Res 426 8/17/1960426 A,
RESOLUTION NO. 1. `/I
A RESOLUTION AUTHORIZING AND DIRECTING THE CITY CLERK TO MAKE THE
APPROPRIATE BOOKKEEPING ENTRIES TO WRITE OFF CERTAIN CONTINGENT LIA-
BILITIES WHICH AROSE FROM CONTRACTS MORE THAN TWENTY-FIVE YEARS OLD.
WHEREAS, the City of Wichita Falls is carrying as contingent
liabilities certain amounts which grew out of contracts which are many
years old, which amounts are all barred by the Statute of Limitations,
and
WHEREAS , many of said contingent liabilities are offset by
certain contingent assets of the City of Wichita Falls, and
WHEREAS, carrying the same on the books of the City of
Wichita Falls creates a false impression as to the indebtedness of
the City of Wichita Falls .
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF
THE CITY OF WICHITA FALLS:
THAT, the City Clerk is hereby authorized and directed to
make the appropriate entries to write off all contingent liabilities
arising out of water or sewer reimbursement contracts which contracts
are more than twenty-five years old.
PASSED AND APPROVED this 17 day of
August , 1960.
ATTEST : e -r;'T - n, '/' •
A. L. Fitts: CITY -CLERK