HomeMy WebLinkAboutORD 397 - ORD Authorizing the Borrowing of $15000 for the Construction and Improvment of the Street
II'
" T
L, 'J
I
234
ORDINANCE NO. 397
AN ORDINANCE AUTHORIZING THE BORROWING OF $15,000 FOR THE PURPOSE OF THE
CONSTRUCTION AND IMPROVEMENT OF THE STREETS OF THE CITY OF WEST UNIVERSITY
PLACE; AUTHORIZING THE ISSUANCE OF A PROMISSORY NOTE TO EVIDENCE SUCH "-
INDEBTEDNESS; PLEDGING CERTAIN ANTICIPATED PROCEEDS FROM THE SALE OF.
$165,000 STREET IMPROV~vrnNTS BONDS FOR THE PURPOSE OF PAYING THE PRINCIPAL
AND INTEREST ON SUCH INDEBTEDNESS.
fi:
[I I
---.J
WHEREAS, the City Commission of the City of West University Place, Texas,
in regular meeting on August 16, 1948, passed an ordinance a~thorizing the
issuance of $105,000 Street Improvement Bonds for the purpose of the con-
struction and improvement of the streets of said city; and
WHEREAS, pending final approval and sale and delivery of'~aid bonds,
the city is authorized by Article XIV, Section 19 of'the City Charter of said
,citY,toborrow money for the purpose which said bonds are to be ,issued in
anticipation of the receipt of the proceeds from the sale of said bonds; and
WHEREAS, The City National Bank of Houston, Houston, Texas, has agreed
to lend the City of West University Place a total aggregate sum of $15,000
pending the sale of said bonds hereinabove described;
THEREFORE, BE IT ORDAINED by the City Commission of the City of West
University Place, Texas:
1. (I
, i
, I
I '
That there shall be borrowed for and on behalf of the City of West I~
University Place, Texas, fI!om The City National Bank: of,Houston, Houston,
Texas, the sum of $15,000 for the purpose of initiating the program of
street improvements as contemplated by the $165,000 Street Improvement Bond
issue adopted by the City Commission of said city on August 16, 1948.
2.
The Mayor and City Secreta~ of said city are hereby authorized to issue
and execute on behalf of said city legal and binding obligations in the form
of and evidenced by a promisso~ 'note in the principal sum of $15,000.
3.
That said note shall be dated September , 1948, and shall hear in-
terest at the rate of 3% per annum from date until finally paid, shall be in
the aggregate principal sum of $15,000, and shall be due and payable, both
as to principal and interest, on or before December 31, 1948. Both principal
and interest shall be payable at The Gi ty National Bank of Houston, Houston,
Texas.
4.
That said note shall be in substantially the following form: -
No. $
UNITED STATES OF AMERICA
STATE OF TEXAS
" -
COUNTY OF HARRIS
,CITY OF WEST UNIVERSITY PLACE, TEXAS
, PROMISSORY NOTE
lJ
c
o
o
235
. The City of West University Place, in the County of Harris, State of
Texas, a municipal corporation, for value received, promises to pay to the
order of The City National Bank of Houston, Houston, Texas, the sum of
FIFTEEN THOUSAND DOLLARS
($15,000.00) on or before the 31st day of December, 1948, and to pay interest
thereon from date hereof until paid at the rate of 3% per annum, together
with 10% collection fees if suit is brought on this note, or if it is placed
in the hands of an attorney for collection.
It is hereby certified, recited and declared that all acts, conditions
and things required.to be done precedent to and in the issuance of this note
has been properly done and performed and have happened in regular and due
time, form and manner as required by law; and that there has been appropriated,
pledged and set aside from and out of the anticipated proceeds from the sale
of $165,000 Street Improvement Bonds, dated August 16, 1948, the sum of $15,000
plus. such additional sum or sums as are necessary to pay the'accrued,interest
on said note; and that the total indebtedness of the city, including this
note,'does not exceed any co~stitutional or ,statutory limitation.
CITY OF WEST UNIVERSITY PLACE, TEXAS
By
Mayor
ATTEST t."
City Secretary
5.
That for the purpose of paying the principal of above said note, as it
matures, and the interest on said note as it accrues, there is hereby set
aside, appropriated and hypothecated and pledged the sum of $15,,000 from and
out of the initial proceeds of the,sale of the $165,000 bond issue authori~ed
by the City Commission of the City of West University Place, Texas, on August
16, 1948, plus such additional sum or sums as are necessary to pay the accrued
interest on said note.
PASSED and APPROVED this 13th day of September,
ATTEST:
City Secretary
:l. ::' :: ... L"' . . ~ '-.:J:
r:
L....
~!..=n