71-011?!
RESOLUTION N0. 71 -11
WHEREAS, the City of Southlake did set aside
in its 1969, 1970 and 1971 Budget certain
funds out of the net revenue derived from
its water system to be spent for the expan-
sion and development of said system, in
accordance with Article 1106 of Vernon's
Civil Statutes; And
WHEREAS, the City of Southlake is currently
engaged in such expansion wherein it has
contracted for a water storage tank with
pumping facilities to be constructed at
Well Site No. 2 at a total cost of $60 88~.80;
And '
WHEREAS, payment is now due on a portion of
the above cost to be paid out of funds de-
posited with the Exchange Bank & Trust
Company in Dallas, Texas; Now
THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SOUTHLAKE, TEXAS, THAT:
The sum of $20,000.00 is to be borrowed from the Exchange
Bank & Trust Company of Dallas, Texas, against a Time Deposit
account owned by the City of Southlake held by said Bank.
The loan of $20,000.00 is to be paid back to the Exchange
Bank & Trust Company upon the maturity of said Time Deposit
on July 1~, 1971, whereby the interest currently being earned
on the money in said account will not be forfeited.
PASSED AND APPROVED THIS
DAY OF MAY, 1971, A. D.
ATTEST:
Mayor
City SeCretary