Loading...
Ord 2357 9/25/1967 ORDINANCE NO. o2s7 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 September 30th, 1967 , and it is deemed advisable to make a new temporary loan from said bank in renewal and extension of such loan; and, WHEREAS, on September 11th, 1967 the Board of Aldermen adopted Resolution No. 724, giving public notice that, at the meeting of September 25th, 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 temporary 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 March 31st, 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 March 30th, 1967 . PASSED AND APPROVED this the 25th day f September; 1967 . MA OR ATTEST: /L,t 1' s y Lam: City Clerk'