HomeMy WebLinkAboutResolution - 060542A - Loan Negociation - Federal Government - Land Purchase For Pilot Training - 06/05/1942tl&30LUTION
jlL 12 R-.'-1,'1MERFD that at a Recessed Re ular CieetIne
of the Gity Oommissiorl of the -My of Lubbock, Lubboc tunty, Texas,
held in the City Hall, on the 5th day j. -L- June - j 1942.
a quorum being present, upon Zotion by Comm -As :ane 1401,11ila I
2.o=aissioner I;rice-, A—tseoonded by
duly passed, the Po T=e-o �til,)n il:as
the United States of 4me-rica is tit war with the -overnments of
Germany, Italy and Japan, and
the Legislature of the State of Texas enacted a lair authorizing
Munici, ' A. pUrroae
dal Governm.nts of cities In Texas to purchase land for the I
of establlshinthereon airport: and schools for the, trLlining, of air pilots
in aiding and assisting the United k-;tates Government to oe--r
nrosecute said xrer v,?ith said countries, and y on and
.11
i- ]iA'kof the City of Lubbock has purchased Hire Hundred '-Forty (940)
Acres of land at a total cost of y*71,500.00 for the pur-ose of leasing
the seame to the Federal Government to be used by the Federal Government
as an �iri'ort and a place to train air plane pilots, and
I 6AS the City of Lubbock does not have on hand at this time a
sufficient amount of -,,oney to pay cash for the said land and it is
necessary to borrow -015,000.00 at 3 e interest, for the pur-ole of
payi the tot al purchase pr.1.ce '.X # "71
W 500.00 for the said land,
NOW9 TTERi;FOfZj BE IT PL&3OLV-.'D by the City dommission of the �'Ity of
Lubbock, Texas, that G.E. Slaton, Mayor of said (;Ity
be and be 18
hereby authorized and empowered to negoticitc a two months 1 o �1 n
Por the 1%ity of Lubbock, not to exceed 415000,00 in cash, for the
purpose -�f purchasing the above Inc-ntioned land; and thesc- id (j, "*
Slaion, Mayor, Is further authorized and empowered t-) execute ti,ae
warrants tCl be paya0le out of current revenue to evi(lence and secure
the LLaynent of said loan, Rate of interclst not -ro exceed t�see (3) per cent.
iassed and ap-roved by unanitaous vote �)f
day o f J-4he —, 1942.
Atte
Usty �ecretary,
the City C01-vlission' t' -is -5th