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Moody City Council unanimously adopts two ordinances to refinance warrants and authorize 2022-A warrant
Summary
Moody City Council on Feb. 28 unanimously adopted two ordinances to refund prior warrants and authorize a General Obligation Warrant, Series 2022-A, and approved setting aside proceeds from a recent sewer sale for capital improvements.
The Moody City Council voted unanimously Feb. 28 to adopt two ordinances to refinance outstanding warrants and to authorize a new general obligation warrant that will help refund prior debts.
Mayor Joe Lee introduced Ordinance M2022-02-28, described in the meeting as "AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION WARRANT, SERIES 2022-A," to refund the expense for a fire ladder truck. Council Member Linda Crowe moved to suspend the rules; Nick Rutledge seconded and a roll-call vote was recorded as all present voting AYE. Lynn Taylor then moved to adopt the ordinance; Linda Crowe seconded and the ordinance was adopted by unanimous roll-call vote.
The council also passed Ordinance M2022-02-28A, described as supplementing and amending Ordinance M2021-08-09B to refund the 2014-A warrants and to change issuance from a public warrant to a warrant placed directly with Capital One. Council Member Matt Morris moved to suspend the rules; Nick Rutledge seconded and the suspension passed by unanimous roll-call vote. Morris then moved to approve the amendment; Rutledge seconded and all present voted AYE to adopt the ordinance.
In related financial action, the council approved a motion (introduced by Mayor Lee with reference to James Hill) to set aside the net proceeds from the sale of the Margaret Sewer System in a separate deposit account and to expend those proceeds on capital improvements to the Moody Sewer System or other city capital improvements. The motion states the city reasonably expects the funds to be expended within two years. Lynn Taylor moved to approve the set‑aside; Nick Rutledge seconded and the motion carried unanimously.
All roll-call votes in these items were recorded in the minutes as unanimous; the minutes list the elected members present whose votes were recorded as AYE: Mayor Joe Lee and Council Members Linda Crowe, Matt Morris, Lynn Taylor, Nick Rutledge and Ellis Key.
Next steps: the ordinances were adopted at the meeting and the city will proceed with the financial transactions described; the minutes note no further procedural actions at the Feb. 28 meeting.
