Ordinance No. 9,921ORDINANCE NO. 9921
o AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, AUTHORIZING THE PAYMENT OF THE DEBT ON THE SHIP
STORE AND COMMON AREAS AT BAYLAND ISLAND IN THE AMOUNT
OF TWO HUNDRED FORTY -THREE THOUSAND TWO HUNDRED SIXTY -
TWO AND 23/100 DOLLARS ($243,262.23) TO SOUTHWEST BANK OF
TEXAS, SUCCESSOR IN INTEREST TO CITIZENS BANK AND TRUST
COMPANY OF BAYTOWN, TEXAS; MAKING OTHER PROVISIONS
RELATED THERETO; AND PROVIDING FOR THE EFFECTIVE DATE
THEREOF.
WHEREAS, on September 14, 1995, the City of Baytown, Texas, executed a certain
promissory note in the principal sum of ONE MILLION EIGHT HUNDRED THOUSAND
AND NO 1100 DOLLARS ($1,800,000.00) bearing interest and being payable to the order of
Citizen's Bank and Trust Company of Baytown Texas, the predecessor in interest by reason of
acquisition and merger to Southwest Bank of Texas, N.A. (the "Promissory Note "); and
WHEREAS, payment of said Promissory Note was secured by a Lease and Rental
Assignment and Security Agreement of even date, which security was released on March 17,
2004; and
WHEREAS, the Promissory Note has been modified pursuant to modification
agreements dated March 29, 1996, February 20, 2003, and March 17, 2004; and
WHEREAS, the payoff amount for the unpaid balance of the Promissory Note is TWO
HUNDRED FORTY -THREE THOUSAND TWO HUNDRED SIXTY -TWO AND 23/100
DOLLARS ($243,262.23); and
WHEREAS, the City desires to pay off its entire indebtedness to the Bank; NOW
THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1: That the City Council of the City of Baytown authorizes payment of funds
to Southwest Bank of Texas, successor in interest to Citizens Bank and Trust Company of
Baytown, Texas, in an amount of TWO HUNDRED FORTY -THREE THOUSAND TWO
HUNDRED SIXTY -TWO AND 23/100 DOLLARS ($243,262.23) for the indebtedness on the
ship store and common areas at Bayland Island evidenced by the Promissory Note and Loan
Agreement, executed on the 14`h day of September, 1996, and all amendments and modifications
thereto.
Section 2: That the City Manager is hereby granted general authority to execute all
documents necessary for Southwest Bank of Texas to release the indebtedness on the above-
referenced facility.
® Section 3: This ordinance shall take effect immediately from and after its passage by
the City Council of the City of Baytown.
0
INTRODUCED, READ and PASSED by the affirmative vote of the City Council of the
City of Baytown this the 26`h day of October, 2004.
CALVIN MUNDINGER, Mayo
ATTEST:
GA -R _iW SMI IM, City Clerk
APPROVED AS TO FORM:
ACIO RAMIREZ, SR., C' tto —mey
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