1973-01-03 Regular Meeting - Laserfiche WebLink

Browse Search

L.I Regular Meeting 1/3/73 - continued • 2. Motion by Comm. Kibodeaux, seconded by Comm. Sampson to approve the accounts payable as presented, a copy of which is attached to and made a part of these minutes. Motion carried by the following vote: AYES: Commissioners Christensen, Kibodeaux, Sampson and Boyle. NAYS: None. + + + 3. Mr. Askins stated that Mr. Ernest Brown, the City's fiscal agent was unable to attend the meeting because of ill health. + + + • • 4. Mr. Burrel Rowe, Attorney for the College View Municipal Utility District, addressed the Commission in regards to the district's bond sale. He stated the district was created in 1967 and as a part of that creation consent by the city at that time, a part of the law was that the district would have to get the city's approval of the conditions of that sale of bonds. He stated the district had sold $1.5 million in bonds at noon on January 3, 1973 to the lowest of three bidders, at an interest rate of 6.56 percent, which is .6 percent interest below the maximum which the city would permit the bonds to be sold. Mr. Rowe stated in an effort to develop the area more rapidly than it had been in the past, the developer had managed to sell the remaining lots in Section 1 and 2 and all of the lots in Section 3 to one of the largest and fastest builders in Harris County, Norwood Homes. A condition of the sale of the lots to Norwood Homes was that facilities be in- stalled by August 15, 1973, otherwise the lots will revert back to the developer. He pointed out the present tax rate in the district was 85 cents per $100 valuation, based on 100 percent and if the lots go to Norwood Homes and if they build out as they plan, in which their expense has shown. in the Accounts payable Approved Mr.Brown unable to attend meeting Burrel Rowe request Comm. approval for College View Municipal Utility District to sell Bonds.