Ord 2316 3/20/1967r
ORDINANCE NO. v2 0/6
AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN
IN THE AMOUNT OF $150 , 000.00 , 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
borrowed the sum of $175,000 .00 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 or before March 31st, 1967 , and it is
deemed advisable to make a new temporary loan from said bank
in the amount of $150, 000.00 in renewal and extension of a
part of said loan; and,
WHEREAS, on March 2nd, 1967 the Board of Aldermen
adopted Resolution No. 688 giving public notice that, at the
meeting of March 20th, 1967 , an ordinance would be considered
authorizing such a temporary loan in the amount of $150 , 000.00,
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
temporary loan, and the Mayor or the City Manager is authorized
to execute a promissory note in the sum of $150, 000.00, payable
to the order of the City National Bank in Wichita Falls on or
before September 30th, 1967, 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, 1966.
PASSED AND APPROVED this the 20th day of March, 1967 .
M A Y O R
A T T E S T:
City Clerk