HomeMy WebLinkAboutResolution - 090855J - Agreement - Citizens National Bank - Time Warrents For Water Meters - 09/08/1955RESOLUTION
WHEREAS, the City of Lubbock has heretofore become indebted by reason
of the purchase of -water inters needed for expansion of the water system ..
and to serve new construction, and the Commission finds'it is necessary to
finance its obligation'to the extent of $5,000 (Five Thousand Dollars) by
the issuance of Time Warrants; THEREFORE,
BE IT RESOLVED BY THE CITY COPMISSION' OF THE CITY OF LUBBOCK:
THAT the Mayor BE- and he is hereby authorized and directed for the
nurrent fiscal year, to execute an agreement with the Citizens -National
Bank, Lubbock, Texas, to take up, renew and extend unpaid approved obliga-
tions of the City, executed in payment for property received by the City,
said property being water meters, in the amount of X5,000"(Fite Thousand
Dollars), the City at the earliest practicable time to issue one Time War-
rant to the Citizens National Bank b9aring 2 1/2 (Two and One -Half) percent
interest per annum, said Warrant being payable on or beforeSeptember 29,
1960, a copy of said Contract to be executed substantially in form and sub-
stance being attached to this Resolution.
Passed by the Commission this 8th day of September, 1955.
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