Ordinance 1982-21
ORDINANCE NO. 82-21
WHEREAS, the City of Wylie is currently involved in making major
improvements to Wylie Community Park, with most of Phase I nearing
completion, and
WHEREAS, the City has earned credits exceeding $60,000 which it
expects to receive within 90 days, and has previously contracted
for Park Improvements which need to be paid within a few days;
NOW, THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS:
SECTION 1. That the City Manager be, and he is hereby authorized
to borrow from the City's Depository Bank, in accordance with the
current Depository Bank Contract, an amount not to exceed $45,000
for 90 days at six percent (6%) per annum, to be deposited into the
Wylie Park and Recreation Development Fund, to be used to retire
previously incurred debts.
SECTION 2. That the City Manager be, and he is hereby instructed to
repay said loan out of current tax revenues; or, if federal grant
refunds are received, prior to the maturity date of the loan, said
loan should be repaid from the federal grant refunds.
SECTION 3. That certified copies of this ordinance shall be furnished
to appropriate authorities.
DULY ADOPTED ON THIS, THE 28th DAY OF OCTOBER, A.D., 1982.
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Mayor
ATTEST:
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