HomeMy WebLinkAboutResolution - 090860H - Agreement - Citizens National Bank - Take Up Unpaid Obligations For Airport - 09/08/1960RESOLUTION
WHEREAS, 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 1961, AND
WHEREAS, IT IS NECESSARY FOR THE CITY OF LUBBOCK 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 AVAILABLE FOR THIS PURPOSE
BEFORE THE FINAL ORDER AUTHORIZING THE SERVICES CAN BE ADOPTED BY THE FEDERAL
GOVERNMENT, IT IS NOW NECESSARY TO FINANCE THE TERMINAL BUILDING EXPANSION
PROJECT AND MAKE AVAILABLE THEREFOR THE SUM OF FIFTY THOUSAND AND NO/100
(50,000.00) DOLLARS; NOW, THEREFORE:
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCKZ
THAT THE MAYOR BE, AND HE—IS HEREBY AUTHORIZED, FOR THE FISCAL YEAR, TO EX—
ECUTE AN AGREEMENT WITH THE CITIZENS NATIONAL BANK OF LUBBOCK TO TAKE UP, RE—
NEW AND EXTEND UNPAID APPROVED OBLIGATIONS OF THE CITY EXECUTED IN PAYMENT 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 ($50,000.00) DOLLARS, THE CITY AT THE EARLIEST PRACTICABLE
TIME TO ISSUE TIME WARRANTS TO THE CITIZENS NATIONAL BANK, LUBBOCK, TEXAS,
BEARING INTEREST AT THE RATE OF 2a % PER ANNUM UNTIL PAID, SAID WARRANTS TO BE
IN THE PRINCIPAL SUM OF TEN THOUSAND AND NO/100 ($IOoOOQ.00) DOLLARS EACH,
PAYABLE OVER A PERIOD OF FIVE (5) YEARS; THAT IS THE FIRST WARRANT PAYABLE
ON OR BEFORE SEPTEMBER 25, 1961; THE SECOND WARRANT PAYABLE ON OR BEFORE
SEPTEMBER 25, 1962; THE THIRD WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25, 1963;
THE FOURTH WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25, 1964; AND THE FIFTH AND
LAST WARRANT PAYABLE ON OR BEFORE SEPTEMBER 250 1965.
ON MOTION OF COMMISSIONER THOMPSON, SECONDED BY COMMISSIONER MANER, THIS
RESOLUTION WAS PASSED ON THE 8TH DAY OF SEPTEMBER, 1960, BY THE FOLLOWING VOTE:
COMMISSIONERS VOTING AYE: COMMISSIONERS THOMPSON, OTMARA, MANER, CHAPPELL
AND MAYOR CASEY
COMMISSIONERS VOTING NAY: NONE
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ATTEST: DAVID CASEY, MAYOR
Form Approved
City Attornay
LAVENI LOWE, CITY ECRETARY—TREASURER