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<br /> 33 <br /> RESOLUTION 1985-120R <br /> A REEOLUTION OF 'IHE CI1Y COlJNCI L OF THE CITY OF SAN <br /> TEXAS, APPROVING TIfE TERMS AND CONDITIONS OF A <br /> PRom SEORY NOTE BETVI/EEN SAID CITY AS PAYEEA1\T]) TIfE <br /> SAN ~1ARCOS EOFTBALL AS9:X:IATION AS ~'JAKER, DATED DECE/V!BER <br /> 19,1985, AND AUTIfORIZING PRE-PAYMENT OF EXISTING LOANS <br /> OBTAINED BY SAID AS9:X:ATION; AUTIfORI ZING TIfE ~1AYOR TO <br /> EXECUTE SAID PRŒlISEORY NOTE AND ANY AND ALL OTIfr-::R <br /> LXX::UMENTS AND I NSTRm1 ENTS INCIDE,l'U TO TIfE PURFOSES <br /> THERillF ON BEHALF OF SAID CITY; AND D EC LAR I NG AJ\1 <br /> EFFECTIVE DATE. <br /> the San Marcos SOftball Association, P.o. Pox 1431, <br /> San Marcos, Texas, has aGreed to provide funding for the <br /> construction of improvernents at the SOftball Complex located <br /> on parkland adiacent to , San Marcos, Texas, and, <br /> the San SOftball Association has obtained loans <br /> from Sta te Bank, Bank and [em Cox, ividually and <br /> [em Cox and Alert , Inc. in order to fund said improvements, <br /> and, <br /> the San t,Jarcos SOftball Association seeks less costly <br /> financinq arranqement for the principal sums borrowed on said loans <br /> than it has with lenders, and seeks assistance from the ty of <br /> San ~1arcos to tender payment of said loans and provide <br /> th new note consolidatinG the ipals on said loans, and, <br /> the ci ty of San ~1arcos agrees upon execution of a <br /> prormni ssory note to monies for the prepayment of loans <br /> and to tender prepayment total noted below on œhalf <br /> of the San ~!(a rcos SOftba 11 P,ssoc iation ln exchanqe for the <br /> of a note the San Marcos SOftball <br /> Assoc for a of ,756.76, and payment by the said <br /> ~c;soc ia tion thereon accordance with the terms of a promissory <br /> note; <br /> BE IT REEOLVED THE CITY COUNCI OF TriE CITY OF SAN MARCOS, <br /> TEXAS: <br /> PART 1. That the terms and conditions of a promissory note <br /> between said City, as payee, and San Marcos SOftball Association, <br /> as maker, a copy note œinq attached hereto and <br /> incorporated reference for all purposes are hereby in all <br /> th . <br /> PART 2. That the Craddock, be and she <br /> authorized to execute promissory note and any and all other <br /> documents and incident to the purposes thereof on œhalf <br /> of ci ty. <br /> PART 3. That of existinG loans obtained <br /> San Marcos SOftball Association be authorized from said City's <br /> Reservation of C'::eneral Fund upon execution of the aforementioned <br /> promissory note as follows: <br /> Principal Interest 'Ibtal <br /> State Bank $26,000.00 $1,302.14 $27,302.14 <br /> National Bank and Lem 25,000.00 454.62 25,454.62 <br /> Cox <br /> tem Cox and Alert , 10,000.00 2,000.00 l2,000.OO <br /> Inc. <br /> TOTALS: l,OOO.OO $3,756.76 ,756.76 <br /> PART 4. That Resolution shall be in full force and effect <br /> from and after its passacJe. <br /> ADOPTED this 18 of ~@~ <br /> , FJ:nrme Craddock <br />