HomeMy WebLinkAbout0078_71The above contract was approved by the City Council of the City of Georgetown,
Texas in a regular meeting on the 8th day of May, 1967.
Jay C. Sloan, Mayor
City of Georgetown, Texas
A RMOLUTION OF T11E CITY COUNCIL OF GEORGE-
TOWN, TEXAS, AUT11ORIZING AND DIRECTING THE
MAYOR AND CITY SECRETARY OF SAID CITY TO
BORROW SUCH SM,1S OF MONEY, NOT TO EXCEED
$15,000.00, TO PAY CONTRACT FOR DRAINAGE
CONSTRUCTION. SAID MAYOR AND CITY SECRETARY
ARE AUT►IORIZED TO ISSUE NOTES OR WARRANTS,
NON-NEGOTIABLE, EVIDENCING SUCH INDEBTED-
NESS AND BEARING INTERI_'ST AT THE RATE OF
4-:1i% PER ANN17M.
n
NOW,
THEREFORE, BE IT RESOLVED by the City Council of the
City
of Georgetown, that
the Mayor and City Secretary be, and they are hereby
given
the authority to borrow a sum of money, not to exceed $15,000.00 for the
purpose
(�
of drainage construction. The Mayor and City Secretary are hereby authorized
V
to pay contracts as
the same become due, in the construction of drainage
sts-
tem. The Mayor and
City Secretary are further authorized to execute and
deliver,
in the name of and on behalf of the City, notes or warrants, evidencing
the sum
or sums so borrowed,
and to bear interest from date at the rate of 412% per
annum.
BE IT FURTHER RESOLVED that the Mayor and City Secretary be and
they are hereby authorized to make such payments on said note or notes, to be
executed from revenues of the City in the amount of $62,000 per month. Said
notes shall bear 41% interest on the unpaid balance.
PASSED AND APPROVED this the 12th day of'June, 1967.
Jay C. Sloan, Mayor
City of Georgetown, Texas
ATUs,r :
Claud Lads, City Secretary
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