The Pampa City Commissioners held a regularly-scheduled meeting on Monday afternoon. Commissioner Bryan Fisher was absent for the meeting.
The Commissioners received a presentation from Andrew Freidman, Samco Capital financial advisor, regarding a bond refunding opportunity to generate debt service savings.
“We’ve got series 2012 general obligation bonds that become callable June 1, 2022,” Friedman said. “In order to refinance that debt at tax-exempt interest rates, the soonest we can take the bonds from the investor is within 90 days of that call debt. There’s $2.1 million outstanding that is callable, coupon interest between 2.8 and 3.5 percent and a final maturity through 2032.”
The City could refinance that at fixed interest rate and save roughly $10,000 to $15,000 per year, which would generate around $150,000 in savings.
Friedman just needed a green-light to do so, which he received from the commissioners, and will take formal action in January.
Later in the meeting, the Commissioners approved on final reading an ordinance to provide a crosswalk at Pampa High School.
The crosswalk is on Randy Matson Street near Pampa High School and is 290 feet away from the intersection of Randy Matson and Duncan Streets. The crosswalk connects from near the ticket stand at Harvester Stadium to near the tennis courts.
The Commissioners approved the following items:
• Minutes of the November 8, 2021, Regular Commission Meeting/ G-200 Training as presented.
• Pampa Economic Development Corporations 2020-2021 Annual Report as presented.
• Application from Jason Bagwell for the replat of Lots 1 through 3, Block 23, and a portion of Lots 2 and 3 of Block 29, Section IV of the North Crest Addition to the City of Pampa, Texas.
• City Manager to enter into a five (5) year Professional Services Agreement with Parkhill Engineering for engineering, consulting, and design services. This item pertains funding allocated to the City of Pampa from pandemic-related funds.
• Resolution No. R21-037, a Resolution by the City Commission continuing Executive Order GA-34 and extending to December 13, 2021, the City of Pampa Declaration of Local Disaster Order.
• First reading Ordinance No. 1758, an Ordinance of the City Commission amending the Code of Ordinances, Article 12.04 pertaining to crosswalks and no parking zones. This item just cleans up some language in the ordinance.
• Appointing Kenneth Cox to the Planning & Zoning Commission for an unexpired term, with term beginning November 23, 2021, ending September 30, 2022.
• List of Disbursements dated October 2021.
