HomeMy WebLinkAboutResolution - 090860D - Agreement- Citizens National Bank- Take Up Debt Obligations For Airport Terminal - 09_08_1960 i
RESOLUt I ON
WHEREAS, THE CITY OF LUBBOCK HAS BEEN NOTIFIED BY THE FEDERAL GOVERNMENT OF
THE PRELIMINARY AUTHORIZATION OF TWO (2) TRANSCONTINENTAL AIRLINES SCHEDULED
TO SECIN SERVICES TO LUBBOCK IN JANUARY OF 1961, AND
WHEREAS, IT IS NECESSARY FOR THE CITY OF LUBBOCK TO EXPAND THE AIRPORT TERM—
INAL BUILDING PRIOR TO THE INSTITUTION OF SUCH NEW AIRLINE SERVICES AND TO
CERTIFY TO THE FEDERAL GOVERNMENT THAT FUNDS ARE AVAILABLE FOR THIS PURPOSE
BEFORE THE FINAL ORDER AUTHORIZING THE SERVICES CAN BE ADOPTED BY THE FEDERAL
GOVERNMENT, IT IS NOW NECESSARY TO FINANCE THE TERMINAL BUILDING EXPANSION
PROJECT AND MAKE AVAILABLE THEREFOR THE SUM OF FIFTY THOUSAND AND NO/100
($50,000.00) DOLLARS: NOW, THEREFOREa
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
THAT THE MAYOR BE, AND HE IS HERESY AUTHORIZED, FOR THE FISCAL YEAR, TO EX—
ECUTE AN AGREEMENT WITH THE CITIZENS NATIONAL BANK OF LUBBOCK TO TAKE UP, RE—
NEW AND EXTEND UNPAID APPROVED OBLIGATIONS OF THE CITY EXECUTED IN PAYMENT FOR
PROPERTY RECEIVED BY THE CITY FOR EXPANSION OF THE LUBBOCK MUNICIPAL AIRPORT
TERMINAL BUILDING AND ACQUIRED BY IT FOR SUCH PURPOSES IN THE AMOUNT OF FIFTY
THOUSAND AND NO/100 ($500000.00) DOLLARS, THE CITY AT THE EARLIEST PRACTICABLE
TIME TO ISSUE TIME WARRANTS TO THE CITIZENS NATIONAL BANK, LUBBOCK, TEXAS,
BEARING INTEREST AT THE RATE OF 2r.% PER ANNUM UNTIL PAID, SAID WARRANTS TO BE
IN THE PRINCIPAL SUM OF TEN THOUSAND AND NO/100 ($10,000.00) DOLLARS EACH,
PAYABLE OVER A PERIOD OF FIVE (5) YEARS; THAT IS THE FIRST WARRANT.PAYABLE
ON OR BEFORE SEPTEMBER 25, 1961; THE SECOND WARRANT PAYABLE ON OR BEFORE
SEPTEMBER 25, 19621 THE THIRD WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25, 19631
THE FOURTH WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25, 19641 AND THE FIFTH AND
LAST WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25, 1965.
ON MOTION OF COMMISSIONER THOMPSON, SECONDED BY COMMISSIONER MAKER, THIS
RESOLUTION WAS PASSED ON THE OTH DAY OF SEPTEMBER, 1960, BY THE FOLLOWING VOTES
COMMISSIONERS VOTING AYES COMMISSIONERS THOMPSON, OfMARA, MAKER, C14APPELL
AND MAYOR CASEY
COMMISSIONERS VOTING NAYt NONE
lam.
