CC Resolution No. 309 RESOLUTION NO. 309
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAYTOWN
AUTHORIZING THE ADMINISTRATION TO SECURE A LOAN IN AN
AMOUNT NOT TO EXCEED $200,000.00 FROM THE CITY'S DEPOSI-
TORY BANK FOR THE PURPOSE OF REPLACING CERTAIN MONIES
HERETOFORE ADVANCED FROM THE CITY'S CURRENT OPERATING
FUNDS; AND PROVIDING FOR THE EFFECTIVE DATE.
WHEREAS, the City of Baytown has heretofore entered into certain
option and/or earnest money contracts for the purchase of land for
park purposes , pursuant to the City's 1970 Capital Improvement's Bond
Program; and
WHEREAS, certain moneys have been advanced, and will be
advanced, under such contracts, to secure such option periods and
satisfy the City's obligations thereunder; and
WHEREAS, the City has made application for certain Federal
matching grants with regard to the acquisition costs of park lands;
and
WHEREAS, such grants are still being processed and will
not be funded prior to the actual closing of the real estate transactions ;
and
WHERAS, the City has advanced such sums of money from
its current operating funds in anticipation that such funds would be
replaced from matching Federal grants and/or other legal sources; and
WHEREAS, until such time that such Federal grants have been
received and/or other funds received, the City Council desires to secure
a loan from its depository bank, under the terms of its depository
contract, to replace the funds advanced from the City's current opera-
ting funds, NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section l : That the City Administration is hereby authorized
and directed to secure a loan from the City's depository bank in an amount
not to exceed $200,000.00 for the purpose of refunding the amounts
advanced from the City's current operating funds in connection with
option contracts for the purchase of land for park purposes . Such note
shall be consistent with the terms of the City's depository contract
with regard to loans .
Section 2: This resolution shall become effective from and
after its passage by the City Council of the City of Baytown, Texas .
INTRODUCED, READ and PASSED by the affirmative vote of
the City Council on this llth day of February, 1971 .
C. GLEN WALKER, Mayor
ATTEST:
EDNA OLIVER, City Clerk
APPROVE
WILLIAM R. LAUGHLIN, City Atto y