HomeMy WebLinkAboutRES 08.01.1955 - Loan ExtensionA RESOLUTION OF THE CITY COUNCIL OF TEE CITY
OF GEORGSTOWN TETAS, AUTHORIZING AND DIRECTING
TEE EXTENSION OF TIME PAYIENT OF TBE REMAINRER
NOW DUE ON THE $35.0-00.00, LOAN !UTHORIZED BY
OUR RESOLUTION , OF DATE jUN& 15TH. 1054
WEERSASP
The City Council of the City Of Georgetown, Texas;
passed and approved a resolution, authorizing and directing
Lee C. Black, City Manager , of said city to borrow $35,00000
with which to pay for improvements being made by the City,
and to in behalf of the City execute notes or warrants, due
and payable on or before one year after date,bearing intrest
at 6%, and that in persuance to the said resolution, the
said city manager borrow of and from the FARASRS STAT9 BAONT.
OF GKORGBTOWN TEXASt the sum of $ 17.500.00 and did borrow
from THFIRT NTONABANK OF IRIWSAIOGOTEXAS, the sum
of t 17.500.00, and that there is now due and unpaid on
the said loan, $ 11,500.00 to the said FARMERS STATE BEAR
and Q 11.500.00 to the said FIRST NATIONAL BANK, for which
said unpaid amou4ts, the obligations of the said City is
held by the sai4 banks, in the porportions above stated, for
the principal and intrest due thereon , and said Banks
have agreed to extend the said indebtedness.
THE'.- BE IT RESOLVE32 by the City Council of the City
of Georgetown Texas, that the City here and now recognizes,
as valid and subsisting, the above mentioned obligations
.of the said City, and does hereby authorize and direct
the said City Manager of the said City , to execute for
and in behalf of the said City, extension of the said unpaid
indebtedness, extending the timeof the payment thereod ,
so that the same will be dueand payable on or before one
year from this date.
in absence of City Clerk, H.A.Partain is named Clerk-Pro-TeM
Passed and approved this the - Day of August, A.D. 1955
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getown, Texas
Texas