HomeMy WebLinkAboutResolution - 112039B - 180 Day Loan - Extending Power Lines & Purchasing Copper Wire, Poles/Machinery - 11/20/1939I 120a9 B
RESOLUTION
BE IT RE IMMERED, that at a Recessed ReEular Meeting of the City
Commission of the City of Lubbock, Lubbock county, `eexas , held
in the t'ity Hall on the 20th day of 1,bvember, 1939, a quorum being
present, upon motion by Commissioner Write, seconded by Commissioner
Jones, the following Resolution was duly passed.
''IMREAS'the City of Lubbock is now enjoying a rapid growth in
population and many new residences and homes are now being built
within the corporate limits of said City requiring the extension
of power lines and the purchase of additional copper wire,
poles and machinery, including Diesel gas engines, which necessitates
the expending of large sums of money in making such improvements;
and
ti�HEREAS, the City of Lubbock at the present time is in great need
of $25,000.00 in cash to properly carry on the improvements named
above,
Now, therefore, Be It Resolved by the City Commission of the City
of Lubbock, Texas, that C.E. Slaton, Mayor of said Uity, be and he
is hereby authorized and empowered to negotiate a 180 day loan for
the ''ity of Lubbock, not to exceed 425,000.00, in cash, for the
purpose of making extension of power lines and the purchase of
additional copper wire, poles and machinery, including Diesel gas
engines, and the said C.E. Slaton, Mayor, is further authorized
and empowered to execute a promisory note to be payable out of
current revenues to evidence and secure the payment of said loan.
Rate of interest not to exceed 4f.
Passed and approved by unanimous vote of the `7 77ission,
this the 20th day of November, 1939. A , A
Atte
City Secretary.