Ord 2403 3/25/1968 •
ORDINANCE NO. Al?.2
AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN IN THE
AMOUNT OF $400 , 000, IN RENEWAL OF A NOTE WHICH WAS
USED FOR THE PURCHASE OF BLOCK 257 OF THE ORIGINAL
TOWNSITE OF WICHITA FALLS.
WHEREAS, the City of Wichita Falls has heretofore borrowed
the sum of $400, 000 from the City National Bank in Wichita Falls,
which sum was used by the City to purchase Block 257 of the
Original Townsite of the City of Wichita Falls ; and,
WHEREAS, the promissory note given in evidence of such
loan is due March 31st, 1968, and it is deemed advisable to make
a new temporary loan from said bank in renewal and extension of
such loan; and,
WHEREAS, on March 11th, 1968 the Board of Aldermen adopted
Resolution No. 790, giving public notice that, at the meeting of
March 25th, 1968, an ordinance would be considered authorizing
such a temporary loan in the amount of $400 , 000, in conformity
with Section 100 of the Charter of the City of Wichita Falls.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN
OF THE CITY OF WICHITA FALLS, TEXAS, THAT :
The City of Wichita Falls is authorized to make this tem-
porary loan, and the Mayor or the City Manager is authorized to
execute a promissory note in the sum of $400,000, payable to the
order of the City National Bank in Wichita Falls, Texas, on or
before September 30th, 1968, at an interest rate corresponding
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 the bank in renewal and extension of the balance due
on the above mentioned note, which was dated September 30th, 1967.
PASSED AND APPROVED this the 25th day of March, 1968.
a lAALe
MAYOR
ATTEST:
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„ � • i�rd ■rte.. _
City Clerk