HomeMy WebLinkAboutResolution - 100748A - 90 Day Loan Negotiation- Citizens National Bank- Utilities & Paving Improvements - 10_07_1948 i� 1001
YTISOLUT
BE IT REMEMBERED, that at a Special Meeting of the City Commission of the City
of Lubbock, Lubbock County, Texas, held in the City Hall on the 7th day of October,
1948, a quorum being present, upon motion of Commissioner Ihiteside., seconded by
Commissioner Price,, the following resolution was duly passed.
THERM.. the City of Lubbock is now enjoying a rapid growth in population
together with the construction of many new residences and business buildings with-
In the corporate limits, requiring the extension of surer lines and water mains
and public health services, and,
AREAS, the City of Lubbock is paving marry new streets and expending sums
of money in connection with all of the foregoing necessary improvements, and,
WH ?EAS, the demand for all such services has materially increased, which
has created the immediate need for, and required the expenditure of substantial
sums of money from the General Revenues of the City, and,
VEEPYAS.. the City of Lubbock at the present time is in ,great need of Seventy-
Five Thousand ($75.,000.00) Dollars in cash, to properly carry on the improvements
named above, and to avoid stoppage of essential extensions in the performance of
all such services required by the City: NOW THKW0IX,
BE IT RESOLVED BY THE CITY COW SSION OF THE CITY OF LUBBOGKZ
THAT, T. H. Rodgers, Mayor of the City of Lubbock, HE, and he is hereby
authorized and empowered to negotiate a ninety (90) day loan to the City of Lubbock
from the Citizens National Bank of Lubbock, not to.exceed Seventy-Five Thousand
($75,000.00) Dollars in cash, and to be payable by the City of Lubbock on or be-
fore ninety (90) days from this date and bearing not exceeding one (1%) percent
interest per annums for the purpose of making extensions to sewer lines, water
mains, garbage ,service and carrying on the paving of streets, and the said We He
Rodgers, Mayor..' is further authorized and empowered to execute the City of
Lubbock's note as evidence and security therefor, which sum shall be credited to
the General Fund of the City of Lubbock and shall be repayable to the bank out of
the General Fund of the City containing current revenues«
' Passed and approved by unanimous vote of the City Commission, this 7th day
of October, 1948•
1
ATTEST: Mayor
City Secr ary