HomeMy WebLinkAboutResolution - 090860F - Agreement - Citizens National Bank - Take Up Unpaid Obligations For Airport - 09_08_1960 RESOLUTION
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WHEREASs THE CITY OF LUBBOCK HAS BEEN NOTIFIED BY THE FEDERAL GOVERNMENT OF
THE PRELIMINARY AUTHORIZATION OF TWO (2) TRANSCONTINENTAL AIRLINES SCHEDULED
TO BEGIN SERVICES TO LUBBOCK IN JANUARY OF MIS AND �
VAIEREASs IT 16 NECESSARY FOR THE CITY OF LU®BOCK TO EXPAND THE AIRPORT TERM—
INAL BUILDING PRIOR TO THE INSTITUTION OF SUCH NEW AIRLINE SERVICES AND TO
CERTIFY TO THE FEDERAL GOVERNMENT THAT FUNDS ARE AVAILASLE FOR THIS PURPOSE
BEFORE THE FINAL ORDER AUTHORIZING THE SERVICES CAR SE ADOPTED BY THE FEDERAL
GOVERNMENTO IT 1S NOW NECESSARY TO FINANCE THE TERMINAL BUILDING EXPANEtON
PROJECT AND MAKE AVAILABLE THEREFOR THE SUM OF FIFTY THOUSAND AND NO/100
($50000.00) DOLLARS: fNOW# THEREFORE:
BE IT RESOLVED BY TF- CITY COMMISSION OF THE CITY OF LUSBOCKt
THAT THE MAYOR BEO AND HE IS HEREBY AUTHORIZED# FOR THE FISCAL YEARS TO EX—
ECUTE AN AGREEMENT WITH THE CITIZENS NATIONAL SANK OF LUBBOCK TO TAKE UP# RE—
NEW AND EXTEND UNPAID APPROVED OBLIGATIONS OF THE CITY EXECUTED IN PAY14ENT FOR
PROPERTY 'RECEIVED BY THE CITY FOR EXPANSION OF THE LUBBOCK MUNICIPAL AIRPORT
TERMINAL BUILDING AND ACQUIRED BY IT FOR SUCH PURPOSES IN THE AMOUNT OF FIFTY
THOUSAND AND NO/100 ($509000.00) DOLLARS# THE CITY AT THE EARLIEST PRACTICABLE
TIME TO ISSUE TIME WARRANTS TO THIS CITIZENS NATIONAL BANK# L'UeBOCKs TEXAS#
BEARING INTEREST AT THE RATE OF 2k % PER ANNUM UNTIL PAID# SAID WARRANTS TO BE
IN THE PRINCIPAL SUM OF TEN THOUSAND AND NO/100 '($IOsO0O.00) DOLLARS EAcH,
PAYABLE OVER A PERIOD OF FIVE (5) YEARS$ THAT IS THE FIRST WARRANT PAYABLE
ON OR DEFORE SEPTEMBER 25$ 19611 THE SECOND WARRANT PAYABLE ON OR BEFORE
SEPTEMBER 26s 19621 THE THIRD WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25p 19631
THE FOURTH WARRANT PAYABLE ON OR BEFORE SEPTEMBER 26} 19641 AND THE FIFTH AND
LAST WARRANT PAYABLE Olt OR BEFORE SEPTEMBER 259 1965•
ON MOTION OF COMMISSIONER TNOMPSONp SECONDED BY COMMISSIONER MANERp THIS
RESOLUTION WAS PASSED ON TIIE STH DAY 4F SEPTEMBERp 1960j BY THE FOLLOWING VOTEt
COMMISSIONER$ VOTImc AYE: COMMISSIONERS T'NomPSONp OtMARA, HANERi CHAPPELL
AND MAYOR CASSEY
COMMISSIONERS VOTING NAY: NONE
ATTESTt DAVID CASEY* MAYOR
FO�m roved
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AV.E191 1.OWE11 C17Y ECaETARY—TREASURER