HomeMy WebLinkAboutORD 08.14.1916 - Southwestern UniversityAN 011DINANCE AUTIxnRI Z11IG THM, MAYOR Tr) EXRCUTE NOTES
PAYABLE TO THE SOUTIMRSTZERII UNIVERSITY FIR TI "F, St724I OF
$25#000.00, :DUE AYD nA7 01,171 011 nR ?RRFORE TWMTTY YEARS
APT.ER BATE, BHARISIG INT!"'R'ST AT T"E RATE OF 6 per cent
PER AITNU1.I FROM S1TT`YB;R '"IRST,1916.
WHERMAS, the City Council of the City of George-
town,Texas, by resolution duly entered upon the minutes
of the meeting, on the 10th Jay of July,A.n.1916, entered
inti a contract and n,7rRement with the Board of Trustees
of the Southwestern University, an educational corporation,
with its principal office and place of business at Georgetown,
in Williamson County, Texe s, Tom L.McCullough, of McLennan
County, Texas, being president of said board of trustees, to
purchase from said Southwestern University a part of
10-1/5 acres of land, situated in the City of Georgetown,
V illiamson County, Texn s, being out of the Clement Stub L)1 e -
field and INm Addison Surveys, and being a parcel of lend
feet by feet; same being a portion of what
is known as the Preparatory 7Vpartment of Southwestern Uni-
versity; and in consideration therefor h.a.3 agreed to make,
execute, and deliver to the said Southwestern University,a
certain promissory note or notes for the sum of $25,000.00
due and payable on or before twenty years after date, bearing
intereest at the rate of 6 per cent per annum from Sept,lst,
1916, and retaining a vendor's lien therein upon the prop-
erty mentioned herein to secure its payment;
Prow, there ('ore, Be It Ordained By the City Council of
the City of Georgetown, Texp s, that John B.Hudson, the duly
elected, qualified,and acting mayor of the City of George-
town, Texas, be authorized, empowered and directed to execute
and deliver to the said Southwestern University the note nr
notes herein specified, to -wit; For the principal sum of
25,000.00 due and payable on or before 20 years after date,
payable to the ordor of Southwestern University,at George-
town,Texas, lbeari,ng interest from ,eptelst,1916, at the rate
of 6 per cent per annum interest payable annually, and recit-
ing that it i s secured ")v a vendor) s lien retained therein;
upon the said Southwestern University making,executing and
delivering to the -,said City of Georgetown,Texas, a good and
,a
sufficient warranty deed conveying to said City of Georgetown
the property herein mentioned and described.
Passes and approved this the 14th day of Augu,st,A.D.1916.
Attest:
GEQ.KEAIT=, Clerk of the
City of Georgetown,Texas.
JNC.D.IIUDSQN,Mayor of the
City of Georgetown, Texas.