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HomeMy WebLinkAboutORD 1261 - ORD Authorizing Mayor to Execute Necessary Documents to Renew & Extend the Promissory Note 67 .-------., r 1. '"-----,, ORDlflANCE>NUMBER 1261 f~ AN 'ORDINANCE AUTHORIZING THE 'MAYOR TO EXECUTE THE : NECESSARY DOCUMENTS TO RENEW AND EXTEND THE PROMISSORY NOTE PREVIOUSLY AUTHORIZED BY ORDINANCE NUMBER'1225 DATED JUNE" 1 ~ 1984 AND ORDINANCE NUMBER 1239 DATED MAY 23,:1985; 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 Council has heretofore authorized Michael L. Parks, Mayor of the City of West University Place, Texas, to execute a promissory note on behalf of the city to Texas Commerce Bank-Chemi.cal .of Houston in the principal amount not to exceed $260~000; and WHEREAS, such pramissory note'was executed on or about June 1, 1985; and , WHEREAS, the City Council has determined that the renewal and extension of said promissory note for: an additional one (1) year period would be to the advantage of the city. [I NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS: Section 1. That the City Treasurer is hereby authorized to pay to Texas Commerce Bank-Chemical the sum of $65,000 to be applied as a pri nci pa'lreducti on' afthe'$260 ,000 promissory note, together with the sum of $13,171.53 representing interest accrued on said promissory note from date of execution (June 1, 19,85): through: May; 31:" 1986. ': . : ~., I , , , Section 2. That Michael L. Parks, Mayor of the City of West University Place, Texas, be, and he is hereby, authorized to execute a renewable and extended promissory note on behalf of the city payable to Texas Commerce Ba:nk-Chem.ic'a~ to' the principal amount not to exceed $195,000 at the interest rate of 5% per annum. Section 3. That Michael L. Parks, Mayor of the City of West University Place, Texas, be, and he is hereby. authorized to execute any additional documents required to renew and extend the loan agreement made between the city and Texas Commerce Bank-Chemical. u 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 apprapriated far repayment of any debt authorized to be created herein, no additional tax need be levied for repayment of the proposed indebtedness. " ^ . ,- ~ , 111 .. J '--1I....illI.LLIl l'-"l.... .1.,1>111111.1'1 II .1"'" l)8 Section 6. If any word, phrase~ clause, sentence, paragraph, section or other part of this ordinance or the application thereof to any person'orcircumstance, ,shall ever be held to be invalid or unconstitutional by any court of competent jurisdiction, the remainder of this ordinance and the application of.such word, phrase, clause, sentence, paragraph, section or,othe'r part,of this ordinance to any other persons or circumstances shall not be affected thereby. Section 7. All ordinances and parts ,of ordinances in conflict herewith are hereby repealed te the extent of the conflict only. Section 8. The City Council officially finds, determines and declares that a sufficient written notice of the date~ hour, place and subject of each meeting at which this ordinance was discussed, considered or acted upon was,given in the manner required by the Open Meetings Law, ,TEX. REV. CIV. STAT. ANN. art. 6252-17, as amended, and that each such meeting has been open to the public as required by law at all times during such discussion, consideration and action. The City Council ratifies, approves and confirms such notices and the contents and posting thereof. Section 9. This ordinance shall be considered passed finally on the date of its introduction, this 9th day of June, 1986, and shall take effect immediately upon its passage and approval pursuant to Section 7.07 of the City Charter., PASSED AND APPROVED THIS 9th day of JUNE , 1986. . Councilmembers Voting Aye: Mayor Parks, Councilmembers Higley, Bryan, Cummings, Schwartzel None None Councilmembers Voting,;No: Councilmembers Absent: . Michael L. Parks, Mayor ATTEST: Audrey Nichols, City Secretary (SEAL) App'roved as to Form: .J James L. Dougherty, Jr., City Attorney !----.. '------" 'I i ------J '~l I i r '---./ .. .. .. THE CITY or WEST UNIVERSITY PLACE, 10513030-9004 ~ ,~ PROMISSORY NOTE $195,000.00 JUNE 1, 1986 THE C.ITY or WEST UNIVERSrry PLACE (the "City"), a Texas municipal corporation, for value received, hereby promises to pay to TEXAS'COMMERCE '.BANK ~ CHEMICAL (the "Bank"), a Texas banking corporation ,or order, :the principal SURI of ONE HUNDRED NINETY FIVE THOUSAND AND NO/IOO DOLLARS ($195,000.00) with interest on the unpaid 'principalbalahce from the date hereof at the rate of; f'ive 'percent (5%) 'per';annum. Principal and interest shall be dueafld payal:de at the offices of the Bank at 3201 Kirby, Houston, Texas, em'. or before one (1) year after the date her~of. This promissory nOite, is 'enti tIed to the benef"its of,and'is subject to;. that 'certain loan Agreement of June 1, 1984, herewyth betweeri thetity': and, the Bank. EiXECUTED this 1st day' of June, 1986. ATTEST: THE CI TY or WEST . %u {~~HARY '--~---~~"""""--'''''r~''''C''''~O''~'~~'':c.':] L ~'~"~--'~O'[;;IJ'][_______,_l~LU.li.i.lil1l1i'"