THE STATE OF TEXAS CITY OF AUSTINI 351 351 CITY OF AUSTIN, TEXAS NOTICE OF SPECIAL MEETING COUNTY OF TRAVIS TO THE MEMBERS OF THE CITY COUNCIL OF THE CITY OF AUSTIN, TEXAS: NOTICE IS HEREBY GIVEN that a special meeting of the City Council will be held at the City Hall in the City of Austin, Texas, at 10:00 o'clock A.M. on the 20th day of April, 1954, for the purpose of receiving and opening bids for the sale of $4,904,000.00 General Obligation Bonds of the City of Austin, and authorizing the issuance and sale of said bonds, such bonds being in amounts and for purposes as follows: $350,000.00 FOR THE PURPOSE OF CONSTRUCTION AND IMPROVING EXTENSIONS, ADDITIONS, AND BETTERMENTS TO THE MUNICIPAL AIRPORT OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR. $100,000.00 FOR THE PURPOSE OF CONSTRUCTING A MUNICIPAL AUDITORIUM IN THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR. $36,000.00 FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING FIRE STATIONS OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR. $1,150,000.00 FOR THE PURPOSE OF CONSTRUCTING, IMPROVING AND REPAIRING HOSPITAL BUILDINGS OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR. $243,000.00 FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING PUBLIC PARKS AND PUBLIC PLAYGROUNDS, AND FOR CONSTRUCTING, IMPROVING AND REPAIRING BUILDINGS AND OTHER RECREATION FACILITIES OF SAID PARKS AND PLAYGROUNDS OF THE CITY OF AUSTIN AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR. $2,000,000.00 FOR THE PURPOSE OF CONSTRUCTING, IMPROVING AND REPAIRING PUBLIC FREE SCHOOL BUILDINGS OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT FOR SAID SCHOOLS. $500,000.00 FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING EXTENSIONS, ADDITIONS, AND BETTERMENTS TO THE SANITARY SEWERS AND SEWER DISPOSAL PLANTS OF THE CITY OF AUSTIN AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT FOR SAID SYSTEM. CITY OF AUSTIN, TEXAS 352 352 $525,000.00 FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING EXTENSIONS, ADDITIONS, AND BETTERMENTS TO THE STREETS OF THE CITY OF AUSTIN, INCLUDING PAVING AND RESURFACING THE SAME, AND FOR BUILDING BRIDGES, CULVERTS, STORM SEWERS AND DRAINS NECESSARY TO THE PROPER IMPROVEMENTSOF SAID STREETS AND FOR ACQUIRING NECESSARY LANDS FOR SUCH CONSTRUCTION AND IMPROVEMENT OF SAID STREETS. DATED, this the 20th day of April, 1954. /8/ C. A. McAden Mayor, City of Austin /s/ Elsie Woosley City Clerk, City of Austin, Texas ATTEST: /s/ Elsie Woosley City Clerk, City of Austin, Texas CONSENT TO MEETING WE, THE UNDERSIGNED, members of the City Council of the City of Austin, Texas, hereby accept service of the foregoing notice, waiving any and all irregularities in such service and such notice, and consent and agree that said City Council shall meet at the time and place herein named, and for the purpose herein stated. /s/ Ben White /s/ T. R. Thompson /s/ Mrs. Stuart Long /s/ Wesley Pearson 353 353 CITY OF AUSTIN, TEXAS MINUTES OF THE CITY COUNCIL CITY OF AUSTIN, TEXAS Special Meeting April 20, 1954 10:00 Α.Μ. Council Chamber, City Hall - The meeting was called to order with Mayor McAden presiding. Roll Call: Present: Councilmen Long, Pearson, Thompson, White, Mayor McAden Absent: None Present also: W. E. Seaholm, City Manager; W. T. Williams, Jr., City Attorney; J. D. Huffman, Director of Finance. In accordance with published notice thereof, promptly at 10:00 o'clock A. M., Mayor McAden announced that the time for submitting bids on the purchase of City of Austin General Obligation Bonds Series 1954, in the amount of $4,904,000.00 had expired, and that the City Council would proceed with the opening of said bids. Bids were then opened and read as follows: NAME OF BIDDER CITY OF AUSTIN, TEXAS TABULATION OF BIDS RECEIVED ON $4,904,000.GENERAL OBLIGATION BONDS SERIES - 1954 NOMINAL INTEREST PRINCIPAL RATE 3 % 21/2% % APRIL 20, 1954 INTEREST COSTS PREMIUM OFFERED NET INTEREST