HomeMy WebLinkAboutORD 487 - ORD authorizing WU transfer $10000 to First Mortgage Swimming Pool Revenue Bonds
2i09
ORDINANCE NO. 487
AN ORDINANCE AUTHORIZING THE CITY OF WEST UNIVERSITY PLACE,
TEXAS, TO TRANSFER $10,000 IN CITY OF WEST UNIVERSITY PLACE,
TEXAS, FIRST MORTGAGE SVI'IMMING POOL REVENUE BONDS FROM THE
WATER REPLACEMENT FUND IN THE CITY NATIONAL BANK OF HOUSTON,
TEXAS, TO THE TAX REVENUE SINKING FUND AND FURTHER AUTHORIZING
THE CITY OF WEST UNIVERSITY PLACE, TEXAS, TO TRANSFER FROM THE
TAX REVENUE SINKING FU~1) IN THE CITY NATIONAL BANK OF HOUSTON,
TEXAS, TO THE WATER VVELL NO.6 ACCOUNT THE SilliI OF $10,000.00
CASH AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE
IMMEDIATELY UPON ITS PASSAGE.
l.I\IHEREAS, by the terms of Ordinance No. 372, duly passed by the
City of West University Place, Texas, there was deposited in the City Natio-
nal Bank of Houston, Texas, to the credit of the Water Replacement Fund '
the sum of $10,000.00 in City of West University Place, ,Texas, First Mort-
gage Swimming Pool Revenue Bonds, and
wHEREAs, it is necessary and desirable to transfer and release
said $10,000.00 in bonds to the Tax Revenue Sinking Fund also on deposit
in the City National Bank of Houston, Texas, for the purpose of creating
a fund for water works improvements, and
,
WHEREAS, it is necessary and desirable for the purpose of ac-
complishing the said water well improve~ents to designate a fund to be
known as the Water Well No. 6 account.
NOW, therefore, be it ordained by the City Commission of the
City of 'West University Place, Texas:
1.
That the City Treasurer and the Mayor of the City of West University
Place, Texas, be, arid they are hereby authorized to accomplish the transfer
of the said $10,000.00 in City of West University Place, Texas, First Mortgage
Swimming Pool Revenue Bonds from the Water Replacement Fund on deposit in
,the City National Bank of Houston, Texas, to the Tax Revenue Sinking Fund
likewise on deposit in said City National Bank of Houston, Texas, and the
Mayor and the City Treasurer are likewise authorized to transfer from the
said Tax Revenue Sinking Fund to an account to be known as the Water Well
No. 6 account the sum of $10,000.00 cash.
IT.
The fact that it is imperative to complete the Water Works im-
provement program as expeditiously as possible creates a public emergency
and by reason thereof this ordinance shall became effective immediately
upon its passage.
Passed and approved this 26th day of September, 1949, by a vote
of 5 ayes and 0 noes.
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