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Ord 2315 3/20/1967P ORDINANCE NO. cg /5- AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN IN THE AMOUNT OF $400 , 000.00, 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 $400,000.00 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 on or before March 31st, 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 March 2nd, 1967 the Board of Aldermen adopted Resolution 687, 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 $400,000.00, 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 $400,000 .00, payable to the order of the City National Bank in Wichita Falls, Texas, on or before September 30th, 1967, at an interest rate corres- 1 ponding 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 Sep- tember 30th, 1966. PASSED AND APPROVED this the 20th day of March, 1967 . 9'XI L t ,Lf L,,,, M A O R A T T E S T: kA14-71-4.4 w■ , , City Clerk