Ord 2535 10/7/1969 ORDINANCE NO.
AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN IN THE
AMOUNT OF THREE HUNDRED FIFTY THOUSAND DOLLARS
($350 , 000) .
WHEREAS, the City of Wichita Falls has heretofore exe-
cuted a promissory note payable to the order of the City
National Bank in Wichita Falls in the principal amount of three
hundred fifty thousand dollars ($350, 000) ; and
WHEREAS, this promissory note was due on September 30,
1969, and it is deemed advisable to make a new temporary loan
from said Bank in order to renew and extend said note; and
WHEREAS, on September 2 , 1969, the Board of Aldermen
adopted Resolution No. 978 giving public notice that, at the
meeting of September 16, 1969, an ordinance would be considered
authorizing a temporary loan; and
WHEREAS, at the meeting of September 16, 1969, a public
hearing on said temporary loan was opened, and because of the
fact that an insufficient number of aldermen were present to
act on the matter, the public hearing was continued until the
meeting of October 7 , 1969, at which time it was concluded.
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 authorized to make this temporary loan, and the
Mayor or the City Manager is authorized to execute a promissory
note in the sum of three hundred fifty thousand dollars ($350, 000) ,
payable to the order of the City National Bank in Wichita Falls,
six (6) months after the date thereof, at an interest rate cor-
responding to the market rate of ninety-one day U. S. Treasury
Bills as quoted one (1) week preceding the execution of the loan.
Said note shall be given to said Bank in renewal and extension
of the balance due on the above mentioned note.
PASSED AND APPROVED this the 7th day of October, 1969.
M A Y O R
ATTEST:
AcTuNai CIT CLERK