Austin Finances: Taxes & Million Dollar Bonds
Property Tax Appeals:
Numerous Austin residents and businesses, including the Texas Public Service Co. and E. M. Scarbrough & Sons, publicly appealed their property valuations, seeking adjustments to their tax assessments. The city noted these appeals would be carefully considered.Million-Dollar Bond Sale:
The city opened competitive bids for the sale of $1 million in new bonds. Offers included premiums ranging from $4,700 for 4-3/4% interest bonds to $13,100 for 5% interest bonds, showing the city was securing significant financing for future projects.
Full Transcript
SPECIAL MEETING OF THE CITY COUNCIL: 257 Austin, Texas, December 09, 1930. The Council was called to order by the Mayor at 7:40 P. M. Roll call showed the following members present: Mayor MoFadden, Councilmen Mueller, Pannell, and Steck, 4; absent, Councilman Reed, 1. The Mayor stated that the meeting was called for the purpose of hearing those who had appealed from the action of the Board of Equalization in placing valuations upon their property. The following tax payers appeared and were heard: J. B. Robertson; Ewell Nalle; Roswell Miller; M. H. Goldsmith; Attorney for Mrs.Alice Littlefield; A. T. Knies, Vice President Texas Public Service Co.; F. M. Covert; Rector Allen, representing E. M. Scarbrough & Sons; G. Flury. The Mayor advised the protestants that their appeals would be given thoughtful consideration by the City Council before final action upon same. Mayor. Councilman Mueller moved that the Council recess subject to call of the Motion was seconded by Councilman Pannell, and same prevailed by the following vote: Ayes, Mayor McFadden, Councilmen Mueller, Pannell, and Steck, 4; nays, none; Councilman Reed absent, 1. The Council then recessed. SPECIAL MEETING OF THE CITY COUNCIL: IW.M Faaden Approved: Mayor. Austin, Texas, December 10, 1930. The Council was called to order by the Mayor. Roll call showed the following members present: Mayor MoFadden, Councilmen Mueller, Pannell, and Steck, 4; absent, Councilman Reed, 1. The following bids for the purchase of One Million Dollars ($1,000,000.00) of City of Austin's bonds, dated January 1, 1931, were opened and read: Bid of Eldridge & Company of New York; Guardian Trust Company of Houston, Texas; Geo. L. Simpson & Company of Dallas, Texas, for par and accrued interest from date of bonds to date of delivery at Austin, Texas, plus a cash premium of $4700.00 on 4-3/4% Bonds. Bid of Halsey, Stuart & Company; A. B. Leach & Company; Stifel, Nicolaus & Company; Dallas Bank & Trust Company, for par and accrued interest from date of bonds to date of delivery at Austin, Texas, plus a cash premium of $13,100.00 on 5% Bonde. Bid of Fidelity National Company of Kansas City; Stern Brothers of Kansas City; Mercantile Securities Corporation of Dallas; Southwest Investment Company of Austin, for par and accrued interest from date of bonds to date of delivery