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<br /> 34
<br /> PROMI SSJRY NOTE
<br /> 630 E. Hopkins December 19, 1985
<br /> San Marcos, Hays County, Texas
<br /> WHEREAS, the San Marcos Softball Association, P.o. Pox 1431,
<br /> San Marcos, Texas, has agreed to provide funding for the construction
<br /> of certain improvements at the Softball Complex located on parkland
<br /> adjacent to Camp Gary, San ~~arcos, Texas, and,
<br /> WHEREAS, the San Marcos Softball Association has obtained loans
<br /> from State Eank, First National Eank and Lem Cox, individually and Lem
<br /> Cox, and Alert Services, Inc. in order to fund said improveJrents, and,
<br /> vJHEREAS, the San fv1,arcos Softball Association seeks less costly
<br /> financing arrangement for the principal sums borrowed on said loans
<br /> than it has with said lenders, and seeks assistance from the City of
<br /> San Marcos to tender payment of said loans as follows:
<br /> Principal Interest Total
<br /> State Bank 57.6,000.00 51,302.14 $27,302.14
<br /> First National Rank and Tßm 25,000.00 454.62 25,454.62
<br /> Cox
<br /> Lem Cox and Alert Services 10,000.00 2,000.00 12,000.00
<br /> Inc.
<br /> TOTALS: $61,000.00 $3,756.76 564,756.76
<br /> and provide it with a new note consolidating the principals on said
<br /> loans, and,
<br /> v-JREREAS, the City of San Marcos agrees u(X)n execution of this
<br /> prommissory note to provide monies for the prepayment of said loans
<br /> and to tender said prepayment total noted above on behalf of the
<br /> Softball Association in exchange for the execution of this promissory
<br /> note by the undersigned, and payment by the undersigned, jointly and
<br /> severally, in accordance with the terms of this promissory note;
<br /> HI'INESSE1H:
<br /> For value received, the undersigned Joe Lucio, President of the
<br /> San Marcos Softball Association, Jerry Seheck, First Vice-President,
<br /> Mike Bltler, Second Vice-President and Sheryl A. Polasek, Treasurer, of
<br /> said Association, ("Makers"), promise to pay, jointly and severally, to
<br /> the order of the City of San Marcos ("Payee"), a municipal corporation
<br /> of Hays County, Texas, in lawful money of the United States of America,
<br /> tcgether wi th interest fran. the date hereof on the principle amount
<br /> from time to time remaining unpaid, at the rate per annum hereinafter
<br /> described. All past due principal hereof and interest thereon shall
<br /> Original on file in Finance Department
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