HomeMy WebLinkAboutOrd 137 - escrow agreement
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ORlDINANCE NO. /37
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AUTHORIZING HARVEY T. FLEMING, MAYOR OF THE
'CITY OF WEST UNIVERSITY PLACE, TO ENTER INTO
AN ESCROW, AGREENENT WITH W. F. WARFFELD & COM-
PANY,INC., AND mE CITIZENS STATE BANK OF HOUS-
TON, TEXAS, WITH REFERENCE TO $100,000.00 ISSUE
OF SEWER SYSTEM REVENUE BONDS, SERIES 1938, AND
FURTHER AUTHORZING THE CITY NATIONAL BANK OF
HOUSTON TO DELIVER SUCH BONDS TO SAID CITIZENS
STATE BANK OF HOUSTON, UPON REQUEST OF SAID
MAYOR; PROVIDING THAT ALL ORDINANCES AND PARTS
OF ORDINANCES IN CONFLICT HEREWITH ARE REPEALED
AND THAT THIS ORDINANCE SHALL TAKE .EFFECT IlIIMED-
IATELY
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BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF WEST
UNIVERSITY PLACE, TEXAS:
SECTION 1..
Harvey T. Fleming, Mayor of the City of West Uni-
versity Place, Texas, is hereby authorized on behalf of the City
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to enter into an escrow agreement with W. F. Warfield & Company,
Inc., and the Citizens state bank of HoustOli, for the purpose
of placing in escrow in said Bank the $100,000.00 of sewer sys-
tem revenue bonds, Series 1938, issued by the City, providing
for the payment for such bonds, the dispostion of the money re-
ceived in payment and all other matters and things in connection
therewith.
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Section 2.
The City National Bank of Houston, wherein said bonds
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are now held in escrow, is hereby authorized to deliver such
b~nds to the,Citizens state Bank of Houston, upon request of the
said Harvey T. Fleming, Mayor of the City of *est University
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Place, and, upon the delivery. of such bonds to such Bank, as here-
in stipulated, the City National Bank of Houston, shall be re-
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lieved of all liability in connection with such bonds.
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203
Section 3.
All ordinances and parts of ordinances in conflict
herewith, are hereby repealed in so far as concerns such con-
flicts.
. Section 4.
This ordinance shall take effect and be in force immed-
iately from and after ,its passage and approval.
Passed and approved this the 23rd day
1938.
ATTEST:
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