HomeMy WebLinkAboutResolution - 061054H - Agreement - Citizens National Bank - Take Up Unpaid Approved Obligations - 06_10_1954 �.. R E S 4 L U T I O N
r+� A° WHEREAS , the highway right-of-way bond funds are exhausted,
r;� due primarily to .additional,requirements and changes made by the
Highway Department after estimates were :made to raise money-for such
�S purpose and all of the right-of-way for Northeast Avenue'Q has not been
J A secured, which right-of-way is necessary end essential to the construc-
tion and completion .of'the dispersal system, and it is contemplated that
in the immediate future a contract will be let by the Texas State Highway
Department for Northeast Avenue Q extension when acquisition of the
right-of-way is completed, and it is now necessary to finance the acqui-
sition of such right-of-way immediately; T H E R E F O R E ,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
THAT the Mayor BE, and he is hereby authorized for the current
fiscal year, to execute an agreement with the Citizens National Bank of
Lubbock to take up, renew and extend unpaid approved obligations of the
City executed in payment for property received by the City and acquired
by it for such right-of-way purposes in the amount of Fifty Thousand
($50, 000) Dollars, the City at the earliest practicable time to issue time
warrants to the Citizens National Bank, bearing two and one-half per cent
(Z-l/Zlo) interest per annum,, said warrants to be in the principal sum of
Ten Thousand ($101r 000) Dollars each, payable tower a (period of five (5)
years; i.e., the first warrant payable-daringj,Lthe Cityf,s fiscal year 1954-
55; the second warrant payable on or before the next.succeeding fiscal
year; the third watrant payable on or before-the fiscal' year, 1956-57; the
fourth warrant payable on or before the fiscal year 1957-56; and the last
warrant payable on or before the fiscal year 1958-59.
On motion of Commissioner Carpenter seconded by Commis-
sioner Thomas .this Resolution was passed on this the 10 day of
June r 1954, by the following vote
Commissioners voting 11YEA++: Carpenter, Thomas and Mayor Tripp
Commissioners voting'11NAYi1: Nona
ATTEST: _ MUR �L ayor— .....�—.-..`
a,
Lavenia� owe,C ecre reys rer r
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