HomeMy WebLinkAboutORD 1164 - ORD Authorizing Mayor to Execute
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ORDINANCE NUMBER 1164
AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE THE NECESSARY
DOCUMENTS TO RENEW AND EXTEND THE PROMISORY NOTE PREVIOUSLY
AUTHORIZED BY ORDINANCE NUMBER 1146 DATED DECEMBER 29, 1979;
PROVIDING FOR THE REPAYMENT OF SUCH AMOUNT SO BORROWED; AND
PROVIDING THAT NO TAXES WILL BE LEVIED SINCE FUNDS HAVE BEEN
PROPERLY APPROPRIATED AND DESIGNATED FOR THE REPAYMENT OF
SUCH DEBT AUTHORIZED HEREIN.
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WHEREAS, the City Commission has heretofore authorized James M. Cole,
Mayor of the City of West University-Place, Texas, to execute apromisory note
on behalf of the city to Chemical Bank of Houston in the principal amount not
to exceed $350,000; and
WHEREAS, such promisory note was executed on or about December 30,
1979" said note being due and payable on or before December 31, 1980; and
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WHEREAS, the City Commission has determined that the renewal and
extension of said promisory note for an additional one (I) year period would
be to the advantage of the city.
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COW4ISSIONOF THE CITY OF
WEST UN IVERS ITY PLACE, TEXAS: - .
Section 1. That the City-Treasurer is hereby authorized to pay to
Chemical Bank of Houston the sum of $70,000 to be applied as a principal re- 11,O'lc>
duction of the $350,000 promisory note, together with the sum of $15,944.44
representing interest accrued on said promisory'note from date of execution
through December 31, 1980.
Section 2. That James M. Cole, Mayor of the City of West University
Place, Texas, be, arid he is hereby, authorized to execute a renewable and
extended promisory note on behalf of the citypayab1e to Chemical Bank of
Houston, in the principal amount not to exceed $280,000 at the interest rate
of 5% per annum.
" Section -3. That James M: Cole, Mayor of the City of West University
Place, . Texas "be, and he is hereby, authorized to execute any additional docu-
ments required to 'renew and extend the loan agreement made between the city
arid Chemical Bank of Houston.'
Section 4. That repayment of any sUm so borrowed and any accrued
interest thereon shall be made from the Water/Sewer Fund, Retained Earnings
Account.
Section 5, 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.
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Section 6. That this ordinance shall take effect and be in'f~rc~
from and after its passage and approval by the City Commission.
PASSED AND APPROVED this ~ day of ~ , 1980.
Commissioners Voting Aye:
Commissioners Voting No:
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ATTEST:
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City Secretary
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