Loading...
HomeMy WebLinkAbout1940-0040 - Ordinance - 02/29/1940Ordinance No. 40. BE IT ORDAINED by the City Council of the City of College Station, Texas: 1. The City of College Station, Texas, hereby agrees to purchase from the Southside Development Company its electric, water, and sewer utility systems, consisting of electric meters, poles, lines, and transformers; water mains, and laterals, and fire plugs; and sewer main and outfall lines and sewer disposal system; together with all tools, fixtures, easements, franchises, and rights in any wise appertaining to aforesaid properties for the amount of fifteen thousand ($15,000) dollars, to be paid on an amortized basis at the rate of one hundred twenty (120) dollars per month, with the first such monthly payment to be made on May 1, 1940, with any unpaid balance on afore- said total sum of fifteen thousand ($15,000) dollars due on March 1, 1950. It is provided that the city shall assume no obligations, however to extend any water, electric, or sewer main lines so as to serve any lots sold by the Southside Development Company on or after March 1, 1940. It is pro- vided that the city shall have the option to pay all or any part of the un- paid balance at any time before that date and also to increase the aforesaid regular monthly amortized payment by any amount at any time, and further provided that the whole unpaid balance shall be due and payable if default be made in payment of any monthly installment of at least one hundred twenty ($120) dollars. 11. The Mayor and the City Secretary, or his deputy, are hereby authorized and empowered to execute and deliver to the Southside Development Company a vendor's lien note for the aforesaid amount of fifteen thousand ($15,000) dollars bearing interest at the rate of 4% per annum in exchange for a good warranty deed for aforesaid properties, with a vendor's lien thereon, said lien to be released when all conditions therein set forth have been met; and also to execute and deliver a deed of trust for aforesaid properties to W. S. Barron, as trustee, for the benefit of the Southside Development Company. Passed by the City Council of the City of College Station, Texas, at a regular meeting with Aldermen L. G. Jones, S. A. Lipscomb, J. A. Orr, L.P. Gabbard, G. B. Wilcox present, and approved by Mayor J. H. Binney, on this the 29th day of February, 1940, a. D. ATTEST: s/ Sidney L Loveless City Secretary APPROVED: s/ J. H. Binney Mayor Ordinance 11:0,. 4D. BE IT ORDAINED by the City Council of the City of College Station, Texas: 1. The City of College Station, Texas, hereby agrees to purchase from the Southside Development Company its electric, water,'and sewer utility systems, consisting of electric meters, poles, lines, and transformers; water mains, and laterals, and fire plugs; and sewer main and outfall lines and sewer disposal system; together with all tools, fixtures, easements, franchises, and rights in any wise appurtaining to aforesaid properties for the amount of fifteen thousand ($ 15,000) dollars, to be paid on an amortized basis at the rate of one hundred twenty ($120) dollars per month, with. the first such monthly payment to be made on May 1, 1940, with any unpaid balance on afore- said total sum of fifteen thousand ($15,000) dollars due ori March 1, 1950. It is provided that the city shall assume no obligations, however to extend any water, electric, or sewer main lines so as to serve any lots sold by the Southside Development Company on or after March 1, 1940. It is pro- vided that the city shall have the option to pay all or any part of the un- paid balance at any time before that date and also to increase the aforesaid regular monthly amortized payment by. ang amount at any time, and further provided that the whole unpaid balance shall be due and payable if default be made in payment of any monthly installment of at least one hundred twenty ($120) dollars. 11. The Mayor and the City Secretary, or his deputy, are hereby authorized and empowered to execute and deliver to the Southside Development Company a vendor's lien note for the aforesaid amount of fifteen thousand ($15,000) dollars bearing interest at the rate of 4% per annum in exchange for a"good warranty deed for aforesaid properties, with a vendor's lien thereon, said lien to be released when all conditions therein set forth have been met; and also to execute and deliver a deed of trust for aforesaid properties to V. S. Barron, as trustee, for the benefit of the Southside Development Company. . Passed by the City Council of the City of College. Station:, Texas, at a regular meeting with Aldermen L. G. Jones, S. A. Lipscomb, J. A. Orr, L.P. Gabbard, G. B. Wilcox present , and approved by Mayor J. H. Binney, on this the 29th day of February, 1940, A.D. ATTEST: :ity Secretary APPROVED: