HomeMy WebLinkAboutORD 1182 - ORD Authorizing the Mayor to renew & Extend Promissory Note Authorized by ORD 1146 dated 12/29/1979
..L.LLlclll.tlw.~.I.u....LLl.ul,,""I," u -'- u
,I _' _..''''
I.' 1 'I-.. '
L
'_..I
~t'00018
ORDINANCE NUMBER llB2
--------.
,
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,
AND ORDINANCE NUMBER 1164 DATED DECEMBER 8, 1980; 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.
~
WHEREAS, the City Commission has heretofore authorized James M.
Cole,'Mayor of the City of West University Place, Texas, to execute a promisory
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 was renewed and extended on December 31, 1980; and
WHEREAS, the City Commission has determined that the renewal and
extension of said promisory note for an additional one (1) year period would
be to the advantage of the city.
NOW~-THEREFORE; BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF WEST UNIVERSITY 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-
duction of the $280,000 promisory note, together with the sum of $14,194.41
representing interest accrued on said promisory note from date of renewal
(December 31, 1980) through December 31, 1981.
1
I I
~
Section 2. That Rufus F. Stanl~y, Jr., Mayor of the City of West
University Place, Texas, be, and he is hereby, authorized, to execute a renew-
able and extended promisory note on behalf of the city payable to Chemical
Bank of Houston, in the principal amount not to exceed $210,000 at the interest
rate of 5% per annum.
Section 3. That Rufus F. Stanley, Jr., Mayor of the City of West
University Place, Texas, be, and he is hereby, authorized to execute any addi-
tional documents required to renew and extend the loan agreement made between
the city and Chemical Bank of Houstnn.
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.
! \
lJ
n
c
lJ
I
~oooo 19
~j. ..;,' :~~ ~.i ! ~t: .
Section 6. That thts ordinance shall take effect and be in force
from and after its passage and approval by the City Commission.
PASSED AND APPROVED this 14th day of December, 1981.
Commissioners
Commissioners
Aye:
No:
All
None
ATTEST:
~ L, ~d"Q.A ~ -/'
Lee Lockard, City ~ecretary