1987-086RESOLUTION NO. 87-86
WHEREAS, in order to provide for
the safety, health and welfare of
the citizens of the City of South -
lake, it is necessary to have
an adequate water supply; and,
WHEREAS, overhead storage water
towers is an essential part of
having an adequate water system;
and,
WHEREAS, it is necessary to have a
water tower site with proper eleva-
tions in order for the system to
work properly; now,
THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTHLAKE, TEXAS,
THAT:
A five (5) acre tract of land, which has proper elevation
is under contract for purchase by the City of Southlake.
The purchase price is $90,000., payable as follows:
50,000. cash and a term agreement for the remaining
40,000. The term agreement is: Five (5) Year Note
@ Eight (8%) per annum amortized over five years, with
annual principal and interest payments, with no pre-
payment penalty. First payment to be due May 1,1989.
Sale of contract attached to this resolution.
PASSED AND APPROVED THIS THE 1,7 1}day,ofh NoAAP/f, %1987.
J n)?H`: Westerholm
M yo of Southlake
A
4ATT ST:
C, edzL
an ra L. LeGrand
City Secretary