El Paso herald. (El Paso, Tex.) 1901-1931, 1916-07-24

luton was passed by unanimous vote OF
all Commissioners present;
Whereas. the Treasury OF the Coun-
ty Of FL Paso is now without funds with
which TO pay the County's Warrants.
and il has arranged with the Union
Bank & Trust Co. of FL Paso. Texas.
the depository for the funds of said
County, to borrow from said bank from
day TO day, as may be necessary. funds
with which TO paw the warrants which
have been properly drawn and Issued
for payment by said County, the
amount Of such loan not to exceed In
the aggregate the sum OF $4,000. 90.
and IN consideration for which 1t has
been agreed that the County OF FL PasO
shall paw said bank interest at the rate
Of percent per annun. upon the funds
so borrowed by II with which to pay
such warrants. such interest to be paid
upon the loan made for the purpose
OF cashing said warrants and which
loan is TO be evidenced by the war
rants issued by said County and SO
cashed and paid by said bank. and.
Whereas. on June 6th. 1916. a resolu-
ton was duly passed by this Court. pro-
viding for the borrowing Of said sum
Of money from said bank and the pay
rnent Of interest thereon at the rate
above mentioned. and IT is desired here
by 10 ratify and confirm the agreements
heretofore made by the Court with said
bank to pay such interest upon all war
rants so cashed and paid by said bank
- u
the County OF FL Paso does hereby rat
fly and confirm the agreement hereeto-
fore made with Union Bank & Trust
Company. OF FL Paso. Texas. as above
set out. and said County OF FL PasO
does hereby agree and obligate itself
TO pay unto said Union Bank & Trust
Company. OF E. PasO. as follows
In consideration OF Union Bank &
Trust Company. OF Ell Paso. Texas. hav-
ing heretofore cashed and paid the war
rants heretofore issued By the County
Of Ell PasO and presented to said bank
for payment where the funds belonging
10 said County were not available with
which to pay and cash said warrants.
and in consideration OF said bank here
after cashinE and paying said warrants
50 presented to il for payment where the
funds belonging TO said County of e
PaSO on deposit with said bank are not
sufficient to pay said warrants, all of
which said warrants heretofore cashed
and paid and hereafter to be cashed
and paid by said bank and in said man
ner not to exceed however the sum OF
SCI. 10000 the county Of FL Paso. bv its
commissioners court. does obligate it.
self TO pay and does agree 10 pay said
Union Bank and Trust company of FL
Paso. Tex. interest at the rate OF six
percent per annum upon all OF such
warrants 50 issued by said county and
heretofore paid and cashed and here
after 10 be paid and cashed By said
bank. such interest to be paid from the
u NAAC res bcClANG EIlEnLS OF
such warrants by said bank until the
date when said county Of FL Paso. shall
pay such warrants unto said bank and
reimburse said bank for the amount so
borrowed by said county for said pur-
pose. and the said county Of Fl Paso
does hereby further obligate itself and
agree with said bank that IL will take
up from said bank said warrants and
pay unto II the amount thereof and re-
paw said loan. with accrued interest
as rapidly as the funds there
for become available in the treasury OF
said county
Be IT further resolved. that the war
rants OF the county OF FL Paso so paid
and cashed by said bank At such times
as the funds are not available in the
county treasury for the payment there
y. shall evidence the several amounts
OF money borrowed by the county OF II
'aso from said bank in contemplation
by inns resolution. provided. as afore-
said, that the aggregate amount Of such
oan shall not exceed S60.OOO.OO
BE 1t further resolved. that a copv
u this resolution. duly signed bv the
MEMBERS Of the commissioners court 81
Fl Paso county. Texas. present in the
meeting at which said resolution il
i9opted and attested under the seal
u Said court. shall when delivered to
'aid bank constitute a valid oblieatio1
IN toe part Of the county of Fl PaSo
Texas. for the faithful perfornancs ~
ne provisions OF said resolution
tTO BE Continued Frfdav.A
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