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R-76-134 - 2/12/1976THE STATE OF TEXAS, CITY OF ROUND ROCK. RESOLUTION NO. 134R RESOLUTION WHEREAS, the City of Round Rock has received a grant from the Economic Development Administration (EDA) for Public Works Improvement Project, P. L. 660, Swimming Pool Project, in the sum of $78,400.00; and WHEREAS, Gary Pools, Inc. of San Antonio, Texas, has completed construction of the said Swimming Pool Project; and WHEREAS, the City of Round Rock is in need of necessary funds to finance the final payment on the project until the final portionuof the grant money is received from EDA; and WHEREAS, the City does not have sufficient funds in its treasury to finance the final payment of said Swimming Pool Project; and NOW THEREFORE BE IT RESOLVED, that the City Manager shall secure bids from both Farmers State Bank and First National Bank, for the rate of interest that each would charge for a loan totaling the sum of $32, 000.00 to be paid on or before one hundred twenty (120) days from the date thereof, and with the total principal and interest of said note to be due and payable on or before one hundred twenty (120) days from the date thereof. IT IS FURTHER RESOLVED, that upon receipt of the bids by either or both banks that the City Manager is hereby authorized and ordered to execute a promissory note for the sum of $32,000.00 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 due and payable on or before one hundred twenty (120) days from date thereof; the proceeds of said note to be used solely for _financing the final payment of EDA Public Works Improvement Project, P. L. 660, in accordance with the terms of the contract heretofore entered into by and between the city and Gary Pools, Inc, of San Antonio, Texas. ATTEST: 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 said 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 discretion, may execute the note with either of said banks. READ, PASSED AND ADOPTED, this RA LITTON, Mayor City of Round Rock dayobf February, 1976.