HomeMy WebLinkAboutORD 703 - ORD Finding & Authorizing Borrowing $36,000 From University State Bank of Houston
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ORDINANCE NO. 703
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AN ORDINANCE FINDING THE :NECESSITY FOR AIm AUTHORIZING
THE BORROWING OF $36,000.00 FROM THE UNIVERSITY STATE "'
BANK OF HOUSTON, SUCH SUM TO ~E USED ,IN TEE PURCWlliE
OF A GARBAGE DISPOSAL SITE FOR THE CITY OF WEST UNIVERSITY
PLACE, AUTHORIZING TEE MAYOR OF SAID CITY ON ITS BEHALF
TO EXECUTE SAID NOTES AND DESCRIBING THE PROVISIONS RE-
LATING TO TEE MANNER - A!ilD TIME - OF REPAYMENT OF THE' BORROWED
SUM.
WHEREA9 it has been determined by the City Commission of the City
of West University Place that it is desirable and Eecessary to improve its
position with respect to the ac~uisition of:a larg~r and more desirably
located tract of land in Harris County, Texas, for use as a permanent lo-
cation for a garbage and refuse disposal site;-and
WHEREAS Ordinance No. 701 was duly passed and adopted on the
13th day of February, 1956, authorizing the-purchase of a tract of land
as fully described in said Ordinance No. 701; and
WHEREAS Ordinance No. 702 was passed and adopted on the 12th day
of March, 1956, creating a new fund to be known as the Garbage and Refuse
Disposal Sites Special Fund; and
WEEREAS funds are not currently available in the ac-counts of the ,
City in its depository banks with which the purchase of said land may be
consummated; and
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WHEREAS 1\rticle XXIII, Section 1, of the Home Rule Charter of the
City of West University Place specifically permits and authorized the issu-
ance of notes for the purpose of borrowing money on the credit of the City
for permanent -public improvements:
NOW, ,THEREFORE, BE IT ORDAIJ.IlED BY TEE CITY COMMISSION OF TEE CITY
OF WEST u:rmrERSITY PLACE, TEXAS:
Section 1. That Edwin W. Morris, Mayor of the City of West Univer-
sity Place, be, and he is hereby, authorized to execute a note on or after
the date of this Ordinance payable to the University State Bank of Houston
in the principal amount of Thirty-Six Thousand Dollars ($36,000.00) and said
note to provide for an interest rate not to exceed two and. one-half per cent
(2~) per annum and with a maturity date of March 31, 1956.
Section 2. The sum so borrowed from the University State Bank cf
Houston and secured by the City's note shall be deposited. in the Garbage
and Refuse Disposal Sites Special Fund of the City of West University Place,
Texas, at the depository bank at which the account for said ,Fund is kept.
Section 3. An account shall be opened for the Garbage and Refuse
Disposal Sites Special Fund of the City of West University Place, Texas in
the University State Bank of Houston, Texas.
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Section 4. Repayment of the sum so borrowed from the University
State Bank of Houston shall be repaid and the said"1[oteshall be retired
from the proceeds of Certificates of Deposit Nos. 115 and 139, respectively
in the amounts of $9,000.00 and $30,150.00, issued by the University State
Bank of Houston to the Sanitary Sewer Capital Improvement Fund of said
City. Said Certificate of Deposit No. 115 shall have a maturity date of
March 31, 1956 and Certificate of Deposit No. 139 shall have a maturity date
of March 15, 1956.
Section 5. This Ordinance shall take effect and be in force and
effect from and after the date of its passage by the City Commission and
approval by the Mayor.
PASSED AND APPROVED THIS THE 12TH DAY OF MARCH, 1956.
COMMISSIONERS VOTING AYE: All
COMMISSIONERS VOTING NO: None
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~YOR, -Gi=l7;y'--ef'--wee:(;.-..tffl-i:'YeF-a-:L ty Place, Te~s
ATTEST:
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