HomeMy WebLinkAboutOrdinance No. 203 ORDINANCE N0. 203
AN ORDINANCE MAKING CERTAIN FINDINGS; APPROPRIATING $94,000
PLUS INTEREST FOR REPAYMENT OF A DEBT TO FRIENDSWOOD BANK
FROM UNAPPROPRIATED FUNDS; AUTNORIZING THE CITY MANAGER TO
TAKE THE NECESSARY STEPS TO REPAY THE NOTE.
WHEREAS the City of Friendswood is indebted to the Friendswood
Bank in the amount of $94,000 plus interest at the rate of 5% per annum
by virtue of a certain promissory note authorized by the City Counci1
at a Special Meeting on September 27, 1973, such note to be repaid on or
before November 20, 1973; and
WHEREAS the City of Friendswood has on deposit with the Friendswood
Bank $245,688 in the form of a Certificate of Deposit; and
WHEREAS no other funds are available for the payment of said promis-
sory which is lawful indebtedness of the City of Friendswood; and
WHEREAS such funds are unappropriated and available for the use by
the City; and
WHEREAS all statutory and charter prerequisites have been complied
with by the City Council prior to the adoption of this ordinance.
NOW, THEREFORE, BE IT RESOLVED BY TNE CITY COUNCIL OF THE CITY OF
FRIENDSWOOD, STATE OF TEXAS:
Section 1 . That the City Council hereby appropriates the sum of
$94,000 plus interest for the repayment of the aforementioned promissory
note.
Section 2. That such funds shall be appropriated from the unappro-
priated funds on deposit as described above.
Section 3. That this appropriation shall be paid to the Friendswood
Bank on or before the due date referred to in said promissory note.
Section 4. That the City Manager or any City Official designated
by the City Manager is instructed to take the necessary steps to repay the
debt from the fu�ds Mereby appropriated.
PASSED FOR FIRST READING this �5th day of October , 1973
PASSED FOR SECOND READING this 5th day of November , 1973
PASSED, APPROVED, AND FINALLY ADOPTED this 19th day of November , 1973.
. ���
Ra p . Lowe, ayor
attest:
f v/ � i'�-�-��',
City Secretary �
Approved as to form: %
Ci ty Attorney i� � �1•.