HomeMy WebLinkAboutORD 1265 - ORD Authorizing Mayor to Execute Documents to Renew & Extend Promissory Notes Previously Authorized in ORD 1194 Aug 23, 1982
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ORDINANCE NUMBER 1265
AN ORDINANCE AUTHORIZING THE, MAYOR TO EXECUTE THE
NECESSARY DOCUMENTS TO RENEW AND EXTEND THE
PROMISSORY NOTE PREVIOUSLY AUTHORIZED BY
ORDINANCE NUMBER 1194 DATED AUGUST 23, 1982,
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 Council has heretofore authorized Marla S.
Forristall, Mayor of the City of West Unjversity Place, Texas" to
execute a promissory note on behalf of the city to Texas Commerce Bank-
Chemical of Houston in ~he principal amount not to exceed $246~000; and
WHEREAS, such promissory note was executed on or about
September 1, 1984; 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.
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 $82,000 to be applied as
a principal reduction of the $246 ,000 promi'ssorynote,. together with
the sum of $8,366.66 representing interest-accrued, on -s-aid promissory
note from date~ of. execution ,(September 1, 1985) through August 31, 1986.
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 promfssory'note on behalf of the city payable to
Texas Commerce Bank-Chemical in the principal amount not to exceed
$82,000 at the interest rate of 5% per annum.
Section 3. That Michael L. Pa:rks';i Mayo,r ,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 and Commerce Bank-Chemical.
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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. If any word, phrase, clause, sentence, paragraph, D
section or other part of this ordinance or the application thereof to I~I;
any person or circumstance, shall'ever be held to be invalid or .
unconstitutional by any court of competent jurisdiction, the remainder
of this ordinance and the applfcati.on of such word, phrase, clause,
sentence',: paragraph, section or other part of this ordiilance to any
other persons er circumstances shall not be affected thereby.
Section. 7. All ordinances and parts of ordinances in conflict
herewith are hereby repealed to the extent of the conflict only.
Section;8. The City Countll 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 givew'in"'the manner' reqifiredby 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 25th day of August,. 1986, and
shall take' effect immediately upon ,its, passage and approval pursua'nt to
Section 7.07 of the City Charter~
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, :' PASSED AND APPROVED this 25th" day-'of AUQust
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1986.
Councilmembers Voting Aye: Mayor Pro Tem Higley,
· .Councilmembers Bryan, Schwartzel
Councilmembers Voting No: None' ' .
Counci lmembers Absent:"., , Mayor'Parks,
Councilmember Cummings (resigned)
Laura C. Hi gley, Mayor Pro Tem
ATTEST:
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Audrey Nichols, City Secretary
(SEAL)
Approved as to Form:
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James L. Dougherty, Jr.
City Attorney
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