Ord 2402 3/25/1968 ORDINANCE NO. i.0 ,,Z.J
AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN IN THE
AMOUNT OF $100 , 000 , IN RENEWAL OF A PART OF A PRE-
VIOUS LOAN FOR IMPROVING AND FURNISHING THE MEMORIAL
AUDITORIUM BUILDING.
WHEREAS, the City of Wichita Falls has heretofore borrowed
$125, 000 from the City National Bank in Wichita Falls for the
purpose of improving and furnishing the Memorial Auditorium
building; and,
WHEREAS, the promissory note given in evidence of such
loan is due on March 31st, 1968, and it is deemed advisable to
make a new temporary loan from said bank in the amount of $100, 000
in renewal and extension of a part of said loan; and,
WHEREAS, on March 11th, 1968 the Board of Aldermen adopted
Resolution No. 789 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 $100 , 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 $100 ,000, payable to
the order of the City National Bank in Wichita Falls 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 dated September 29th, 1967 .
PASSED AND APPROVED this the 25th day of March, 1968.
A//d
ri41. .7,7:r.‘
M Y O R
ATTEST:
City Clerk