HomeMy WebLinkAboutResolution - 082858C - Agreement - Citizens National Bank - Pay Proportionate Part Of Paving Program - 08/28/1958 JWF RESOLUTION
WHEREAS, the City of Lubbock has entered into paving contracts with
various paving contractors for various paving projects in the City of Lubbock,
Texas, and it is necessary for the City to have available funds to pay the
proportionate share of the City of Lubbock covering expenditures for said
paving improvements, it is now necessary to finance said pavin projects and
make available therefor the sum of FIFTY THOUSAND AND NO%100 ($50, 000. 00
DOLLARS; NOW THEREFORE,
BE'IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
SECTION 1. THAT the Mayor BE and he is hereby authorized, for the
fiscal year, to execute an agreement with the Citizens National Bank of Lubbock
to take up, renew,:,extend and pay its proportionate part of the paving program
and for property received by the City for paving improvements and acquired by
itfDr such purposes in the amount of FIFTY THOUSAND AND N01100 ($50, 000)
DOLLARS, the City at the earliest practicable time to issue time warrants to
the Citizens National Bank, , Lubbock County, Texas, bearing interest at the
rate of Z 056 per annum until paid, said warrants to be in the principal sum
of TEN THOUSAND AND NO1X00 ($10, 000. 00) DOLLARS each, payable over a
period of five (5) years; that/Me first warrant payable on or before September ZO
1959; the second warrant payable on or before September 20, 1960; the third
warrant payable on or before September 20, 1961; the fourth warrant payable
on or before September 20, 196Z; and the fifth and last warrant payable on or
before September 20, 1963.
Thompson On motion of Commissioner Thom p seconded by Commissioner
Casey , this Resolution was passed on the , 28th day
d Aueust 1958., by the following vote:
Commissioners voting "AYE": Casey,Maxey,Maner,Thompscn & Mayor Baker
Commissioners voting "NAYS'; None
YOR
tAJN�JL7
ATTEST: fZ
ved
1
y;/7TT-i�e-
City S cretar surer
"'----
Y Attorney
i
1'.
rf
f
O '; Alm
--.(
Ix
.AIM
4101
,
wa
ftiv
!00
.,