CITY OF ELKHART CITY COUNCIL SPECIAL 6:00 pm  THEC SITYOF ELKHART  MEETING MINUTES  Monday, August 26, 2019 CALL TO ORDER  Elkhart Holy Temple  With a quorum present, the Special Session Meeting of the City of Elkhart City Council was called to order by Mayor Jennifer McCoy at 6:00 p.m. in the Elkhart Holy Temple, 113 West Parker  Street, Elkhart, Texas 75839. Present:  Mayor Jennifer McCoy, Mayor Pro Tem Raymond Dunlap, Councilmember Lucia Butler, Councilmember Chuck Conner, Councilmember Daryll Faulk and  City Administrator Judith Cantrell.  Also Present: Code Enforcement Officer Biff Knight, Interim Public Works Supervisor Eric  Clark, and. John L. Martin, Jr. with Hilltop Securities. Councilmember James' Warren and City Secretary Ami Ashworth.  Absent: SPECIAL MEETING  A. CALLTOORDER, PRAYER, AND PLEDGE OF ALLEGIANCE  Pledge of allegiance was followed by the invocation, given by Mayor Pro Tem Raymond  Dunlap.  ** Meeting was recessed at 6:01 p.m. pending the arrival of guest speaker, Mr. John L. Martin,  Jr., with Hilltop. Securities, Dallas, Texas. B. RECONVENE IN REGULAR SESSION  Mayor. Jennifer McCoy reconvened Council into Regular Session at 6:32 p.m. 1. Consider and act on an Ordinance authorizing thei issuance and sale of City of Elkhart, Texas, Combination Taxand Revenue Certificate of Obligation, Series 2019; levying an annual ad valorem tax and providing for the security for and payment of said certificates; providing an effective date; and enacting other provisions relating to the Mr. Martin, substituting for Mr. Joey Dierker of Hilltop Securities presented the final Ordinance authorizing the issuance and sale of a Combination Tax and Revenue Certificate of Obligation, Series 2019, attached hereto and incorporated herein. The City will receive a deposit of $2,050,000, which will be deposited in a banking institution of the City's choosing, with the first interest payment being due February15, 2020, and the first principal payment being due August 15, 2020. Yearly payments on this debt will be  subject.  1    CITY OF ELKHART CITY COUNCIL SPECIAL 6:00 pm  THEC SITYOF ZELKHART  MEETING MINUTES  Monday, August 26, 2019  Elkhart Holy" Temple  approximately: $170,000 per year. Projected figures estimate the City will need toi increase revenue in the amount of no less than $22,000 per year. The City will need to increase utility billing rates to approximately $2.25 per connection per month, in addition to an increased tax rate tol be determined to ensure payments of the obligation are made on a The City Administrator will notify the tax assessor's office of the City's desire to amend its worksheet for FY2019-2020, levying the City's debt in the upcoming tax year. Motion was made by Councilmember Lucia Butler to adopt Ordinance 0-08262019-01, authorizing the issuance and sale of City of Elkhart, Texas, Combination Tax and Revenue Certificate of Obligation, Series 2019; levying an annual ad valorem tax and providing for the security forand payment of said certificates; providing an effective date;a and enacting other provisions relating to the subject. The Motion was seconded by Councilmember  semi-annual basis.  Daryl! Faulk. The following vote was cast by Council: Councilmember Chuck Conner voted "Aye" Councilmember Daryl! Faulk voted "Aye" Councilmember Lucia Butler voted "Aye" Mayor Pro Tem Raymond Dunlap voted "Aye" The Motion carried unanimously with a 4-0 vote.  ADJOURN  Motion was made by Councilmember Butler, seconded by Councilmember Conner, to adjourn the Special Meeting of the City of Elkhart City Council at 6:58 p.m. Upon vote, the  Motion carried unanimously 4-0.  Judith Cantrell, City Administrator  T  Mayor P  2