Res 866 11/5/1968RESOLUTION NO.866
WHEREAS , the City of Wichita Falls is selling to
Wichita County - City of Wichita Falls, Texas, Hospital Board
all of Block 257 of the Original Town of Wichita Falls, save
and except Lot 1 (erroneously referred to as Lot 2 in Resolutions
Nos. 845 and 860) of the replat of Lots 1 through 6 of such
block for a price of Four Hundred Thousand ($400,000 .) Dollars,
for which the Hospital Board shall execute a promissory note
in that amount payable to the order of the City of Wichita Falls,
which shall be secured by a vendor' s lien and a deed of trust.
Said note shall bear interest at the rate of 5.25% per annum,
and shall be payable in sixteen semi-annual payments; the first
fifteen payments shall each be in the sum of Seventeen Thousand
Nine Hundred Thirty-Two ($17 , 932 . ) Dollars, including interest;
the sixteenth payment shall be in an amount equal to the balance,
principal and interest, due on such note; and,
WHEREAS, the City of Wichita Falls plans to sell and
assign such note, together with the vendor' s lien and deed of
trust, to The First-Wichita National Bank of Wichita Falls, with
recourse; and,
WHEREAS, in accordance with section 103 of the Charter
of the City of Wichita Falls, more than two weeks public notice
was given by Resolution No. 860 that the Board of Aldermen would
consider the adoption of this Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN
OF THE CITY OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The Mayor is hereby authorized to execute
a deed of such property to Wichita County - City of Wichita Falls,
Texas, Hospital Board for a price of Four Hundred Thousand ($400, 000. )
Dollars, subject to the lease dated February 28th, 1968 to McBride
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Properties; said Hospital Board shall execute a promissory note
as set out above, which shall be secured by a vendor' s lien and
a deed of trust.
SECTION 2 . The City of Wichita Falls, acting by and
through its Board of Aldermen, does hereby agree to:
Remain secondarily liable on the above described note, and
to hold and save The First-Wichita National Bank of Wichita Falls
free from any loss on such note. During each year while there is
any liability by reason of the agreement contained in this section
of this Resolution, including the calendar year 1968, the Board
of Aldermen of the City shall compute and ascertain the rate and
amount of ad valorem tax, based on the latest approved tax rolls
of said City, with full allowances being made for tax delinquencies
and costs of tax collection, which will be sufficient to raise
and produce the money required to pay any sums which may be or
become due during any such year, in no instance to be less than 2%
of such obligation, together with all interest thereon, because of
the obligation herein assumed. Said rate and amount of ad valorem
tax is hereby ordered to be levied and is hereby levied against
all taxable property in said City for each year while any liability
exists by reason of the obligation undertaken by this section of
this Resolution, and said ad valorem tax shall be assessed and
collected each year until all of the obligations herein incurred
shall have been discharged and all liability hereunder discharged.
Such agreement shall continue for a period of ten years from the
date of the written contract hereafter authorized.
SECTION 3. The Mayor is hereby authorized to execute, for
the City of Wichita Falls, a contract with The First-Wichita
National Bank of Wichita Falls, assigning such note, together with
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the vendor ' s lien and deed of trust, to such bank with recourse,
which contract shall also contain the provisions set out in
Section 2 of this Resolution.
PASSED AND APPROVED this the - day of November,
1968.
MAYORAYOR
ATTEST:
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CITY CLERK