COSTS EFFECTIVE INTEREST RATE $ 11,024.19 1,516,436.71 2.32628 % $2,805,000.00 $678,075.00 $ 1,505,000.00 705,896.00 594,000.00 143,489.90 1. BANKERS TRUST CO., NEW YORK, N.Y. The First National Bank of the City of New York, N.Y. Harris Trust andSavings Bank Smith, Barney & Co. Kuhn, Loeb & Co. Goldman, Sachs & Co. Estabrook & Co. 1 The Milwaukee Company Freeman & Co. Tripp & Co., Inc. Dempsey-Tegeler & Co. James C. Tucker & Co., Inc. 2. THE NATIONAL CITY BANK, NEW YORK 3 % 1,480,000.00 217,400.00 N.Y. 2 1/2% 3,030,000.00 1,205,625.00 Drexel & Co. 1 % 394,000.00 97,156.67 755.22 1,519,426.45 2.3308 % Merrill Lynch, Pierce, Fenner&Beane Braun, Bosworth & Co. Trust Company of Georgia Dean Witter & Co. Lee Higginson Corporation Hayden, Stone & Co. Robert Winthrop & Co. George B. Gibbons & Co., Inc. Laurence M. Marks & Co. First Securities Company of Chicago The Provident Savings Bank & Trust Co. Sills, Fairman & Harris, Inc. Folger, Nolan - W.B.Hibbs & Co., Inc. Eldridge E. Quinlan Co. Inc. CITY OF AUSTIN, TEXAS ASE 354 1954 NOMINAL INTEREST PRINCIPAL RATE INTEREST COSTS PREMIUM OFFERED NET INTEREST COSTS EFFECTIVE INTEREST RATE NAME OF BIDDER CITY OF AUSTIN, TEXAS TABULATION OF BIDS RECEIVED ON $4,904,000.GENERAL OBLIGATION BONDS SERIES APRIL 20, 1954 % $2,805,000.00 $678,095.00 $ $ 2 1/2% 1,505,000.00 705,895.83 1 % 594,000.00 143,490.00 1,226.00 1,526,234.83 2.34130582% 2 % 685,000.00 38,483.33 21/4% 3,020,000.00 812,550.00 2 1/2% 1,199,000.00 678,745.83 None 1,529,779.16 2.3467 % CITY OF AUSTIN, TEXAS 2 % 490,000.00 21/4% 3,215,000.00 22,233.33 830,831.25 2 1/2% 1,199,000.00 678,745.83 931.76 1,530,878.65 2.348429 % Dittmar & Company Austin, Hart & Parvin Rowles, Winston & Co. Fridley & Hess 3. C.J.DEVINE & CO., NEW YORK, N.Y. and Associates 4. THE NORTHERN TRUST CO., CHICAGO J. P. Morgan & Co., Inc. Harriman Ripley & Co., Inc. The Philadelphia National Bank Blyth & Co., Inc. The First National Bank, Portland 5. HALSEY, STUART & CO., INC. Union Securities Corp. Chemical Bank & Trust Co. Kidder, Peabody & Co. Blair, Rollins & Co., Inc. Equitable Securities Corporation Kean, Taylor & Co. Laidlaw & Co. Hornblower & Weeks J. C. Bradford & Co. R. S. Dickson & Co., Inc. 30 The First National Bank of Memphis Eldredge & Co., Inc. King, Quirk & Co. Andrews & Wells, Inc. National State Bank, Newark 355 355 NAME OF BIDDER CITY OF AUSTIN, TEXAS TABULATION OF BIDS RECEIVED ON $4,904,000 GENERAL OBLIGATION BONDS SERIES - 1.954 APRIL 20, 1954 Watling, Lerchen & Co. The Fort Worth National Bank Henry, Seay Company Keith Reed & Company 6. THE FIRST NATIONAL BANK, CHICAGO The First Boston Corp. Mercantile Trust Co., St.Louis Julien Collins & Co. The Illinois Company W. E. Hutton & Co. Filliam Blair & Co. First Southwest Co. Wachovia Bank and Trust Co. Winston-Salem Hayden, Miller & Co. NOMINAL INTEREST PRINCIPAL RATE INTEREST COSTS PREMIUM OFFERED NET INTEREST COSTS EFFECTIVE INTEREST RATE 11/2% $1,075,000.00 21/4% 1,920,000.00 $ 62,012.49 $ 480,375.00 $ 2 1/2% 1,909,000.00 992,579.17 496.00 Burns, Corbett & Pickard, Inc. Shannon & Company Barret, Fitch, North & Co. First of Texas Corp. Garrett and Co., Inc. 7. LEHMAN BROTHERS & PHELPS, FENN 2 % & CO. 21/4% Shields & Co. 21/2% Rauscher, Pierce & Co. Chas. B. White & Co., & Associates 1,534,470.66 2.353939 % 1,270,000.00 110,633.33 1,725,000.00 448,931.25 1,909,000.00 992,579.17 1,765.44 1,550,378.31 2.3783 356 356 CITY OF AUSTIN, TEXAS CITY OF AUSTIN, TEXAS 357 357 Each of the above and foregoing bids was accompanied by Cashier's Check or Certified Check in the amount of $98,080.00. report. Whereupon bids were referred to the Finance Director for tabulation and Councilman White offered the following resolution and moved its adoption: (RESOLUTION) WHEREAS, Bankers Trust Company and Associates, acting by and through their duly authorized agent and representative, R. E. Whitlock, this day submitted to the City Council the following