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HomeMy Public PortalAboutResolution No. 002-61 01-06-1961 RESOLUTION NO. _2 _ /: / A RESOLUTION OF APPRECIATION TO E. KELLY BROWN, INVESTMENT BANKER, DALLAS TEXAS, FOR HIS ASSIST- ANCE ON THE FISCAL PROGRAM OF THE TOWN OF RICH- LAND HILLS, TEXAS. In 1953 the Town of Richland Hills was interested in pur- chasing the privately owned water company operating within its limits. E. Kelly Brown investigated the economic aspects of such purchase and designed a revenue bond program intended to accomplish it . Said program was satisfactory to the majority of the citizens of the Town of Richland Hills and the bonds approved by them in the amount of $1,100,000.00 in 1954. In 1957 the Town of Richland Hills was subjected to con- siderable damage from local runoff during heavy rains. E. Kelly Brown worked with the Town of Richland Hills and its consulting engineers on a program intended to rebuild the streets and drain- age structures until approval of a general obligation bond issue in the amount of $1,540,000.00 by the voters in 1958. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF RICHLAND HILLS, TEXAS THAT: Section 1. The Board of Aldermen of the Town of Richland Hills, Texas expresses its most sincere appreciation to E. Kelly Brown, Investment Banker, Dallas, Texas for his diligent efforts on be- half of the Town of Richland Hills in establishing its bond pro- gram. Section 2. That such efforts on the part of E. Kelly Brown have been primarily instrumental in establishing a fiscal program for the Town of Richland Hills that is highly beneficial to the citizenry. As a result of his efforts the Town of Richland Hills enjoys a very favorable interest rate on both its bond programs and an excellent credit rating. Section 3. That the bond programs of the Town of Richland Hills is an outstanding example of what can be accomplished by an effici- ent and knowledgeable fiscal agent working with a municipal govern- ing body. Section 4. That a copy of this resolution be presented to the said E. Kelly Brown. UNANIMOUSLY APPROVED BY THE MAYOR AND ALL MEMBERS OF THE BOARD OF ALDERMEN THIS 6th DAY OF JANUARY 1961. ATTEST: Paul C . Daniels, Mayor Virginia Howard, 'Secretary