HomeMy WebLinkAboutResolution - 070549B - Mayor Authorized To Execute Note To Citizens National Bank - Paving Fund - 07/05/1949En
RESOLUTION
WHEREAS, on March 10, 1949 the Citizens National Bank approved
a loan in the amount of Three Hundred Thousand.($3000000) Dollars
to be secured by Certificates of�Faving with ,a thirty-three and one-
third (33-1/3%) percent margin.alnd bearing.a three (3%) percent in-
terest rate asshown by the Minutes of the City Commission dated
March 109 1949L and the City now needs an additional advancement of
One Hundred Thousand '($100,000) Dollars thereunder to.insure comple-
tion of part of it's paving projects, THEREFORE,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
That the Mayor of the City of Lubbock be and said officeris
hereby authorized to execute the note of the City of Lubboak dated
June 28, 1949 for One Hundred Thousand ($1000000) Dollars bearing
interest at the rate of three (3%)`pereent per annum and payable
to the Citizens National Bank of Lubbock, Texas onor before June
280 19502 said, note to be delivered to said Bank and the amount
credited to the "Paving Fundi of the City of Lubbock and used for
existing paving projects. In consideration of the l6an and as securit
to said Bank the Governing Body of the City of Lubbock herebypledges
individual paving contracts and certificates with a. face vale of
thirty-three and one-third (35-1/3f) percent over the principal amour
of the loan.
The STREET IMPROVEMENT FUND of the City of Lubbock shall`" constitut
the "Paving Fund" above mentioned and all principal. pd interest'
paid.to� :City.on.certifi.cates shorn on a list of certifieates
tQ"beZ- %XVnU:,eha8�the ,Bank; shall be paid into the Street Improvement
Fund and an 'adequate. amount of such payments shall be retained therei,
to pay off said note at maturity.
The Paving Collector is directed to prepare lists of;certiftcates..
shoring the certificate number, name of the owner and amount° of .the
certificate for delivery to the Bank as security for this loan. .,
Passed and approved by unanimous vote of the CUT Cbmaission
this 5 day of Judy. f 1949,
ATTEST:
City Sec tart'