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HomeMy WebLinkAboutORD 1300 - ORD Authorizing Mayor to Execute New Promissory Note payable tp the First Republic Bank 3 1 u ORDINANCE NUMBER 1300 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 1225 DATED JUNE 1, 1984, ORDINANCE NUMBER 1239 DATED MAY 23, 1985, ORDINANCE NUMBER 1261 DATED JUNE 9, 1986 AND ORDINANCE NUMBER 1291 DATED MAY 11, 1987; AUTHORIZING A 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 First Republic Bank Fannin of Houston in the principal amount not to exceed $130,000; 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. n NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS: 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 $130,000 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 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. o 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 jurisdiction, the remainder of this ordinance and the application of such word, phrase, clause, 4 Ordinance Number 1300 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. SectiOn 9. , This ordinance shall be considered passed finally on the date of its introduction, this 12th day of October, 1987, and shall take effect immediately upon,its passage and approval pursuant to Section 7.07 of the City Charter. PASSED AND APPROVED THIS 12 th day of October , 1987. ~ Councilmembers Voting Aye: Mayor Parks, Councilmembers Bryan, Bell, Britton,Schwartzel Councilmembers Voting No: None Councilmembers Absent~ None Michael L. Parks, Mayor ATTEST: Audrey Nichols Ci ty Secretary (SEAL) Approved as to Form: James L. Dougherty, Jr. City Attorney n I , I ! : ~ '---' ! , , I '----"