15-94-Resolution-15-94-Resolution-Financing of Street Improvements-10/17/1994CITY OF BANGER, TEXAS
RESOLUTION #R15-94
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANDER,
DENTON COUNTY, TEXAS, AUTHORIZING THE FINANCING OF
STREET IMPROVEMENTS.
WHEREAS, the City of Sanger has provided for the renovation of streets to
improve traffic safety and accessibility, and
WHEREAS, upon advice of the Consulting City Attorney, Section 51.035 and
Section 101.005 of the Local Government Code provide that the
governing body of a city such as Sanger may borrow money based upon
its own credit, and
WHEREAS, DNB -Sanger, the City's depository, has agreed to finance up to
$250,000 of these street improvement projects based on NY prime
interest rate minus one percent due in installments.
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of
Sanger, Denton County, Texas.
1). That all funds borrowed from DNB -Sanger shall be due and
payable as provided from the approved operating budget of the
City of Sanger for Fiscal Year 1994-1995.
PASSED AND RESOLVED this 17th day of October, 1994.
ATTEST:
Rosalie Chavez
City Secretary
OF
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