HomeMy WebLinkAboutRES 09.12.1955 - Loan ExtensionA. RESOLUTION OF THE GITY COUNCIL OF THE • .TY OF
GEORGETOWN TEXAS, AUTHORWNG AND DIRECTIG TT
EXTENSION OF TTEE OF FAnIENT OF THE REMA DER
NOW DUE. ON THE $35,000.00, LOAN AUTHORIZ-Vi-.BY OUR
RESOIETION, OF DATE JUNE 1th, 1954,
WHEREAS, The City Council of the City of Georgetown,MTexas; passed
and approved a resolution, authorizing and directing Lee C. I ack, City anager
of eaidGity, to borrow #35,000.00, with which to pay for im ovements being
made by the City, and to in behalf of the City execute notes r warrants, due
and payable on or before ono year after date, bearing intere, at 3%, and that
in, persuance to the said resolution, the saic City Langer ha row of and from
the FARMERS STATE BANK OF GEORGETObN TEXAS the sum of $17,5 ,00, and did
borrow from YHE FIRST NATIONAL BANK OF GEORGETOWN TEXAS, the 1m of 17,500.00.
and that there is now due and unpaid on the said Loan, $11,5C).00 to the said
FARMERS STATE BANK and 01,500.00, to the said FIRST NATIONA- :BANIC., for which
said unpaid amounts, the obligations Of the said. City is hel b.r the said Banks,
in the proportion above stated, for the principal and the nrrest due thereon,
and said Banks have agreed to extend the said indebtedness.,
THEREFORE BE IT RESOLVED, by the City Council of the Cl.ty of Georgetown
Texas, that the City here and now recognizes, as valid and so. sisting, the
above mentioned Obligations of the said City, and does hereb;;Mauthorize and.
direct the said City 11,anagerof the:,6aid City,gtemekedute rgand'ingbehalfMof
the said City, extensions of the said unpaid indebtedness, eending the time
of the payment thereof, so that the sane will be due and pnLble on or before
one year from this date.
In absence of City Clerk , Mr. H. Patin isnamed l•rk-Pro-Tem.
Passed and approved on this the 12 day of Sept.
ierc, City of G orrmeteun, Texas.
1955.
Mayo eorgetown, Texas,