HomeMy WebLinkAboutResolution - 042563SS - Agreement - Citizens National Bank - Airport Debt Obligations - 04/25/1963 Il
2 RESOLUTION
WHEREAS, THE CITY OF LUBBOCK HAS ENTERED INTO PRELIMINARY AGREEMENTS i
WITH ARCHITECTS, ENGINEERS AND AIRLINES FOR THE PURPOSE OF EXPANDING THE
LUBBOCK MUNICIPAL AIRPORT TERMINAL BUILDING, IT IS NOW NECESSARY TO FIN- Ij
ANCE THE PROJECT AND MAKE AVAILABLE THEREFOR THE SUM OF FIFTY THOUSAND 9
AND NO/100 ($50,000.00) ❑OLLARS; NOW, THEREFORE:
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
THAT THE MAYOR BE, AND HE IS HEREBY AUTHORIZED, FOR THE FIS-
CAL YEAR, TO EXECUTE AN AGREEMENT WITH THE CITIZENS NATIONAL BANIO OF LUB-
BOCK TO TAKE UP, RENEW AND EXTEND UNPAID APPROVED OBLIGATIONS OF THE CITY iI
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 ($50,000.00)
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 2-,% 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
MAY 9, 1964; THE SECOND WARRANT PAYABLE ON OR BEFORE MAY 9, 1965; THE
THIRD WARRANT PAYABLE ON OR BEFORE MAY 9, 1966; THE FOURTH WARRANT PAY-
ABLE ON OR BEFORE MAY 9, 1967; AND THE FIFTH AND LAST WARRANT PAYABLE
ON OR BEFORE MAY 9, 1968.
ON MOTION OF COMMISSIONER SIMPSON, SECONDED BY COMMISSIONER
MCLARTY, THIS RESOLUTION WAS PASSED ON THE 25TH DAY OF APRIL, 1963 BY
THE FOLLOWING VOTE:
COMMISSIONERS VOTING ttAYEII: COMMISSIONERS ALDERSON, SIMPSON,
OlMARA, MCLARTY AND MAYOR STRONG
COMMISSIONERS VOTING "NAY": NONE
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ATTEST: j K F. STRONG, MAYOR
LAVENIA LOWE, CITY SECRETARY-TREASURER i
FORM APPROVED PRIOR TO ADOPTION: j
FRED 0. SENTER, JR., CITY XTIORNEY
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