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HomeMy WebLinkAboutResolution - 050749A - Release Of U.S. Treasury Bonds - Citizens National Bank (COL Depository) - 05_07_1949 nis �;A ,A t RESOLUTION WHERFAS, on March 10, 1949 the Citiaens. N ational Bank approved a loan in .the amount of 3009000,OO to be secured by certificates of paving with a 33-1/3 margin and bearing a 3% interest rate as shown by the minutes of the Commission dated March 10, 1949 and the City now needs an advancement of $1000000.00 thereunder to insure com- pletion of part of its paving projects, THEREFORE BE IT RESOLVED BY THE AITY COMMISSION OF THE CITY OF LUBBOCK: That the 4hof the City of Lubbock be and said officer is hereby a or .ze o execute the note of the City of Lubbock dated May 7 949 for $100,000.00 bearing interest at the rate of 3% per annum and payable to the Citizens National Bank of Lubbock, Texas on or before May 70 19509 said note to be delivered to said bank. and the amount credited to the paving fund to the City and used for -existing paving projects. In consideration .of this loan and as security to said bank the Governing Body of the City of Lubbock hereby pledges individual paving contracts and certificates with a face value of 33-1/3% over the principal amount of the loan. Passed and approved by unanimous vote of the City Commission this 7th day of May. 1949. mayor ATT T: l I 'City ere ary