RESO CC 1976-06 - First National Bank agrmt RESOLUTION No. 76-6
WHEREAS , Section 11. 11 of Article XI of the Charter of City
of Huntsville, Texas, provides that the City Council may by
Resolution authorize the borrowing of money; and
WHEREAS , the City Council of the City of Huntsville is of the
opinion that the City of Huntsville should acquire a 90 day Promissory
Note in the amount of SIXTY NINE THOUSAND SEVENTY DOLLARS ($ 69, 070. 00)
for interim funding on South Plant Lines-Moore Contract.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF HUNTSVILLE, TEXAS , that the Mayor of said City shall in all things
be authorized to execute a Promissory Note in the amount of SIXTY
NINE THOUSAND SEVENTY DOLLARS ($ 69 , 070. 00) , payable to First
National Bank, Huntsville, Texas , with interest at the rate of 5. 49
per cent per annum, maturity date of September 17 , 1976 , and an
acquisition date of July 21, 1976. In addition, the Mayor of said
City shall in all things be authorized to grant sufficient security
or collateral to First National Bank to secure the payment of said
Note.
WHEREUPON, said Resolution was duly made and seconded and
passed upon a vote of 9 for and 0 against on the 20th day of July,
1976.
THE CITYY OF HUNTSVIgLLE, TEXAS QQ
MORRIS I . WALLER, MAYOR
ATT
I ETARY