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Ord 2356 9/25/1967 ORDINANCE NO. AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN IN THE AMOUNT OF $125,000, 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 $150, 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 September 29th, 1967 , and it is deemed advisable to make a new temporary loan from said bank in the amount of $125, 000 in renewal and extension of a part of said loan; and, WHEREAS, on September 11th, 1967 the Board of Aldermen adopted Resolution No. 723 giving public notice that, at the meeting of September 25th, 1967, an ordinance would be considered authorizing such a temporary loan in the amount of $125,000, 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 $125, 000, payable to the order of the City National Bank in Wichita Falls 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 dated March 29th, 1967 . PASSED AND APPROVED this the 25th day of September, 1967 . iP MA OR ATTEST: City Clerk