proposal: TO THE CITY COUNCIL CITY OF AUSTIN AUSTIN, TEXAS GENTLEMEN: April 20, 1954 In Accordance with the Notice of Sale and Your Prospectus dated March 31, 1954, we will pay par and accrued interest from May 1, 1954, to the date of delivery plus a cash premium of $11,024.19. FOR BONDS MATURING COUPON RATE INTEREST COST July 1, 1955 through July 1,1968 July 1, 1969 through July 1,1976 July 1, 1977 through July 1,1979 3% 2-1/2% 2-1/2% 1% $ 678,075.00 $ 705,896.00 $ 143,489.90 Total interest cost from May 1, 1954 to final maturity under this bid Less: Cash premium bid Net interest cost Effective interest rate $1,527,460.90 $ 11,024.19 $1,516,436.71 2.32628% No bond shall be optional for redemption prior to maturity. This bid is based upon the information as to date of issue, principal maturities, delivery, place of payment, etc., as contained in your official Notice of Sale and in the "SUPPLEMENTARY INFORMATION" dated March 31, 1954, issued by you. Specific reference is made to your statement that delivery of the bonds will be made at a local Bank of the City of Austin, at Austin, Texas, as designated by the purchaser immediately after approval by the Attorney General of the State of Texas, Registration by the Comptroller of the State of Texas, and approval by Bond Attorney as designated by purchaser. It is estimated that delivery will be not later than May 15, 1954. Attached hereto is a Cashier's Check in the amount of $98,080.which is to be retained by you if we are awarded bonds on this bid. You are to apply the check on the purchase price of the bonds when final delivery is made. In the event we fail or refuse to pay for the bonds, you are to cash the check as CITY OF AUSTIN, TEXAS 358 358 full and complete liquidated damages. In the event the bonds are not awarded to us, the check is to be returned to us immediately. and, Respectfully submitted: Bankers Trust Company & Associates The First National Bank of the City of New York Harris Trust & Savings Bank Smith, Barney & Co. Kuhn, Loeb & Co. Goldman, Sachs & Co. Estabrook & Co. The Milwaukee Company Freeman & Co. Tripp & Co., Inc. Dempsey-Tegeler & Co. James C. Tucker & Co., Inc. By /s/ R. E. Whitlock Authorized Representative of above firm or Syndicate WHEREAS, the said bid and proposal of Bankers Trust Company and Associates was the most advantageous bid submitted to the City Council for the purchase of the aforesaid bonds; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN: That said proposal of Bankers Trust Company and Associates to purchase $4,904,000.00 City of Austin General Obligation Bonds as per the City's Notice of Sale and Prospectus dated March 31, 1954, at the price and upon the terms of said proposal be and the same is hereby accepted and Bankers Trust Company and Associates be awarded the sale of said bonds; and, BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN: That the City Manager be and he is hereby authorized and directed to sell to Bankers Trust Company and Associates the $4,904,000.00 of General Obligation Bonds of the City of Austin as per the City's Notice of Sale and Prospectus dated March 31, 1954, at par and accrued interest from May 1, 1954 to date of delivery plus a cash premium of $11,024.19 according to the terms of said bid hereinbefore set out. ADOPTED: April 20, 1954 APPROVED: April 20, 1954 /s/ C. A. McAden Mayor ATTEST: /s/ Elsie Woosley City Clerk vote: The motion, seconded by Councilman Pearson, carried by the following Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None 359 359 CITY OF AUSTIN, TEXAS Mayor McAden introduced the following ordinance: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS, TO THE AMOUNT OF THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000.00) FOR THE PURPOSE OF CONSTRUCTINGGAND IMPROVING EXTENSIONS, ADDITIONS, AND BETTERMENTS TO THE MUNICIPAL AIRPORT OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREDOR; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. The ordinance was read the first time and Councilman White moved that the rule be suspended and the ordinance passed to its second reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noest None The ordinance was read the second time and Councilman White moved that the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the third time and Councilman White moved that the ordinance be finally passed. