1960-02-29 CC MinutesMINUTES OF A SPECIAL MEETING
CITY COUNCIL
February 29, 1960
Those present were: Mayor Lawson Lewis
Councilmen: H. N. Mallon
Thomas Reeder
Oley Attebery
Don Knox
Councilman Wilsey was absent.
City Manager Orman, Engineer F. L. Napier, Engineer Joe J. Rady,
Bob King, Lewis Lyne, Bob Underwood, John Moss and Ralph Fikes-
the last two named being with Columbian Securities, Mr. Bill Davis,
Mr. & Mrs. Hy Yellin and Jean Showman, who are residents living on
Epps Field Road.
Oley Attebery gave the invocation.
The purpose of the meeting was to review the Improvements Program
which was first begun in June, 1957 and for which bonds were voted
at that time in the amount of $550,000 in Water Works Revenue,
$320,000 in Sewer System Revenue Bonds and $950,000 in Tax Bonds
consisting of $145,000 Parks, $150,000 for Public Buildings, $160,000
on Fire and Police, $244,000 for Storm Sewer, and $251,000 on Street
Improvements. As the meeting progressed it was shown what had been
done on the original program and what remained to be done in each one
of the seven categories. From a sheet that bore the title of "Status
of 1957 Bond Issue" as of February 29, 1960, it was determined that
the bonds that were yet unissued in the Waterworks amount to $211,000,
in the Sanitary Sewer was $34,000, in the Parks $17,000, the Storm
Sewer $126,000 and the Streets $53,000; making a total of $245,000 in
the Revenue Bond Fund and the Tax Bond Fund totaled a $196,000. Add-
ing to these respective amounts and deducting from them any commit-
ments that had been made to date gave a total of $340,416 for the
Waterworks, $46,369 for the Sewer System, $17,138 for Parks, $110,070
for Storm Sewer, and $53,505 for Streets. After a discussion which
followed, it was decided that the projects that are to be undertaken
in the Revenue Bond Program would include the construction of a 1-1/2
million gallon Water Storage Tank, a Pump Station and Trunk Water
Mains that would strengthen the City's distribution system. In the
Sanitary Sewer program there was 8uficient money to complete the
Farmers Branch trunk sewer between Webb Chapel Road and Valley View
Lane. This item was approved. In the Parks it was decided to place
playground equipment in four parks; they were Showman Park, Gussie
Field Waterworth Park, the Town North Estates Park and the Dutch
Village Park. In addition to this tennis courts will be constructed
in Showman Park and in Gussie Field Waterworth Park. The Street Im-
provements and Storm Sewer Improvements would be made mainly on Epps
Field Road which would include pavement and storm sewers and on Tom
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Field Road between Valley View Lane and Farmers Branch Lane which
would include curbs and gutters and pavement.
Mr. Lyne was present and assured the Council that the City could
sell all of the remaining bonds inasmuch as it had sufficient
coverage in its revenue accounts to satisfy the conditions of the
State Attorney General and also that the Tax Bonds could be sold
without any increase in taxes in view of the anticipated increase
in assessed valuation for the year of 1960. Whereupon, Councilman
Mallon made the motion, seconded by Councilman Knox, that $245,000
in Revenue Bonds be sold to R. A. Underwood and Company at an inter-
est rate of 4-5/8/, and that if the Columbian Securities Corporation
would like to, they be given a chance to buy a portion of these bonds,
this was left up to our fiscal agent, Mr. Lyne, to make these arrange-
ments.
ThenCouncilman Knox made the motion, seconded by Councilman Attebery
that the City sell $196,000 in Tax Bonds to Mercantile National Bank
at an interest rate of 4-5/8% with the same provision there concern-
ing the Columbian Securities Corporation. At the request of Joe J.
Rady and Company the Council, upon a motion of Councilman Knox,
seconded by Councilman Mallon authorized that firm to advertise for
bids on the Water Storage Tank, the Pump Station and the Water Lines
needed in the immediate area. Bids to be opened on March 24, 1960.
The meeting adjourned at 9:45.
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J M.I Orman, City Manager
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