03-07-03-Resolution-Financing for a Skid Steer and FCC High-Flow Cold Planer-03/03/2003RESOLUTION # 03-07-03
A RESOLUTION OF THE CITY COUNCIIOF 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 We own credit:
WHEREAS, Guaranty National Bank of Sanger, the City's Depository, has agreed to
finance $49,760.00 for (1) Used 2000 Case 95XT Skid Steer and New FCC High -Flow Cold
Planer.
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 3''d day of March 2003.
Mayor