 bypass.
The proposal, presented to the council Monday by developer Enrique Guzman, requested economic incentives and utility development for a project that would bring an industrial complex, a hotel and truck stop and a retail center to the area.
Council members tabled the item Monday because of concerns the project did not have enough firm commitments from investors and because the area in question is not currently within the city limits.
The council tabled an agenda item to fill vacancies on the Skate Park Feasibility Committee and the Recycling Committee.
The council also presented a proclamation in honor of Payroll Week.