HomeMy WebLinkAbout05/09/1968 - Special Minutes - City CouncilMINUTES OF SPECIAL MEETING
CITY OF COLLEGE STATION
COLLEGE STATION, TEXAS
May 9, 1968
Members Present: Mayor D. A. Anderson; Councilmen O. M. Holt, Robert R. Rhodes,
Bill J. Cooley, T. R. Holleman and James H. Dozier; City Manager
Ran Boswell; and City Attorney Don Dillon.
Visitors Present: Davis McGill.
The purpose of the meeting was to consider the sale of $840, 000. 00 General Obligation
Bonds.
Davis McGill, Financial Advisor for the City, recommended that the assessed valuation
be increased from 20% to 40%, the reason being that we would have a more attractive bond
in the bond market and a lower interest rate.
A motion was made by Councilman Holt that the valuation on the tax rolls be doubled
and that the tax rate be reduced from $1. 50 to $0. 75 for the year 1968, with the under-
standing that both the values and tax rate remain at this level until it has been determined
by future data that additional revenue is needed to service the $840, 000. 00 bond issue
or future bond issues. The motion was seconded by Councilman Holleman. The motion
passed.
The meeting was adjourned subject to call.
ATTEST:
Assistant City S cretary
OIL0 JL