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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