O-157-10-73CITY OF ALLEN, TEXAS
ORDINANCE Mr. IS
AN ORDINANCE AUTHORIZING THE PURCHASE OF A LOT
IN BLOCK I OF THE OLD DONATION TO THE CITY OF
ALLEN; AUTHORIZING THE CITY TO BORROW $32,000.00
FROM THE !ICHANGE SAVINGS AND LOAN ASSOCIATION AND
PROVIDING FOR TH5 MAYOd TO EXECUTE AND DELIVER TO
SAID ASSOCIATION THE PROMISSORY NOTE FROM THE CITY
IN SUCH AMOUNT AND PROVIDING FOR THF, SECURITY OF
PAYMEfT OF SAID NOTE BY THE CREATION OF THE VENDOR'S
LIEN AND GEED OF TRUST ON SUCH PROPERTY AND PROVIDING
FOii AN SPFRCTIVE DATE HEREOF.
BE IT ORDAIN4D BY THE CITY COUNCIL OF THE CITY OF
A"EN, TEXAS:
SECTION 1: That the City of Allen purchase the
!'allowing is::cribed real estate, to -wit:
SITUATEā in Collin County Tsxaa and in the William
Perrin eurvey, Abstract No. ?OB, and being a lot out of
the Southe,st corner of Lot No. :. in Block No. 1, and off
the East slds of Lot No. 3 in Block No. 1 of the Whisenant
Addition of the Town of Allen, the map of which is recorded
in :". 1, of the :!a, anu Piet h.:c vd.; wf Cc:lin
County, Texas, and described by metes and bounds as follows:
B93INNING at the Southeast corner of Lct No. 3 in
Block No. 1 s: said Addition, at a stake !'or corner;
THENCE NORTH 126 feet to stake at fence roar, said
stake being 9 feet North of the Northeast ce nner of said
Lot No. 3 in Block No. 1;
THENCE NORTH 89'a deg. West, 19:.9 feet with fence line
to an iron stake for corner;
THENCE SOUTH 126 feet to an iron stake in the South
ling of said Lot No. 3 in Block No. 1 of said Addition;
THENCE SOUTH 89': deg. East, 193.9 feet to the place
of beginning,
paying therefor a total consideration of $40,000.00.
SECTION 2: That in order to finance a portion of
the purchase price of said property, it is ordered that
the City of Allen borrow the sum of $32,000.00 from the
Exchange Savings and Loan .Association and to evidence
such amount, the Mayor of the a ty is authorized and
t)Z
directed to execute a note to said Association on
behalf of the City. Said note to bear interest at
the rate of Wper cent per annum and to be
amortizes over a period of twenty (20) years with
equal monthly Installments.
36CTIU:: 3: It is further ordered tht to secure
the payment of said note that a vendors lien be
created in the deed to the City and as additional
co_latera: therefor, the Nnyor execute and deliver
to said Association a Deed of Trust with the usual
power of :v111:.
SECTIO:: i,: That this Ordinance shall take effect
:+me dately upon Its passage and approval and it is so
ordered.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF
THE CITY OF ALLEN, TEXAS, on this the day of
1073.
eek , Mayor ,
City off Allen, Tessa
CORRECTLY RECORDED:
sty See Lary
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