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The Mayor announced that the ordinance had been finally passed. Mayor McAden introduced the following ordinance: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS, TO THE AMOUNT OF ONE HUNDRED THOUSAND DOLLARS ($100,000.00) FOR THE PURPOSE OF CONSTRUCTING A MUNICIPAL AUDITORIUM IN THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. The ordinance was read the first time and Councilman White moved that the rule be suspended and the ordinance passed to its second reading. motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The The ordinance was read the second time and Councilman White moved that CITY OF AUSTIN, TEXAS 360 360 the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the third time and Councilman White moved that the ordinance be finally passed. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None Mayor McAden announced that the ordinance had been finally passed. Mayor McAden introduced the following ordinance: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS, TO THE AMOUNT OF THIRTY-SIX THOUSAND DOLLARS ($36,000.00) FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING FIRE STATIONS OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. The ordinance was read the first time and Councilman White moved that the rule be suspended and the ordinance passed to its second reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the second time and Councilman White moved that the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the third time and Councilman White moved that the ordinance be finally passed. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The Mayor announced that the ordinance had been finally passed. Mayor McAden introduced the following ordinance: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS, TO THE AMOUNT OF ONE MILLION ONE HUNDRED FIFTY THOUSAND DOLLARS ($1,150,000.00) FOR THE PURPOSE OF CONSTRUCTING, 361 361 CITY OF AUSTIN, TEXAS = IMPROVING AND REPAIRING HOSPITAL BUILDINGS OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. The ordinance was read the first time and Councilman White moved that the rule be suspended and the ordinance passed to its second reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the second time and Councilman White moved that the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the third time and Councilman White moved that the ordinance pe finally passed. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The Mayor announced that the ordinance had been finally passed. Mayor McAden introduced the following ordinance: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS, TO THE AMOUNT OF TWO HUNDRED FORTY THREE THOUSAND DOLLARS ($243,000.00) FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING PUBLIC PLAYGROUNDS, AND FOR CONSTRUCTING, IMPROVING AND REPAIRING BUILDINGS AND OTHER RECREATION FACILITIES OF SAID PARKS AND PLAYGROUNDS OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT THEREFOR; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. The ordinance was read the first time and Councilman White moved that The the rule be suspended and the ordinance passed to its second reading. motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the second time and Councilman White moved that the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: CouncilmenLong, Pearson, Thompson, White, Mayor McAden Noes: None CITY OF AUSTIN, TEXAS 362 362 The ordinance was read the third time and Councilman White moved that the ordinance be finally passed. