Back to Archives

Austin's $5,000 Market House Bond Plan

Monday, February 7, 1870 regular

Market House Construction – The city council approved issuing $5,000 in municipal bonds (in $100 increments at 10% interest) to build a new market house, with repayment spread over five years using revenue from the building's rentals.

Ice Factory & Laundry Lease – The council amended a previous resolution to clarify that an ice company could lease city land for an ice factory and public laundry, with rights to remove their improvements and rent obligations ending when they vacate.

Infrastructure Improvements – The city allocated funds for stone culverts on Bois de Arc and Hickory Streets ($550) and for filling ditches at the southern end of Congress Avenue ($100).

Military School Investment – A proposal to invest $1,000 of city funds in building a military school was referred to a special committee for further review, contingent on the mayor becoming a trustee.

Asset Sale for Construction – The city authorized selling its stock in the government building (at no less than 75 cents per dollar) to help fund the market house project.

Full Transcript

Council Room February the 7th 1876 Council met pursuant to adjournment, His Honor Boney Lander, Mayor in the Chair, Roll called and the following Aldermen answered to their names. Aldermen Bennett, Baker, Pulson, Raven, Donsche, Collins and Fox The minutes for 14th of January was read and adopted The following additions to a Resolution adopted on the 14th of January last be amended by adding as follows: and said Ice Company shall have the right to remove all improvements placed by them on said parcel of land at any time before the expiration of said lease, and that the rent for said land shall cease at such time that the Company surrender the property, and that said Company shall be liable to the City of Austin for all rents that may have accrued, provided that said property can only be used for an Ice factory and a public laundry. The report for the past financial quarter by His Honor the Mayor, the City Treasurer and Collector were read and passed to the Finance Committee Report by the City Sexton for last month was read and received A Petition by Major John G James was read and the following Resolution being introduced was read and Seconded Resolved that His Honor the Mayor be and is hereby authorized to Subscribe for and in the name of the City of Austin for shares in the Stock for building up a Military School in Austin to the amount of One thousand dollars on same conditions and on the same terms as the other Shareholders in said Enterprise provided that the Mayor of Austin is made one of the Trustees of said School. Alderman Raven moved that this question be referred to a Special Committee of three to report at the next meeting, which was seconded and Carried. His Mayor appointed Aldermen, Raven, Baker and Fox said Committee --- Page break --- ...Whereas the City Council of the City of Austin it of great importance to the interest of the City to build a substantial New Market house on the lots set aside by the Legislature for that purpose and whereas the Ordinary revenue of the City is not sufficient to meet this expenditure outside of the Other Current necessary expenses of the City. And whereas the City of Austin is at this time free of debt; And whereas the Charter of the City Authorises the issuance of City bonds to the amount of Five thousand Dollars therefore be it Ordained by the City Council That the said Market house shall be erected according to the plan and spec -ifications now in the Mayors Office. Read and adopted 2 Ordained That for this purpose, the Bonds of the City shall be issued by the Mayor thereof to the amount of Five thousand. And in sums of One hundred dollars each, bearing 8 ten per cent interest payable Semiannual of the 1st January and July of each year. said bonds to be payable as follows. Viz One thousand dollars in One, two, Three, four and five years respectively; said bonds to be payable to bearer in specie or its equivalent. Read and adopted 3 Ordained That a Committee of three Alderman together with the Mayor shall constitute a building Committee who shall be authorized to sell or otherwise use the aforesaid bonds for the above purposes of building the Market House above mentioned, and that the said Committee shall be fully empowered let out the Contract for the work and do all other things necessary to ensure its speedy completion. being answerable to the City Council for the manner in which they shall discharge their duties Read and adopted 4 Ordained That the rents and emoluments to arise from the said building shall be set apart for the purpose of paying the bonds above mentioned and the interest thereon and shall be used for no Other purpose whatever, until the debt is discharged Read and adopted --- Page break --- 10 Be it Ordained that the Mayor of the City of Austin be authorized to sell the Stock owned by the City of Austin in the Government building at a price not less than Seventy five cents in the dollar said money to be used in the Construction of the Market House. Passed by an unanimous Vote His Honor the Mayor appointed the following Aldermen on a Building Committee of the Market house Baker, Bennette, Fox and Ravens was added to said Committee Resolved that five hundred and fifty dollars or as much as is necessary be appropriated for the purpose of making substantial Stone Culverts or - - across Bois de Arc and Hickory Streets where the front Alley East of Congress Avenue Crosses the same and that the work be done under the direction of the Mayor and Street Committee Resolved that the property in the vicinity be notified to clear out and grade the Alley North and South of the proposed Culverts The Ayes and Naes being called for this resolution was adopted by a unanimous Vote the Roll being called Resolved that the sum of one hundred dollars or as much as necessary to appropriated for the purpose of filling up the ditches at the Southern Extremity of Congress Avenue The Roll being called the resolution was adopted by unanimous Vote. --- Page break --- 11 The following appropriations were made, by a unanimous Vote Mayor Salary 1st quarter of 1870 . 125.00 Rent of Office ending 31st January 1870 . 30 " 00 Assessor and Collector ending Jan'y 31. 1870. 125 " 00 J. W. Smith City Attorney Salary 31 Jany 1870 25 " 00 Alexander Evans City Solicitor January 31. 1870 25 " 00 John Bowers Policeman Month of Jany 1870 40 " 00 William Henneth do do do 1870 40 " 00 Williams McClellan do do 1870 40 " 00 Foster and Rummins Printing Blanks . 6 " 00 Ballance on Mule 55 " 00 C. N. Fox Harness to Any . . 19. 25 Porter Hire December & January . . . 6.00 John Peterson for taking care & repairing Engine 21.00 A. Evans bill . . . 5" 00 $562 " 25 Approved Feb 3th 1870 . A. O. Morse Leander Brown Recorder. mayor The Cemetery Committee agree to Value all whole Lots in the City Cemetery at Twenty Specie dollars, and the half Lots at Ten Specie dollars February 21st 1870. C N Fox L. B. Collins Leander Brown