Ord 3230 10/4/1977 ORDINANCE NO. jYk
ORDINANCE APPROVING TEMPORARY LOAN FROM PARKER
SQUARE STATE BANK TO OBTAIN FUNDS FOR PURCHASE
OF T-HANGARS AT MUNICIPAL AIRPORT.
WHEREAS, by Resolution No. 2013, adopted September
20 , 1977 , the Board of Aldermen authorized the City Manager
to purchase the T-hangars at Wichita Falls Municipal Airport
from Southern Aviation of Texas, Inc. , and gave public notice
that, at the meeting on October 4, 1977 , the Board would
consider an ordinance authorizing a temporary loan from
Parker Square State Bank to pay off the Southern Aviation
of Texas , Inc. note now held by City National Bank.
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 Charter, the
City of Wichita Falls is hereby authorized to make this
temporary loan, and the City Manager is authorized to exe-
cute a promissory note in the sum of $14 ,058. 55 , payable to
the order of Parker Square State Bank, with interest at the
rate of 3 3/4 percent per annum; such note shall be payable
in eleven monthly installments of $364. 55 each, and a twelth
monthly installment in an amount equal to the balance due
on said note.
As the City of Wichita Falls is entering into a new
fixed base operator' s lease at Municipal Airport, and it
is necessary to complete the purchase of these T-hangars
in order to enter into such new lease agreement, this ordin-
ance is declared to be an emergency measure, and it shall
become effective upon its passage.
PASSED AND APPROVED this the 4th day of October, 1977.6A0AW/;91
ATTEST: A Y 0
41--z4t
City Clerk