Ord 2446 9/17/1968 ORDINANCE NO. L ‘
AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN
IN THE AMOUNT OF $75,000, IN RENEWAL OF A
PART OF A PREVIOUS LOAN FOR IMPROVING AND
FURNISHING THE MEMORIAL AUDITORIUM BUILDING.
WHEREAS , the City of Wichita Falls has heretofore
executed a promissory note date March 29, 1968, in the
principal sum of $100 , 000 , payable to the order of the
City National Bank in Wichita Falls , which represented part
of the sum heretofore borrowed for the purpose of improving
and furnishing the Memorial Auditorium Building: and,
WHEREAS, such promissory note is due September 29,
1968, and it is deemed advisable to make a new temporary
loan from said bank in the amount of $75, 000 in renewal and
extension of a part of said loan; and,
WHEREAS , on September 3, 1968, the Board of Aldermen
adopted Resolution No. 844 giving public notice that, at the
meeting of September 17 , 1968, an ordinance would be con-
sidered authorizing a temporary loan in conformity with
Section 100 of the Charter of the City of Wichita Falls.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDER-
MEN OF THE CITY OF WICHITA FALLS, TEXAS, THAT:
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 $75, 000 , payable
to the order of the City National Bank in Wichita Falls six
months after the date thereof, at an interest rate corres-
ponding to the market rate of 91 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 note dated March 29, 1968.
PASSED AND APPROVED this the ,/, day of September,
1968.
MAYOR
ATTEST:
/I
/°�e T/UGCITY CLERK
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