HomeMy WebLinkAboutResolution - 052857C - Agreement - Citizens National Bank - Take On Unpaid Approved Obligations Of COL - 05/28/1957RESOLUTION
On motion of Commissioner Byrd seconded by Commis-
sioner Baker this resolution was passed on this the 28
day of May 1957, by the following vote:
Commissioners voting yea: Baker, Byrd, Caney, X=ey & Wyer Forrest
Commissioners voting nay;
S. S. FORRZS-T, JR.$,-Wyor
ATTEST:
Lavenia Lowe,City Secretary -Treasurer
WHEREAS, the City of Lubbock has entered into a preliminary agreement
with the Federal Government for the purpose of extending runways, building
taxi -ways, extending aircraft parking areas and modifying and extending
night light facilities at the Lubbock Municipal Airport, 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 their portion of the funds, and in
order to complete the transaction with the Government, it is now necessary
to finance the project and make available therefor the sum of Fifty Thousand
Dollars ($50, 000. OO); NOW THEREFOREx
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, renew and extend unpaid approved obligations of the City executed in
payment for property received by the City for the Airport improvements
and acquired by it for such purposes in the amount of Fifty Thousand Dollars
($50, 000. 00), the City at the earliest practicable time to issue time warrants
to the Citizens National Bank, Lubbock, Texas, bearing no interest, said
warrants to be in the principal sum of Ten Thousand Dollars ($10, 000. 00)
each, payable over a period of five (5) years; that is, the first warrant pay able
on or before June ZO, 1958; the' second warrant payable on or before June 20,
1959; the third warrant payable. on or before June ZO, 1960; the fourth
warrant payable on or before June ZO, 1961; and the fifth and last warrant
payable on or before June ZO, 1962.
On motion of Commissioner Byrd seconded by Commis-
sioner Baker this resolution was passed on this the 28
day of May 1957, by the following vote:
Commissioners voting yea: Baker, Byrd, Caney, X=ey & Wyer Forrest
Commissioners voting nay;
S. S. FORRZS-T, JR.$,-Wyor
ATTEST:
Lavenia Lowe,City Secretary -Treasurer