HomeMy WebLinkAboutResolution - 040353B - Mayor Authorized To Execute City's Obligation At Best Obtainable Interest Rate - 04_03_1953 R E S 0 L U T 10 N
WHEREAS, the Commission has heretofore directed that various
projects be planned and commenced according to recommendations made by a
committee of Lubbock citizens and as shown by the Bond Budget for 1952, 153,
and subsequent years, and in connection with some of said projects progress
has been made to the extent that funds will be required for interim financing
prior to June 1, 1953, as follows, to-wit:
$150, 000. 00 chargeable against park. Bond Funds,
$ 90, 000.00 chargeable against Street Lighting Bond Funds,
$ 80, 000.00 chargeable against Street Improvement Bond Funds,
$210, 000.00 chargeable against General Obligation Electric Light
Bond Funds, and
50, 000.00 chargeable against Water Works Revenue Bond-Funds,
all of which said sums are less than the amount of bonds authorized to be sold,
and which have been duly advertised for sale on April 23, 1953; and said
amounts are needed prior to the time it is anticipated the funds will be received
by the City following sale; THEREFORE,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK.-
THAT the Mayor BE, and he is hereby authorized to execute the
City's obligation as may be required at the best obtainable interest rate, and
in any event not to exceed three per cent, said obligation to be promptly
discharged out of the respective band funds when received.
That the interest on the foregoing obligation shall be paid out of the
General Fund when due.
On notion of Commissioner �brr.is , seconded by
Commissioner Davis , this Resolution was passed this 3rd
day of April , 1953, by the following vote:
Commissioners voting "YEA": Morris Davis.Thomas & Mayor Tripp
Commissioners voting "NAY": None
MURRELL TRIP OR
ATTEST:
L.avenia dweCity SeAr -Treasurer
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