HomeMy WebLinkAbout1959-02-11 - Special City CouncilStephenville, Texas
February 110 1959.
The City Council met in called session on this date with Mayor Evans presiding
and the following aldermen present: Marvin Ratliff, Chas. Riggins, Walter Brandon,
_ Albert Graves, Van E. Allen, Scott D. Reed and Earl Weathers,
Mayor Evans reported the purpose of this meeting was to discuss ways to finance
the airport project.
Mr. Taylor Almon, of Raushier- Pierce & Co. of Dallas, Texas, hppeared before the
Council and offered the following suggestions: First, the City could issue warrants
in the amount -of $75000.00 and get these warrants financed at 4. Mr. Almon pointed
out this amount would possibly be more money than needed, but it would be best to have
that amount to be safe in case the project cost more than anticipated. Mr. Almon
stated that to pay this back without a tax rate increase, it could be handled by using
the average increase in taxes which come from the normal growth of the City, and only
pay the interest on the money borrowed for approximately 15 years, then start paying
on the prin&ipal.
Second, the only other way to finance such project would be through a bond elec-
tion which would cost less to finance.
After duscussion, it was moved by Alderman Reed, seconded by Alderman Ratliff,
to proceed with the issue of warrants as outlined by Mr. Almon. Motion carried.
Alderman Allen reported the Brown & Blakeney Company had protested the awarding
of the airport contract to C. C. Booth Construction Company and the bids would have
to go to Washington. To avoid this there could be an addendaftdded to the contract
and cast out all previous bids, then place this open for receiving bids again.
It was moved by Alderman Allen, seconded by Alderman Graves, that an addendum
for caliche base be added to the contract and bids be accepted on the entire air-
port project. This to be advertised and bids received until 1:30 P. M. and opened
at. 2:00 P. M. on March 5, 1959. Motion carried.
,There being no other business, the Council stood adjourned subject to the
Mayorts call.
ATTEST:
_C4ty Secretary.
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Mayor.
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