71-014RESOLUTION NO. 71 -14
WHEREAS, the City of Southlake did pur-
chase ten acres of land in 1970 out of
the L. G. Hall Survey, Abstract No. 686,
for the purpose of locating Well Site
No. 2; And
WHEREAS, a Vendor's Lien Note was created
for said purchase in the principal sum of
$17,000.00, bearing 9% interest; And
WHEREAS, said note will be due in full on
September 2, 1971; Now,
THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SOUTH]iAKE, TEXAS, THAT:
The sum of $25,000.00 be borrowed from the Exchange Bank &
Trust Company, Dallas, Texas, for the purpose of paying off
the above described ven~or.'s lien note.
That the lien existing against the property described above
be released and a promissory note be created and made payable
to Exchange Bank & Trust Company for said sum of $25,000.00.
That the City Council of the City of Southlake does hereby
authorize the Mayor to execute said promissory note payable
to Exchange Bank & Trust Company, Dallas, Texas, for the
sum of $25,000.00, bearing ~ interest, payable July 17, 1972.
PASSED AND APPROVED THIS 20th day of July, A. D. 1971.
Mayor
ATTEST:
City Secretary
City of Southlake, Texas
$25, ~o,~ ^Mou~ 000.00 I"°~ °^~£ 7-21-71"~ 1362
Hundred
Sixty-Two
(362)
o^,s ^~. 21, ~,hau, g ..... ~ .... i ......
~em, ~1~ elther~f ..... principal,, ,.omis. to ,.y .o the order of EXCHANGE BANK & TausTCOMPANY at its office in Dallas, Dollu, County, T ..... the principol
* TWE~Y-FIVE ~OIT~AND AND NO/1D0 * * * * * * * DOLLAR5
plus iht .... , ~ ..... from dat. h .... ~ u.til maturity., th. rate of 51/2p ....., p ....... ; ~. i., .... t payabJ,at ma~ri~ o,it ....... ; unpaid princlpa~ ..a
It i~ ex~essly provid.d that upon defauJt in the punctua~ payment of interest as the s.me ~hall b.come due a.d pay&51e, the e.tire indebted.ess evid.n~sd heresy shah be matured, at th~
.ption of the holder. If this Note, or any part hereo~, is collected through ProSate. Ba. kruptcy .r other judicial pro:eeSi.gs by a. attorney or is pJaced in ~e h.nds afa. attorney for
any persa., may dec;are ~e unpaid ~ala.ce her.of due and payable.
P.O. Box 868
Southlake, Texas
CITY OF SOUTHLAKE, TEXAS
By:.
8-701