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02-06-03-Resolution-Financing City Vehicles for Fire, Parks, and Electric-02/17/2003RESOLUTION # 02-06-03 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 finance $115,337.00 for the following equipment: 3/4 ton Pickup/Streets &Parks Department $15,113.00 4x4 Cab & Chassis/Electric Department $25,461.00 4x4 Dual Cab & Chassis and Rescue Body/Fire Dept. $749763.00 WHEREAS, terms of the Loan shall be follows: Initial interest rate shall be 5% fixed APR. 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 17"' day of February 2003 Glenn Ervin, Councilman y L incaid, Mayor by Evans, Councilman James,