HomeMy WebLinkAboutORD 1290 - ORD Authorizing Maypr to Execute to Renew & Extend Promissory Note ORD 1260 May 29, 1986
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ORDINANCE NUMBER 1290
AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE THE NECESSARY DOCUMENTS
TO RENEW AND EXTEND THE PROMISSORY NOTE PREVIOUSLY AUTHORIZED BY
ORDINANCE NUMBER 1260 DATED MAY 29, 1986; 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-Chemical
of Houston in the principal amount not to exceed $200,000; and
WHEREAS, such promissory note was executed on or about June 10,
1986; 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:
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Section 1. That the City Treasurer is hereby authorized to pay to
Texas Commerce Bank-Chemical the sum of $20,000 to be applied as a
principal reduction of the $180,000 promissory note balance together
with the sum of $4,240 representing biannual interest accrued on said
promissory note from the last date of payment (November 26, 1986)
through May 29,1987. '
Section 2. That Michael L. Parks, Mayor of theCity 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 Bank-Chemkal in the principal amount not to exceed
$160,000 at the interest rate of 4 1/2% 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.
Section 4. That repayment of any sum so borrowed and any
accrued interest thereon shall be made from the General Fund,
Unreserved Fund Balance Account.
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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.
Section 6. If any word, phrase, clause, sentence, paragraph,
section or other part of this ordinance or the application thereof to
any person or circumstance, shall ever be held to be invalid or
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Ordinance Number 1290
unconstitutional by any court of competent jurisdiction, the remainder
of this ordinance and the application of such word, phrase, clause,
sentence, paragraph, section or other 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 to 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.
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Section 9. This ordinance shall be considered passed finally
on the date of its introduction, this 11th day of May, 1987, and
shall take effect immediately upon its passage and approval pursuant to
Section 7.07 of the City Charter.
PASSED AND APPROVED this 11th day of
May , 1987.
Councilmembers Voting Aye:
Mayor Parks, Councilmembers
Bryan, Bell, Britton,
Schwartzel
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Councilmembers Voting No: None
Councilmembers Absent: None
Signed:
Michael L. Parks, Mayor
ATTEST:
Audrey Nichols
City Secretary
Approved as to Form:
(SEAL)
James L. Dougherty, Jr.
City Attorney
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