HomeMy WebLinkAboutORD 1344 Authorizing exeuction of promissory note to South Main Bank
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ORDINANCE' 'NUMBER' 1344
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AN' ORD1NANCE.AUTHORIZING' TH~MAYOR TO EXECUlE THENEW.PROMISSORY NOTE
PAYABLE TO SOUTH MAIN BANK TO REFUND THE PROMISSORY NOTE PREVIOUSLY
AUTHORIZED BY ORDINANCE NUMBER 1260 DATED MAY 29, 1986. BY ORDINANCE
NUMBER 1290. .DATED, JUNLl". .lQ87. BY ORDINANCE NUMBER 1299 DATED OCTOBER
12. 1987; AND BY ORDINANCE NUMBER 1320 DATED JUNE 7, 1988; PROVIDING
THAT NO TAXES WILL BE LEVIED'SINCE FUNDS HAVE BEEN PROPERLY
APPROPRIATED AND DESIGNATED FOR THE REPAYMENT OF SUCH DEBT AUTHORIZED
HEREIN; .AND CONTAINING OTHER PROVISIONS.
" WHEREAS, the City Council has heretofore authorized Michael L.
Parks. Mayor of the City of West University Place. Texas, to execute a
promissory note .on behalf of the City to First Republic Bank Fannin of
Houston in the principal amount not to exceed $160,000; and
WHEREAS, such promissory note was executed on or about October 1.
1987; and
WHEREAS, the City Council has determined that the refunding and
execution of a new promissory note would be to the advantage of the
City. -
NOW, THEREFORE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WEST UNIVERSITY PLACE, TEXAS:
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Section 1. That the Mayor of the City,ofWest University Place.
Texas, be. and he is hereby, authorized to execute a renewable and
extended promissory note on b~half of the city payable to South Main
Bank in the principal amount not to exceed $80,000 at the interest rate
of % per annum. A copy of said note is attached to this
ordinance.
,..S~<;tjon 2. That the Mayor of the City of West University Place.
Texas, be, and he'i s "herellY:: ';ai1thori zed to execute any additi ona 1
documents required in connection with said note.
Section 3. That repayment of any sum so borrowed and any accrued
interest thereon shall be made from the General Fund. Unreserved Fund
Balance Account.
Section 4. That in view of adequate monies having been
appropriated for repayment of any debt authorized to be created herein.
no additional tax need be levied for repayment of the proposed
indebtedness.
Section 5. If any word, phrase, clause, sentence, paragraph,
section or other part of this ordinance or the application thereof to
any person or circumstance, shall ever be held to be invalid or J
unconstitutional by any court of competent jurisdiction. the remainder
of this ordinance and the application of such word, phrase, clause,
sentence. paragraph, section or other part of this ordinance to any
other persons or circumstances shall not be affected thereby.
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Ordinance Number 1344, Page 2
Section 6. All ordinances and parts of ordinances in conflict
herewith are hereby repealed to the extent to the confl i ct only.
Section 7. The City Council officially finds, determines and
declares that a sufficient written notice of the date, hour, place and
subject of each meeting at which this ordinance was discussed,
considered or acted upon was given in the manner required by the Open
Meetings Law, TEX. REV. CIV. STAT. ANN. art. 6252-17, as amended, and
that each .such meeting has been open to the public as required by law
at all times during such discussion, consideration and action. The
City Council ratifies, approves and confirms such notices and the
contents and posting thereof.
n:' 5'&1:i on -g,~ :Thi:s!ord'i rita'O:ce csha H. :be- considered ipa.ssecl .,ffi:na l)~y; on
the date of its introduction, this 10th day of April n~ ~.~
1989, and shall take effect immedi ately upon its passage and approval
pursuant to Section 7.07 of the City Charter.
of
PASSED AND APPROVED ON FIRST AND fINAL READING
Apri 1 ,1989.
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this 10th day
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Voting No:
Absent:
Signed:
Michael L. Parks, Mayor
ATTEST:
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Approved as' to Fot'w'~ ~
Audrey Nichols
City Secretary
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James L. Dougherty, Jr.
City Attorney . I
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