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RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN
TEXAS AUTHORIZING AND DIRECTING THE CITY MANAGER OF THE
SAID CITY TO FROM TIME TO TIME AS OCCASION MAY ARISE DURING
THE CURRENT YEAR TO BORROTd SUCH SUMS OF MONEY AS MAY BE
NECESSARY TO PAY BILLS FOR LABOR AND t1ATERIAL IN MAKING
EXTENSIONS AND IMPROVE1.1ENTS OF THE CITY WATER WORKS SYSTEM:
TIM SUMS BORROY'+°ED NOT TO EXCEED IN THE AGGREGATE $35,000.001
AND SAID tUUNTAGER IS EMPOWERED TO, FOR THE CITY, ISSUE NON-
NEGOTIABLE, NOTES OR WARRANTS E`lIDENCING SUCH INDEBTEDNESS,
BUT NOT TO EXCEED ONE YEAR AFTER DATE, A%,'D BEARING INTEREST
AT THE RATE OF 3i- PER CENT PER ANNUM.
Resolution of City Council of the City of Georgetown, Texas authorizing and
directing the 6ity Manager of said City to from time to time as occasion may
arise during current year to borrow such suns of money as may be necessary to
pay bills for labor and materials in completing water wells and pipe lines
and improvements to Utility System. Sums borrowed not to exceed in the
aggregate 035,000.00 and said manager is empowered to, for the City to issue
non-negotiable notes or warrants evidencing such indebtedness, but not to
exceed one year after date, and bearing interest at rate of 3% per annum.
WHEREAS, during next coming twelve months it is necessary and proper that
certain improvements, drilling wells, laying pipe and utility improvements,
and it is estimated the same will cost 435,000.00- That it is contemplated
and intended that said improvements shall be done by contract and by the
City, and be paid for as made. Payment to be made from revenues of the
City, for the current year that have not heretofore been appropriated to
some other purpose, as the same be collected.and become available, but since
bills for labor and materials will become due and payable before all the
money necessary to pay the same is available, arrangements must be made to
pay the said bills as the same shall become due.
THEREFORE : BE.IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXASs
That City Manager of this City is hereby empowered, authorized
and directed and at such time or times as may become necessary, horrow such
sums or suns of money as may be required to pay as same becomes due, the
bills for labor and materials incurred in improving the utility systems of
this City. jhat the sums so borrowed, by the City manager, for and in
behalf of the City shall not exceed in the aggregate the sum of $35,000-009