HomeMy WebLinkAboutResolution - 031038A - 180 Day Loan - Extending Sewer Lines & Water Mains, Garbage & Paving Services - 03/10/19380310MA
RESOLU'T ION
BE IT R'{ MM ERED, Th_.t at a Regular Meeting of the City Gom:ission
of the City of Lubbock, Lubbock County, Texas, held in the Uity Hall,
on the 10th day of March, 1938, a quorum being present, upon motion by
Commissioner �?"A' and seconded by CorzAssionel --Port nb rry ,
the following ResoTu—tlon was duly passed.
";'%iEREr� S, the City of Lubbock. is no �•r enjoying a rapid growth in population
and many new residences and horses are notrT being built within the
corporate limits of s, -id Gity, requiring the extension of sewer lines
and pater ruins; rind whereas, the City of Lubbock is paving; many neer
streets and expending; sums of honey in marking said streets; and,
--'hereas, the demand for additional garbage service has been increased,
all of which has entailed and required the expenditure of substantial
suras of coney; and
WHEREAS, the City of Lubbock at the present tins is in gre;, t need of
0, 15 , 000.00 in cash to properly carry on the inproverients nar�ied above,
Now, therefore, Be It i6esolved by the City Cornission of the Cit;r of
Lubbock, Texas, that Ross Edwards, Mayor of s, -,,id City, be and lie is hereby
authorized and empowered to negotiate a 180 day loan -'or the City of
Lubbock, not to exceed $50 000.00 in cash, for the purpose of
making extension of seiver fines, vratez• mains, incr.easire. the garbage
service and carrying on the paving; of streets, �,nd the said Ross4-yards,
Iia-yor, is ftirther authorized and er:ipo,,-cored to execute time vrarrants
to be payable out of current revenues to evidence t.nd secure the payment
of said loan. Rate of Interest not to exceed 4A.
Passed and approved by unanimous vote oj. the sty r;miss
Ma,
?� t
sty Secretary.