Ord 3410 1/2/1979 ORDINANCE NO.
ORDINANCE APPROVING TEMPORARY LOAN FROM PARKER
SQUARE STATE BANK FOR USE IN REMODELING THE
ACTIVITIES CENTER.
WHEREAS, by Resolution No. 2263 adopted on December 19, 1978 ,
the Board of Aldermen gave public notice that, at the meeting on
January 2, 1979, the Board would consider an ordinance authoriz-
ing a temporary loan from Parker Square State Bank to be used
in remodeling the Activities Center.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF
THE CITY OF WICHITA FALLS, TEXAS , THAT:
In conformity with Section 100 of the City Charter, the
City of Wichita Falls is hereby authorized to make a temporary
loan from Parker Square State Bank in an amount up to $300, 000,
of which $280, 000 will have an interest rate of 3 3/4 per cent
per annum, and $20,000 will have an interest rate to be negotiated
between the City and the Bank; the City Manager is authorized
to execute a promissory note or notes to complete this loan;
such note or notes shall be payable on or before September 30,
1979.
PASSED AND APPROVED by the affirmative votes of a' members
of the Board of Aldermen on this the 2nd day of January, 1979.
MAYOR
ATTEST:
City Clerk