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HomeMy WebLinkAbout0075_7373 RESOLT71011 OF THE CITY COUATCIL OF THE CTTY OF GEOR"ETOVJIJ TEXAS AUTrORIZING X D DIRECTING TIE CITY YKIAGER OF T`?E SAID CTTY TO FROM TII+'E TO TITVIE AS OCCASION 'KAY ARISE DUPING TT -TE CLIRRL'??i M.R TO BORROW STTCH STTTV IS OF MONEY AS LAY BE NECESSARY TO PAY BILLS FOR LABOR A!. -)D 141ATERIAL IN MAKING EXTENSIONS AND IT;MROVET-UTTS OF THE CITY 1iATE^.R-WORKS SYSTEM.':: THE STRZ BORRO1'+ED NOT TO EXCE::D IN THE AGGREGATE $35,000.00. Ai?D SAID T,WiAGER IS L.TOWERED TO, FOR TI?E CITY, ISSTTE NON-ITEGOTIABLE, NOTES OR ti"iARI ANTS EVIDET CTTIG STICH IIdDEBTEDNTESS,DUT NOT TO EXCEED ONE YEAR AFTER DATE, AIM BFURING I=•TTEREST AT TTTE RATE OF3%,, PER CENT PER ANNIUM . WHEREAS, during the next coming twelve months, it is necessary and proper that certain improvements, additions and extensions of the 'j"eater-Works System of this City shall be made, and it is estimated that the sane will cost $35,000.00 . That it is contemplated and intended that the said extensions and improvements shall be made by the City, and be paid for as made, with money that is now on hand and available for that purpose, and from any other revenues of the City, for the cur- rent year that has not heretofore been appropriated to some other purpose, as the same be collected and become available; but since bills for labor and material will become due and savable before all of the money necessary to pay the same is available, arrangements must be made to pay the said bills for material and labor as the same shall become due, THEREFORE: BE IT RESOLVED BY TFE CITY COTT?TCIL OF THE CITY OF GEORGET01VJN T1XAS: That the City Manager of this City is hereby empauered, authorized, and directed, to at any time during the ensuing twelve months, and at such time, or times as may become necessary, borrori such sums or sums of money as may be re- quired to pay as same may become due, the bills for labor and material, incurred in the extending, and improving, the 17ater-,forks System of this City. That the sums so borrowed, by the City ?.tanager, for and in behalf of the City shall not exceed in the aggregate the sum of $35,000.00. _j That the said City Manager is here- by especially emporuered to execute and deliver, in the name of and on behalf of the City, non-negotiable notes or warrants, evidencing the said sum or sums so borrowed, same to become due at a date not to exceed one year from date of the issuance thereof; and to bear interest from date at the rate of X!, per cent per annum. Passed and approved this the 14th. day of June A. D, 1954. ATTEST: City Cork, City of Georgetown Kayor, ity of oorgetotin-, I©xas. Texas.