HomeMy WebLinkAboutORD 1299 - ORD Authorizing Nayor to Execute New Peomissory Note Payable to First Republic Bank
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ORDINANCE NUMBER 1299
AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE THE NEW PROMISSORY NOTE
PAYABLE TO FIRST REPUBLIC BANK FANNIN TO REFUND THE PROMISSORY NOTE
PREVIOUSLY AUTHORIZED BY ORDINANCE NUMBER 1260 DATED MAY 29, 1986, AND
BY ORDINANCE NUMBER 1290 DATED JUNE 1, 1987; AUTHORIZING THE RELATED
LETTER AGREEMENT; PROVIDING THAT NO TAXES WILL BE LEVIED SINCE FUNDS
HAVE BEEN PROPERLY APPROPRIATED AND DESIGNATED FOR THE REPAYMENT OF
SUCH DEBT AUTHORIZED HEREIN; AND CONTAINING OTHER PROVISIONS.
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 $160,000; and
WHEREAS, such promissory note was executed on or about June 1,
1987; and
WHEREAS, the City Council has determined that the renewal and
extension of said promissory note would be to the advantage of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE tITY COUNCIL OF THE CITY OF
WEST UNIVERSITY PLACE, TEXAS:
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Section 1. That the 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 First
Republic Bank Fannin in the principal amount not to exceed $160,000
at the interest rate of 7.75% per annum. A copy of said note is
attached to this ordinance.
Section:2. That the Mayor of the City of West University
Place, Texas, be, and he is hereby, authorized to execute any
additional documents required in connection with said note including
the proposed letter agreement, a copy of which is attached.
Section 3. That repayment of any sum so borrowed and any
accrued interest thereon shall be made from the General Fund,
Unreserved Fund Balance Account.
Section 4. 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 5. 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 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.
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Ordinance Number 1299
Sect; on 6.A 11 ordinances and parts of ordinances in conflict
herewith are hereby repealed to the extent of the conflict only.
Section 7. 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 8. This ordinance shall be considered passed finally
on the date of its introduction, this 11th day of May, 1987, and
shall take effect immediately up,on its passage and approval pursuant to
Section 7.07 of the City Charter.
PASSED AND APPROVED this 12th day of
October , 1987.
Councilmembers Voting Aye: Mayor Parks, Councilrnembers Bryan,
Bell, Britton, Schwartzel
Councilmembers Voting No: None
Councilmembers Absent:
None
Signed:
Michael L. Parks, Mayor
ATTEST:
Approved as to Form:
Audrey Nichols
City Secretary
(SEAL)
James L. Dougherty, Jr.
City Attorney
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