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The Mayor announced that the ordinance had been finally passed. Mayor McAden introduced the following ordinance: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS, TO THE AMOUNT OF TWO MILLION DOLLARS ($2,000,000.00) FOR THE PURPOSE OF CONSTRUCTING, IMPROVING AND REPAIRING PUBLIC FREE SCHOOL BUILDINGS OF THE CITY OF AUSTIN, AND FOR ACQUIRING NECESSARY LANDS AND EQUIPMENT FOR SAID SCHOOLS; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. The ordinance was read the first time and Councilman White moved that the rule be suspended and the ordinance passed to its second reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the second time and Councilman White moved that the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the third time and Councilman White moved that the ordinance be finally passed. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The Mayor announced that the ordinance had been finally passed. Mayor McAden introduced the following ordinance: : AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS, TO THE AMOUNT OF FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING EXTENSIONS, ADDITIONS, AND BETTERMENTS TO THE SANITARY SEWERS AND SEWER DISPOSAL PLANTS OF THE SANITARY SEWER SYSTEM OF THE CITY OF AUSTIN AND FOR ACQUIRING NECESS SARY LANDS AND EQUIPMENT FOR SAID SYSTEM; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. CITY OF AUSTIN, TEXAS 363 363 The ordinance was read the first time and Councilman White moved that the rule be suspended and the ordinance passed to its second reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the second time and Councilman White moved that the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the third time and Councilman White moved that the ordinance be finally passed. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The Mayor announced that the ordinance had been finally passed. Mayor McAden introduced the following ordinance: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS OF THE CITY OF AUSTIN, TEXAS TO THE AMOUNT OF FIVE HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($525,000.00) FOR THE PURPOSE OF CONSRUCTING AND IMPROVING EXTENSIONS, ADDITIONS, AND BETTERMENTS TO THE STREETS OF THE CITY OF AUSTIN, IN- CLUDING PAVING AND RESURFACING THE SAME, AND FOR BUILDING BRIDGES, CULVERTS, STORM SEWERS AND DRAINS NECESSARY TO THE PROPER IMPROVEMENT OF SAID STREETS AND FOR ACQUIRING NECESSARY LANDS FOR SUCH CONSTRUCTION AND IMPROVEMENT TO SAID STREETS; PROVIDING FOR THE PAYMENT OF SAID BONDS; AND DECLARING AN EMERGENCY. The ordinance was read the first time and Councilman White moved that the rule be suspended and the ordinance passed to its second reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the second timeand Councilman White moved that the rule be suspended and the ordinance passed to its third reading. The motion, seconded by Councilman Long, carried by the following vote: Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The ordinance was read the third time and Councilman White moved that the ordinance be finally passed. The motion, seconded by Councilman Long, carried by the following vote: CITY OF AUSTIN, TEXAS 364 364 Ayes: Councilmen Long, Pearson, Thompson, White, Mayor McAden Noes: None The Mayor announced that the ordinance had been finally passed. The Council recessed until 2:00 P. M. Recessed Meeting 2:00 0'clock P.M. The Council met with MR. CORCORAN from the Public Administration Service and discussed a survey of the administrative procedures. Mr.. Corcoran stated the survey as proposed would be a maximum cost of $7500. He was to send his proposal in writing to the Council. There being no further business, the Council adjourned at 3:30 P. Μ., subject to the call of the Mayor. ATTEST: Gleic Nasaley City Clerk Cah Mayor