72-013117
RESOLUTION NO. 72-13
WHEREAS, the City of Southlake, Texas, is
obligated to make payments annually to
Farmers Home Administration in order to
retire outstanding Revenue Bonds; And
WHEREAS, a Time Deposit-Open Account is
established annually in order to make
the necessary deposits from the Water
System checking account to provide for
such payment on the above-mentioned
Bonds; Now
THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SOUTHLAKE, TEXAS, THAT:
The Mayor is hereby authorized and directed to execute a
contract with the Exchange Bank & Trust Company of Dallas,
Texas, for the purpose of depositing funds collected by the
Water System from the sale of water with which to meet its
obligations.
Said contract sets out interest to be paid on the initial
amount of $30,079.78 , subject to the terms contained in
said contract, attached hereto and made a part hereof, and
to mature July 15, 1973.
PASSED AND APPROVED this 18th day of July, A. D. 1972.
Mayor
ATTEST:
City Secretary