HomeMy WebLinkAboutResolution - 083056A - Agreement- Citizens National Bank- Take Up Unpaid Approved Obligations, Airport - 08/30/1956e_*1
RESOLUTION
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
orj�,�r to complete the transaction with the Government, it is now necessary
to fG4nce' the project and make available therefor the sum of Fifty Thousand
Doiiar's.($50,000.00); THEREFORE,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBO
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
payable on or before September 20, 1957, the second warrant payable on or
before September 20, 1958, the third warrant payable on or before September
ZO, 1959, the fourth warrant payable on or before September 20, 1960, and
the fifth and last warrant payable on or before September 20, 1961.
On motion of Commissioner Baker P seconded by Com-
missioner L, Casevthis resolution was passed on this the 30th
day of AM __ I v 1956, by the following vote:
Commissioners voting yea: Baker, Casey, Maxey and Mayer Forrest
Commissioners voting nay: None