Res 177-83 9/20/1983RESOLUTION NO. /7743
RESOLUTION TO ADJUST INTEREST RATES ON
MECHANIC'S LIEN CONTRACT FOR PRO-RATA
CHARGES ON UTILITY INSTALLATIONS
WHEREAS, the City of Wichita Falls charges a pro-rata cost for the
extension of sewer and water mains to establish new customer services; and,
WHEREAS, some customers prefer to pay the pro-rata charge on an
extended-payment schedule by executing a Mechanic's Lien Contract; and,
WHEREAS, the current interest rate of six percent (6%) charged
by the City is far below that being charged in the financial market.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WICHITA FALLS, TEXAS, THAT:
The interest rate on a Mechanic's Lien Contract for utility
pro-rata costs is to be the prime rate at the City's depository bank and
is to be updated semi-annually on October 1 and April 1.
PASSED AND APPROVED THIS THE 20TH DAY OF SEPTEMBER, 19= .
1.
1111F Y • R
ATTEST:
CITY CLERK
Page 3 of 6 Pages
Agenda Item No. ll.b.