Published: October 14, 2009 11:42 am      

New Waverly approves financial contracts

The New Waverly City Council approved a contract for financial advisory services between the city of New Waverly and SAMCO Capital Markets Inc., but tabled taking action on five other items Tuesday night.

The council also accepted a bid from Houston Community Bank for a loan in the amount of $500,000.

“The Southside Bank interest was set at 5.5 percent, locked in for the duration from 2010 to 2025 for a total of in-debt services of $757,125,” New Waverly Mayor Dan Underwood said during Tuesday’s meeting.

“Houston Community Bank is locked through 2017 at 4.7 percent and then in 2018 it goes to 7 percent or whatever the prime is at that time through the duration to 2025 for $751,312.50,” Underwood said.

Also Tuesday nighyt, the council:

• Tabled the minutes from the September 2009 meeting

• Tabled an interlocal agreement

• Tabled Ordinance 2009-09, which would repeal the telecommunication exemption

• Tabled the annexation plan for Highway 150 west and FM 1374 west

• Tabled a budget amendment fro the general fund for the 2009-2010 fiscal year.

• Approved financial reports for September 2009

• Approved Director of Public Works report for September 2009