HomeMy WebLinkAboutORD 1291 - ORD anthorizing Mayor Execute Documents Renew & Extend
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ORDINANCE NUMBER 1291
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, ORDINANCE NUMBER 1239 DATED
MAY 23, 1985 AND ORDINANCE NUMBER 1261 DATED JUNE 9, 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.
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WHEREAS, the City Council has heretofore. authorized Michael L.
Parks, Mayor of the City of W~st 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 $195.,000; and
WHEREAS, such promissory note was executed on or about June 9,
1986; and
WHEREAS, .the City Council has determicned 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 $65,000 to be applied as a
principal reduction of the $195,000 promissory note, together with the
sum of $9,894.43 representing interest accrued on said promissory note
from date of execution (June 1, 1986) through May 31, 1987.
Section 2. That Michael L. Parks, Mayor of the City of West
University Place, Texas, be, and he is hereby, authorized to execute a
renewabl~ and extended promissory note on behalf of the City payable to
Texas.Commerce Bank-Chemical in the principal amount not to exceed
$130,000 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.
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,
section or other part of this ordinance or the application thereof to
any person or circumstance, shall ever be held to be invalid or
unconstitutional by any court of competent juri~diction',. 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.
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Ordinance Number 1291
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.
Section 9. This ordinance shall be considered passed finally on
the date of its introduction, this 11th day of May,
19 87, and shall take effect immediately upon its passage and
approval pursuant to Section 7.07 of the City Charter.
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PASSED AND APPROVED THIS 11th day of
May , 1987.
Councilmembers Voting Aye:
Mayor Parks, Councilmembers
Bryan, Bell, Britton,
Schwartzel
Councilmembers Voting No:
None
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Councilmembers Absent: None
Michael L. Parks, Mayor
ATTEST:
Audrey Nichols
City Secretary
(SEAL)
Approved as to Form:
James L. Dougherty, Jr.
City Attorney
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