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HomeMy WebLinkAboutResolution - 040959D - Agreement - Citizens National Bank - Take Up Unpaid Obligations For Airport - 04/09/1959JPB:wc 04 oqf 1�?� J RESOLUTION -.-' qe WHEREAS, the City of Lubbock has entered into a preliminary agreement t with the Federal Government for the pur ,--)se of expanding the Lubbock Municipal »,. Airport terminal buildingo and prior to execution of the Grant Agreement with the United States of America, it is necessary for the City of Lubbock to have available its portion of the funds, and in order to complete the transaction with the Federal Government, it is now necessary to, finance the 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 LUBBOCK: THAT the Mayor BE, and he is hereby authorized, for the fiscal year, to execute an agreement with the Citizens National Bank of Lubbock to take up, rene and extend unpaid approved obligations of the City executed in payment for proper f 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 N0/100 ($50, 000.00) DOLLARS, the City at the earliest practicable time to issue time warrants to toe Citizens National Bank, Lubbock,Texas, bearing interest at the rate of _=- l2 Jo per annum until paid, said warrants to be in the principal sum. of TEN-VOUSAND AND N0/100 ($10, 000. 00) DOLLARS each, payable over a period of five (5) years; that is the first warrant payable on or before May 6, 1960; the second warrant payable on or before May '6, 1961; the third warrant payable on or before May 6, 1962; the fourth warrant payable on or before May 6, 1963; and the fifth and last warrant payable on or before May 6, 1964. On motion of Commissioner 1hojapsou,seconded by Commiss this Resolution was passed on the 9th day of April by the following vote: �- Commissioners voting 14AYE1' . Commissioners Thompson,Casey,Maner,Maxe and Mayor Baker Commissioners voting "NAY": None AT T EST : lel Appd rove Lave n'a Lowe, City etreary-Treasurer ;City A.`�crrsy.