Ord 2044 9/23/1963 ORDINANCE NO . agoitZ
ORDINANCE. MAKING AN ",T'PROPRIATION FOR PART PAYMENT OF TEXAS
HIGHWAY DEPARTMENT PROPERTY AND AUTHORIZING ISSUANCE OF TIME
WARRANTS FOR BALANCE THEREOF, AND DECLARING AN EMERGENCY.
WHEREAS, the Board of Aldermen has heretofore accepted the
proposal of the Texas Highway Department to purchase their property
located at East Scott and the Jacksboro Highway in the City of Wichita
Falls for the sum of On . Fifty-five Thousand ($155, 000.00)
Dollars.
NOW, THEREFORE BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY
OF WICHITA FALLS , TEXAS
SECTION 1. That there is hereby appropriated out of current
funds the sum of 315,000.00 for payment to the Texas Highway Department
as cart payment for such property.
SECTION 20 Serial Warrants of said City shall be issued and
delivered, to the Texas Highway Department for th.: purpose of paying
the balance of the purchase price for such property, such Warrants
to be in an amount not exc.eding$140 ,000.00, bearing interest at a
rate not exceeding four per cent (L %) per annum, with the maximum
maturity date to be not more than ten (10) years . A sufficient tax
shall be assessed and collected annually to pay the interest on said
Warrants and to create a sinking fund for the redemption of said
Warrants at maturity.
PASSED AND APPROVED this ogjitet day of Seitember, 1963.
/ I
NI A 4T 0 R
ATTEST
CITY CLERK