R-75-121 - 3/6/1975}
THE STATE OF TEXAS,-
CITY OF ROUND ROCK.
RESOLUTION
WHEREAS, the City of Round Rock.has received. confirmation
by the Economic Development Administration (EDA) that Public
Works Improvement Project, P.L.660, Swimming Pool Project,-
has been things approved and that the city will " r
receive a grant within one hundred twenty (120) daysfrom
date hereof in the sum of476,400.00 from EDA; and .�.-
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WHEREAS; the City of Round Rock-has entered into a'
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,contract with Gary Pools, Inc.,'•of San Antonio, to
commence construction of the said Swimming Pool-Project; and
.--WHEREAS, the City- Council`is in need of necessary funds
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to finance the interim construction period before the EDA-
grant is received by the City; and ' F `� •
WHEREAS, the city does not``have sufficient funds in its
treasury to finance the '•interim construction of said Swimming
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Pool Project; and +• w �` •
WHEREAS, the ;City Council wishes to borrow $50,000.00
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to finance the interim+. 'construction" dW:sa id' Swimming Pool
Project from either the - Farmers State Bank of Round Rock,or
the First National Bank of =Round Rock;;4 F -
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NOW, THEREFORE, BE IT-RESOLVED by the' City Council of'.
the City of Round Rock, Texas, that the City Manager secure
bids from both the Farmers State Bank and the -First National ,
Bank of Round.Rockfor therate of interest that each would
charge for' a loan totaling the sum of $50,000.00,to be paid
on or before one hundred : twenty (120) days from date thereof,
and with the total principal and interest of said note to .-
•be due and payable on'or "before one twenty (120)
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days from date thereof.',
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,IT IS FURTHER RESOLVED that upon the seceipt bids',
by, either or both of said banks_ that the City Manager is
hereby authorized and ordered to exec -.a promissory note '
for the sum of $50,004.00 with whichever of the above banks"
'submits the lowest bid for the interest rate to be, charged
, and with the terms of, the note "to `spell• out that all
... principal and accrued interests •shall • be " and payable 'on -
•n or before one hundred twenty 020)'d6ys-from date'thereof;
"the proceed of said note to be used solely,.for interim
construction financing of•EDA Public,Works`Improvement
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Project,P.L. "660, in accordance with the terms of the`
contract entered into � by and. between the city
'j ,• *+' " F A f s ,. ‘
and Gary Pools, Inc . , " of San Antonio', Texas .
IT IS FARTHER RESOLVED,• that: should either ,bank fail or
refuse to submit a bid for said loan,,then the City Manager
is authorized to execute said note to the sole bidder._
IT IS FURTHER RESOLVED, that should each of'the two -
banks_submit identical bids, then the City Manager,' his
discretion, may execute the note with either of said banks.,
READ, PASSED AND ADOPTED; this 't.Z day of March,
1975. ,