According to an article written by Katheryn Duff of the Abilene Reporter- News, published April 13, 1955, page 8, Cisco had been paying the interest on some of its bonds for 21 years, from 1934 to 1955. She stated, “The City of Cisco will be able to get its financial house back in order, or has hopes of doing so, under bills which are clearing the Legislature on local calendars.”
“The bills, by Rep. Paul Brashear and Sen. Wayne Wagonseller, will enable Cisco to refund the last of its outstanding bonds left over from the flush boom days of the 1920s. With this refunding, Cisco will be able to issue some new bonds to finance a badly needed water improvement program. Without the refunding, Cisco has its hands tied financially as it has had since it took voluntary bankruptcy several years ago.”
“Cisco wants to build a detention dam across Battle Creek to pump flood water over into its city lake. It has a dam big enough to empound much more water than the lake’s watershed produces. Addition of flood waters from nearby Battle Creek would increase the watershed by two-thirds. Two bonding companies, Rauscher, Pierce and Co. and R. A. Underwood Co. of Dallas have worked out the plan. Cisco has outstanding $334,000 in revenue and $160,375 in tax bonds. This amount of money would be deposited in the American National Bank in Austin, and bondholders could redeem these outstanding bonds at 100 percent value. With the old debt refunded a new bond issue would be in order.”
