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Austin $850K Bond Sale & New Sidewalk Laws

Thursday, January 17, 1924 regular
  • Officials repeatedly rejected all initial bids for a substantial $850,000 city bond issue, extending negotiations over several days.
  • After multiple rejections, the city ultimately accepted the bid from Texas Bank & Trust Company for the $850,000 bond issue.
  • A new ordinance was introduced to update existing regulations for sidewalk construction within the city.

Full Transcript

Public Health Nursing Association; A. S. Anderson, Public Weigher; R. E. Nitschke, City Sexton; W. D. Walker, Dairy Inspector. AFTERNOON SESSION: All bids for the purchase of the $850,000.00 issue of bonds of the City of Austin were read and carefully considered, and after a discussion of same, Councilman Avery moved that all bids be rejected and new bids asked for, same to be submitted January 17, 1924, at ten o'clock A. M., and the City Clerk be instructed to return to the bidders their bide, together with the certified checks accompanying same. Motion prevailed by the following vote: Ayes, Mayor Yett, Councilmen Avery, Haynes, Nolen and Searight, 5; nayев, попе. The Council then adjourned. Bity Hote REGULAR MEETING OF THE CITY COUNCIL: Austin, Texas. January 17, 1924. The Council met with the following members present: Mayor Yett, Councilmen Avery, Haynes, Nolen and Searight, 5; absent, none. Councilman Haynes moved that the reading of the Minutes of the last meeting be suspended and that bids for the $850,000.00 issue of Austin City Bonds be received and considered, Motion prevailed by the following vote: Ayes, Mayor Yett, Councilmen Avery, Haynes, Nolen and Searight, 5; nayes, none. Bids for the bonds were then opened and read and the Council recessed until 2:30 Р. М. AFTERNOON SESSION After carefully checking and considering the bids, Councilman Nolen moved that all bids received be rejected and that new bids be asked for on the same terms as heretofore had, same to be submitted not later than ten o'clock A. L., Friday, January 18th, 1924, and that the City Clerk be instructed to return all bids, together with certified checks to the various bidders. Motion prevailed by the following vote: Ayes, Mayor Yett, Councilmen Avery, Haynes, Nolen and Searight, 5; nayes, none. The Council then recessed. 225 226 + ADJOURNED MEETING OF THE CITY COUNCIL: Austin, Texas, January 18, 1924. The Council was called to order by the Mayor. Roll call showed the following members present: Mayor Yett, Councilmen Avery, Hanes, Nolen and Searight, 5; absent, none. Bids for the Austin city bonds were opened and read and the Council then recessed until 2:30 Р. М. AFTERNOON SESSION After carefully checking and considering the bids, Councilman Avery moved that all bids for the bonds as received on that day be rejected and that new bids be called for on January 19th, 1924, at ten o'clock A. M. Motion prevailed by the following vote: Ayes, Mayor Yett, Councilmen Avery, Haynes, Nolen and Searight, 5; nayes, none. The Council then recessed, ADJOURNED MEETING OF THE CITY COUNCIL: Austin, Texas, January 19, 1924. The Council was called to order by the Mayor. Roll call showed the following members present: Mayor Yett, Councilmen Avery, Haynes, Nolen and Searight, 5; absent, none. The following bids were submitted for the Austin city bonds: Kaufer, Smith & Company; Security Trust Company of Austin; Texas Bank & Trust Company; Citizens State Bank. The Council then recessed until 2:30 P. M. -1 AFTERNOON SESSION After a careful consideration and comparison of all bide submitted, Councilman Searight moved that the bid of the Texas Bank & Trust Company of Austin, Texas, be accepted as the highest and best bid for the $850,000.00 issue of Austin city bonds, and that the City Clerk be instructed to return all other bids, together with the certified checks, to the other bidders. Motion prevailed by the following vote: Ayes, Mayor Yett, Councilmen Avery, Haynes, Nolen and Searight, 5; nayes, none. Councilman Haynes introduced the following ordinance: AN ORDINANCE AMENDING AN ORDINANCE REGULATING THE CONSTRUCTION OF SIDEWALKS WITHIN THE CITY OF AUSTIN AS PASSED BY THE CITY COUNCIL ON JULY 10TH, 1913, AND APPROVED BY THE MAYOR AND ATTESTED BY THE CITY CLERK ON JULY 10TH, 1913.