HomeMy WebLinkAbout1993 09_Inure debt for Trust Purposes_1993.10.19_AL
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA, THAT, TO-WIT-.
SECTION TWO: That the City Council of the City of Owasso, Oklahoma, hereby approves
and authorizes the incurrence of debt aforementioned by the Trustees of
the Owasso Public Works Authority, such debt incurrence to be pursuant
tJ' promissory note, a copy of thereof being attached hereto and made a
part hereof and marked Exhibit "A".
ATTEST:
L901,10W
by ;:UZ
Bob Randolph, Mayor
MMO-1
For value received, the Owasso Public Works Authority, an Oklahoma Public Trust,
promises to pay to Trail's End Development, Inc., an Oklahoma Corporation, or order the
principal sum of Twenty-Five Thousand and N01100 Dollars ($25,000.00) without interest. The
principal shall be paid on or before the Ist day of November, 1995.
Default herein shall occur if payment is not timely made; whereupon, Trail's End
Development, Inc., shall in addition to the aforestated principal, be entitled to receive interest
on the aforesaid amount, or any portion thereof remaining unpaid, interest at the rate of six
percent (6%) per annum. Waiver as to one or more defaults shall not constitute a waiver as to
any succeeding defaults hereunder.
ATTE T®
b-1
By:
Bob Ran olph,_ C'hirman
Y