HomeMy WebLinkAboutOrdinance - 1246-1952 - Authorizing Depositing In Escrow Sum $323,994.80 Citizens National Bank - 07/10/1952AN ORDINANCE APPROPRIATING AND AUTHORIZING DEPOSITING IN
ESCROW THE SUM OF $323, 994. 80 IN THE CITIZENS NATIONAL BANK,
LUBBOCK. TEXAS. AS PROVIDED BY AGREEMENT BETWEEN THE CITY OF
LUBBOCKAND L.A. PURTELL, ET UX, DATED MAY 7, 195Z PERTAINING
TO WATER RIGHTS IN BAILEY COUNTYi AND DEClARING AN EMERGENCY.
WHEREAS, the City Commission has determined by its Resolution of this
date the total number of acres of water rights acceptable in connection with
this contract insofar as the acceptability relates to "adequate water" to be
determined by tests, and calculated the amount to be deposited in escrow, as
provided by its contract with L. A. Purtell, et u.x, and desires to make the
second escrow deposit based upon such determination, THEREFORE,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
SECTION 1. The sum of Three Hundred Twenty-Three Thousand, Nine
Hundred Ninety-Four and 80/100 ($3Z3, 994. 80) Dollars is hereby appropriated
out of Water Bond Funds realized from the sale of bonds issued for the purpose
of acquiring water rights, etc., said sum to be used for making the deposit in
escrow in Citizens National Bank, Lubbock, Texas, covering the lands des-
cribed in the Resolution passed on this date and relating to said oentract and
the acquisition of "water rights 11 in Bailey County.
SECTION z. This Ordinance and the Resolution referred to and made a
part hereof by reference shall not be construed as being an acceptance or
approval of title to said water rights.
SECTION 3. This being an appropriation Ordinance and compliance with
the provisions of said contract creates an emergency and all rules relating to
the reading of ordinances on separate days are hereby suspended, and this
ordinance shall become effective this lOth day of July, 195Z.
AND IT IS SO ORDERED.
Davi8 , seconded by Commis-On motion of Commissioner
sioner Carp enter the foregoing Ordinance was passed by the
following vote:
Commissioners voting "YEA":
Commissioners voting 1'NA Y":
ATTEST:
C . ~(i~ tPvuu ------~~cretary1r~r~~rer
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(7-10-SZ}
Carpenter, Davis, Thomas & Harr;r Morris
Ma70r Pro-Tem
None