Ord 2492 3/18/1969 ORDINANCE NO. 2492
AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN
IN THE AMOUNT OF THREE HUNDRED FIFTY THOUSAND
($350,000. ) DOLLARS
WHEREAS, the City of Wichita Falls has heretofore
executed two promissory notes in the total principal sum of
Four Hundred Seventy-Five Thousand ($475,000.) Dollars, pay-
able to the order of the City National Bank in Wichita Falls;
and,
WHEREAS, such promissory notes will be due shortly,
and it is deemed advisable to make a new temporary loan from
said Bank in the amount of Three Hundred Fifty Thousand
($350,000.) Dollars in renewal and extension of a part of said
two notes; and,
WHEREAS, on March 4th, 1969, the Board of Aldermen
adopted Resolution No. 915 giving public notice that, on the
meeting of March 18th, 1969, an ordinance or ordinances would
be considered authorizing a temporary loan.
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
($350,000.) Dollars, payable to the order of the City National
Bank in Wichita Falls, six months after the date thereof, at an
interest rate corresponding to the market rate of ninety-one day
U. S. Treasury Bills as quoted one 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 notes.
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PASSED AND APPROVED THIS THE 18TH DAY OF MARCH,
1969.
M A Y O R
ATTEST:
, „7:, CIT CLERK