10-23-00-Resolution-Refinancing and Increasing a Note-10/16/2000RESOLUTION #10-23-00
A RESOLUTION OF THE CITY COUNCIL. OF THE CITY OF SANGER, DENTON
COUNTY, TEXAS, AUTHORIZING THE FINANCING OF FUNDS,
WHEREAS, Section 101.005 of the Local Government Code provides that the governing
body of a city such as Sanger may borrow money based upon it's own credit;
WHEREAS, Guaranty National Bank of Sanger, the City's Depository, has agreed to
refinance the existing note, and increase it by an amount of $183,996.00, bringing the existing
note to $37990.00 00;
WHEREAS, terms of the Loan shall be as follows:
Initial interest rate shall be 6.7%. Interest rate shall vary, and shall not exceed Wall
Street Journal Prime minus 2.8%
NOW, BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANGER, TEXAS, THAT:
1. Mayor Tommy Kincaid is hereby authorized to sign the documents necessary
to execute this transaction; and
2. All funds borrowed from Guaranty National Bank shall be due and payable as
provided by the terms of the Promissory Note.
PASSED ,APPROVED AND ADOPTED this the 16TH DAY OF OCTOBER, 2000.
ommy Wheaid, Mayor
Crai -Waggonefr; Councilman
Glenn Ervin, Councilman
Rosalie Chavez, City