ATTESTt DAVID CASEY, MAYOR
bm A _cve3
�1\
City Attorney
LAVEN A LOWE, CITY SECRETA Y TREASURER
THE STATE OF TEXAS j
COUNTY OF LUBBOCK j
k'HEREAS, THE GOVERNING BODY OF THE CITY OF LUBBOCK, BY RESOLUTION
DATED SEPTEMBER B, 1960, AND RECORDED IN MINUTE BOOK 19, AT PAGE 34 b' ,
AUTHORIZED THE MAYOR TO ENTER INTO CONTRACT WITH THE CITIZENS NATIONAL BANK OF
LUBBOCK, TEXAS, AS PROVIDED FOR IN SAID RESOLUTION; lCJl THEREFORE,
K,NQ! ALL NEI1 BY THESE PRESET TS: THAT 1, DAVID C,;SEY, MAYOR OF THE
CITY OF LUBBOCK, TEXAS, PURSUANT TO THE PROVISIONS OF SAID RLSOLUTION, SAID
CITY BEING HEREIK CALLED EICIT101 AND THE CITIZENS NATIONAL BANK, A BANKING
INSTITUTION OF LUBBOCK, TEXAS, ACTING HEREIN BY ITS DULY AUTHORIZED OFFICERS,
HEREINAFTER CALLED "DANK", HEREBY CONTRACT AS FOLLOWS, TO—WIT:
1.
B4N'K HEREBY AGREES AND OBLIGATES ITSELF TO ESTABLISH A FUND AS OF THE
DATE OF THIS CONTRACT, IN THE SUM OF FIFTY THCU3ANC AI;D Id0/100 ($500000.00)
DOLLARS DESIGNATED AS THE AIRPORT REVENUE FUND :,ERIES 1960 AND OUT OF SAID
FUND TO TAKE UP, RENEW, EXTEND AND PAY UNPAID OBLIGATIONS OF THE CITY EX—
ECUTED IN PAYMENT FOR PROPERTY RECEIVED BY THE CITY FOR AIRPORT IMPROVEMENTS.
2.
Tl T OUT OF SAID FUND, THE B,%NK WILL PAY, ON ORDER OF THE CITY, SUCH
SUMS OF MONEY AS THE CITY SHALL REQUIRE TO EXTINGUISH OBLIGATIONS OF THE CITY
IN EXPANSION OF THE LUBBOCK MUNICIPAL AIRPORT TERMINAL BUILDING„
3
IN ORDER TO FULLY EXTINGUISH, PAY OFF AND DISCHARGE THE OBLIGATION CREAT—
ED EY THE ESTABLISHMENT OF SAID FIFTY THOUSAND AND NO/100 ($50,000.00) DOLLARS
FUND HEREIN CREATED THE CITY SHALL ISSUE, AND THE BA NI, SHALL ACCEPT, AS FULL
PAYMENT, TIME 4;ARRANTS, PAYABLE TO BANE: OR ORDER, SAID '4ARRANTS TO BE IN THE
PRINCIPAL SUM OF TEN THOUSAND AND NO/100 ($110,000.00) DOLIJ RS BEARING INTEREST
AT 2�L`, PER ANNUK UNTIL PAID PAYABLE OVER A PERIOD OF FIVE (5) YEARS; THAT IS,
THE FIRST :;ARRANT PAYABLE ON OR BEFORE SEPTEMBER 25, 1961; THE SECOND bARRANT
PAYABLE ON OR BEFORE SEPTEMBER 25, IS62; THE THIRD WARRANT PAYABLE ON OR BE—
FORE SEPTEMBER 259 1963; THE FOURTH WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25,
1964; AND THE FIFTH AND LAST WARRANT PAYABLE ON OR BEFORE SEPTEMBER 25, 1965.
EXECUTED IN DUPLICATE AT LUBBOCK, TEXAS, THIS DAY OF 5aptemher
1960, THIS COPY DE1NG ,A DUPLIC;;TE ORIGINAL.
CITY OF LUBBOCK
t;TTEST: BY:_L��� � �
ht',YOI
F,om BeemW
ty Attorn
�/ Cie
LAIENIAE, CIT SECRETARY—TREASURER CITIZENS N,\TIOf,.AL B' Ni( OF LU630CK,
TEXAS
BY:
:.TTc3T; /r//« PRESIDENT