HomeMy WebLinkAboutResolution - 081138A - 180 Day Loan - Extending Sewer Lines & Water Mains, Garbage & Paving Services - 08/11/19384
RESOLUTION.
08113$A
BE IT RMMF.BERED, that at a Regular Meeting of the City Commission
of the City of Lubbock, Texas, held in the City Hall, on the 11th
day of August, 1938, a quorum being present, upon motion by
Commissioner Price, seconded by Co=aissioner Fortenberry, the
following Resolution was duly passed.
'aMREAS, 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 Sewer Lines and Mater Mains; and whereas, the City of Lubbock
is paving many new stree-s and expending sums of money in marking
said streets; and, Whereas, the demand for additional garbage
service has been increased, all of which has entitled and required
the expenditure of substantial sums of money; and
11,MEREA3, 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 `'ommission of the City
of Lubbock, Texas, that C E Slaton, Mayor of said City, be and he
is hereby authorized and empowered to negotiate a 180 day loan for
the City of Lubbock, not to exceed 25,000.00 in cash, for the
purpose of making extension of sewer lines, water mains, increasing
the garbage service and carrying on the paving of streets, and the
said C E Slaton, Mayor, is further authorized and empowered to
execute time warrants to be payable out of current revenues to
evidence and secure the payment of said loan. Rate of interest not
to exceed 4%.
Passed and approved by unanimous vote of the
the 11th day of August, 1938.
Att
> Ll
C ty Secretary.
City Commission, this
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