HomeMy WebLinkAbout82-533 09-28-1982RESOLUTION NO. 82 -533
WHEREAS, the City of Euless, Texas, by authority of
Resolution No. 82 -519, adopted on the 26th day of January, 1982,
did enter into an agreement with First National Bank of Euless
for the payment of 1981 ad valorem bank share taxes pending the
outcome of litigation challenging the legality of the assess-
ment and collection of such taxes; and
WHEREAS, such litigation is still pending final resolu-
tion in the courts of the State of Texas and the United States;
and
WHEREAS, it appears that final resolution of such litiga-
tion shall not occur until after the assessment and levy of ad
valorem bank share taxes for 1982; and
WHEREAS, the parties to such prior agreement desire to
enter into an addendum to same extending such contract and
agreement upon the same terms and conditions with respect to
1982 ad valorem bank share taxes due for the 1982 tax year.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Euless, Texas, in regular session, duly convened, that
the Mayor of the City of Euless, Texas, be, and he is hereby
authorized, to enter into that certain addendum to the prior
contract by and between the City of Euless, Texas, and First
National Bank of Euless, a copy of which addendum is attached
hereto and incorporated herein for all purposes, extending such
contract and making same applicable to the 1982 tax year with
respect to 1982 ad valorem bank share taxes.
ADOPTED by the City Council of the City of Euless, Texas,
at a regular meeting on the 28th day of September, 1982, by
a vote of 5 ayes, 0 nays and 0 abstentions.
ATTEST:
rs.
0
APPROVED:
Harold D. Samuels, Mayor
ainey i °y Secretary
ADDENDUM TO
CONTRACT BETWEEN
CITY OF EULESS AND FIRST NATIONAL BANK OF EULESS
STATE OF TEXAS
COUNTY OF TARRANT §
WHEREAS, the City of Euless ( "City ") and the First
National Bank of Euless ( "Bank ") have heretofore entered into an
Agreement relating to ad valorem taxes which City claims, and
Bank denies, were payable by the Bank on its bankshares which
were outstanding on January 1, 1981; and
WHEREAS, the litigation referred to in said Agreement is
now pending in the 17th District Court of Tarrant County, Texas,
and a similar case from Dallas County is pending in the Supreme
Court of the United States; and
WHEREAS, the parties desire to extend said Agreement so
that it shall be applicable for the 1982 tax year;
NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS:
That the City of Euless, acting herein by and through
Harold H. Samuels, its duly authorized Mayor, and the First
National Bank of Euless, with Thos. H. Law signing on behalf of
and acting as counsel for said bank, do hereby covenant and agree
as follows:
That said Agreement is hereby extended and made appli-
cable for the 1982 tax year under the terms and the method of
computation applicable to the 1981 tax year; that is to say, the
assessed tax on the bankshares for the bank shall be computed by
taking the shareholders' equity as set forth in said Agreement,
deducting the current assessed value on the real estate of the
bank and multiplying the remainder by the current tax rate. The
payment of said bankshare taxes for the 1982 tax year, and any
refund thereof, shall be in accordance with the terms and con-
ditions prescribed in said Agreement of 1981 between the parties.
EXECUTED this 28th day of
September
cr„\e_p--
, 1982
Thos. H. Law
Signing on Behalf of the
First National Bank of Euless
ATTES : CITY OF EULESS
0
City(. ecr tary
vizwasve
Harold H. Samuels
Mayor
APPROVED AS TO FORM
AND LEGALI
b McFarlan
City Attorney
DATE: September 28, 1982