Austin's $7.5M Infrastructure Boost
- The city authorized the sale of $7.5 million in bonds to finance major infrastructure and service upgrades.
- This includes $1 million for essential projects like parks, public libraries, streets, and drainage improvements.
- An additional $6.5 million will be directed towards significant upgrades for the city's electric, water, and sewer systems.
- These bonds aim to fund voter-approved projects, with bids for their sale due by March 26, 1959.
Full Transcript
MINUTES OF THE CITY COUNCIL CITY OF AUSTIN, TEXAS Regular Meeting January 29, 1959 10:00 A. Μ. Council Chamber, City Hall The meeting was called to order with Mayor Miller presiding. Roll call: Present: Councilmen Long, Palmer, Pearson, White, Mayor Miller Absent: None * * * * Councilman Palmer offered the following resolution and moved its adoption: (RESOLUTION) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN: That the City Manager be and he is hereby authorized and directed to advertise for bids on the sale of Bonds of the City of Austin at 10:00 Α. Μ. March 26, 1959, as follows: Parks and Playgrounds General Obligation Bonds, authorized at an election May 12, 1956 .$ 50,000.00 Public Free Library System General Obligation Bonds, authorized at an election May 12, 1956 Street, Bridges and Drainageways General Obligation Bonds, authorized at an election May 12, 1956 General Obligation Bonds Total. 200,000.00 750,000.00 .$1,000,000.00 -3- Electric Light and Power System Revenue Bonds, authorized at an election. May 24, 1958 $3,800,000.00 Waterworks System Revenue Bonds, authorized at an election May 12, 1956 $1,080,000.00 Sewer System Revenue Bonds, authorized at an election May 12, 1956 ... $1,620,000.00 Revenue Bonds Total $6,500,000.00 F Advertisements for such bids shall be in the usual and customary form and shall be published at least once in The Austin Statesman, Austin, Texas, and in The Bond Buyer, New York, New York, and in addition shall be given such circulation as will invite attention to the proposed sale. The right shall be reserved to the City of Austin to reject any and all bids, and advertisements shall direct the filing of sealed bids to be opened by the City Council at a regular meeting held for such purpose in the City Hall at the time and date hereinbefore set forth. The motion, seconded by Councilman White, carried by the following vote: Ayes: Councilmen Long, Palmer, Pearson, White, Mayor Miller Noes: None * * * * There being no further business, the Council adjourned at 5:30P.M., subject to the call of the Mayor. ATTEST: /s/ Elsie Woosley City Clerk APPROVED: /s/ Tom Miller Mayor -4-