HomeMy WebLinkAboutResolution 1982-003
RESOLUTION NUMBER 82-]
STATE OF TEXAS
x
AGREEMENT
COUNTY OF TARRANT X
WHEREAS, there is pending before the Supreme Court of Texas a suit
by Bank of Texas, et.al. vs.John Childs, et.al. which" is a cause of action
contesting the validity of taxing bank shares by Municipalities in Texas; and
WHEREAS, the undersigned banks located in North Richland Hills, Texas,
are taking the posi tion of the Plaintiff in the above case and maintain that it
is unlawful for the City of North Richland Hills to tax bank shares; and,
WHEREAS, the parties hereto recognize that the outcome of the above
styled litigation is doubtful and uncertain; and,
WHEREAS, the below named banks do not wish to be delinquent in the
payment of their ad valorem taxes in the event that it is finally determined
in the above styled case that the Municipalities may tax bank shares.
NOW, THEREFORE, the City of North Richland Hills, Texas, agrees
that it will accept the 1981 tax on the bank shares of the below named banks
under protest by said banks and will agree to be bound by the outcome of the
above styled case as to whether or not such tax is legal.
In the event that the final holding in said case is that the tax
is unlawful, the City agrees to refund without interest, such 1981 tax pay-
ments paid under protest within ninety (90) days of final judgment in the
above styled case.
WITNESS OUR HANDS THIS 11th day of January, 1982.
CITY
)
OF NORTH RICHLAND HILLS
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(/ Dick Faram -Mayor
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President
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President
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ATTEST:
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J~e Moore - City Secretary