HomeMy WebLinkAboutResolution - 092668I - Agreement To Cancel Debt - SE LBK Development Corporation - Green Fair Manor Apt - 09_26_1968a�V6I
RESOLUTION
WHEREAS, the Southeast Lubbock Development Corporation has entered
into an agreement with the Housing Authority of the City of Lubbock, Texas for
the sale to the Housing Authority of the low -rent housing units known as Green
Fair Manor Apartments, and
WHEREAS, the Southeast Lubbock Development Corporation is indebted to
the City of Lubbock in the sum of $88, 391.71 for loans made to such corporation
for the operation of Green Fair Manor Apartments; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock, Texas hereby agrees that
the above sum of $88, 391.71 will be cancelled and forgiven on the condition that
Southeast Lubbock Development Corporation, apply the sum of $40, 292. 78 to the
payment of taxes for the year 1968 prorated to the date of closing of the sale of
Green Fair Manor Apartments and in the event any portion of such funds remains
after the payment of taxes such remaining funds Shall be given to the City of
Lubbock, Texas for application on the above debt and further, any funds remaining
In the (been Fair Manor Apartments accounts after payment of operating and
maintenance expense shall be applied to the debt.
Passed by the City Council thisjb day of , 1968.
W. D, ROGERS,
ATTEST:--
.
Lavenia Lowe, City Sebretary-Treasurer
APPROVED:
Fred O. Senter, Jr., City,!��orney
MAYOR
Resolution cancelling the indebtedness of Southeast Lubbock Development Corporation
to the City of Lubbock, after payment of taxes_
I, Lavenia Lowe, City Secretary -Treasurer. City of Lubbock, Texas hereby '
certify that the above and foregoing is a true and correct copy of -a resolution
Passed by the City Council September 26 1968
and of record in Minute Book 27
THIS 27th DAY OF September , 19_A$_
Lavenia. owe. City Secre y-Treasurer
City of Lubbock, Texas