HomeMy WebLinkAboutResolution - 031038B - 180 Day Loan - Extending Sewer Lines & Water Mains, Garbage & Paving Services - 03/10/193803103198
RESOLUrTION
BE ITRI3. MMMEB, ''hat at a Regular Leeting of the City Cormission
of the "ity of Lubbock, Lubbock County, Texas, held in the City Mall,
on the 10th day of March, 19x8, a quorun beig present, upon notion by
Com issioner Mc illan, and seconded by Co--TAssioner- Fortenberry,
the following Resolution z/rAs duly passed.
' MiEREkS, the City of Lubbock is nog.: enjoying a rapid grm th in polmlat ion
and zruany ne;; residences and hones are now beim; built within the
corporate linits of said City, requiring the extension of se;Iler lines
and water mins; and whereas, the City of Lubbock is paving many near
streets and e,.pendiiw :auris of money in narking said :streets; and,
;'hersas,the denand for addi tional earbage service his been increased,,
all of which has entailed and required the expenditure of substantial
suras of money; and
'1HMX-kS, the City of Lubbock at the present time is in great need of
10,000.00 in cash to properly erarry on the irprova ents named above,
Note, therefore, Be It Resolved bl- the City Corzaission of MEW City of
Lubbock, Texas, th.^t ikoss Edurardr, Mayor of said Uit-11-, be find pie is hereby
authorized and enpowered to negotiate a 130 day loan for the City of
Lubbock, not to exceed 330,000.00 in cash, for the purl>c se of riaking
extension of sei,,rer lines, :meter ruins, increasing the garbage service
and c -:crying or_ the p��ving of streets, and the said Ross Ld iaads, 1.1ayor,
is further authorized and empowered to execute tine warrants to be
payable out of current revenues to evidence and secure the payment of
said loan. l{3te of interest not to exceed 4%.
asse�'L and approved by unanimous vote of the 11 y Cor�;ui, i n.
;ror
City secret<Iry.