R-75-125 - 7/29/1975THE STATE OF TEXAS,
CITY OF ROUND ROCK..
RESOLUTION NO. 125R
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RESOLUTION y*
WHEREAS, the City of Ro undR_ock has allocated that
$15,000.00 of the General• Revenue Sha Funds for the
Sixth Entitlement Perioddbe spent for the purchase of a
maintainer; and -
WHEREAS, the City of •'Round' Rock has entered into z an -
agreement with the Ray Goodso n' Company for the purchaser of
,a maintainer for the sum of $14,000.00; and
WHEREAS, the City has not received all of the funds '
allocated for the Sixth Entitlement Period and thus the
City does not have sufficient funds in its treasury to pay
for said maintainer;,and
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WHEREAS, the City Council of the City of Round Rock
wishes to borrow $14,000.00 to finance the purchase of said
maintainer from either the Farmers State Bank of Round Rock
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or the First National Bank of Round Rock;
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 Rock for the rate`of interest that each would
.charge for a loan totaling the sum of $14,000.00, to be
repaid in installments which coincide with the receipt of
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`the funds from the General Revenue Sharing Funds for`the
, Sixth Entitlement Period. • -
IT IS FURTHER RESOLVED that upon receipt of the bids
by either or both`of said banks that the City Manager is hereby
authorized and ordered °to execute a promissory note on behalf.
of the City for the "sum of $14,000.00 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 interest shall be repaid in
installments which - coincide with the receipt of the funds
'' the General Revenue Sharing Funds for the Sixth
Entitlement Period; the proceeds of said note to be used _.
solely for the purchase of the maintainer from Ray Goodson-
Company. , -
IT IS FURTHER RESOLVED,' that should either bank fail,
or refuse to submit a bid for said- loan,' then the City
Manager is authorized to execute the 'note to the .sole bidder.
IT IS FURTHER, RESOLVED,: that =should each of the two
banks submit identical bids, then the City „Manager, at his'
_ _ . r;, Z i tt - ) 1 a -
discretion, may execute the no'tewith either of said banks. '•
READ, PASSED ANDtADOPTED'ths : da of July, 1975.
ATTEST:
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! RAA/LITTO PI ;
.,Mayor, of the City of Round Rock,
% Texas