HomeMy WebLinkAboutResolution - 070738B - 180 Day Loan - Extending Sewer Lines & Water Mains, Garbage & Paving Services - 07/07/19380707331D
RESOLUTION
BE IT RMIMBERED, that at a Recessed Regular Meeting of the City
Commission of,the City of Lubbock, Lubbock County, Texas, held
in the City Hall, on the 7th day of July, a quorum being present,
upon motion by Commissioner 1Icl:illan seconded by
Commissioner rortenberry , the ollowing Resolution was
duly passed.
7I1EFEAS, 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 water mains; and whereas, the Uity of Lubbock
is paving man, -,r new streets and expending sums of money in marking
said streets; and, Tdhereas, the demand for additional garbage
service has been increased, all of which has entitled and required
the expenditure of substantial sums of money; and
T1=1REAS, 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, ILayor 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, 1ayor, 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
7th day of July, 1938.
AattyS,
amcretary.
the C commission, this the
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