08-13-03-Resolution-Financing a Fire Apparatus Tanker-08/18/2003RESOLUTION # 08-12-03
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 home rule city such as Sanger may borrow money based upon its own credit:
WHEREAS, Guaranty National Bank of Sanger, the City's Depository, has agreed to
finance $120,000.00 for the following equipment:
Fire Apparatus Tanker
WHEREAS, terms of the Loan shall be follows:
Initial interest rate shall be prime minus 2% with a floor of 5%APR.
NOW, BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANGER, TEXAS, THAT:
1. That the premises hereof are found to be true and correct and 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.
PASS ,APPROVED AND ADOPTED this the 18th day of August, 2003
c
Andy Garz , C uncilmal To Kip aid, Mayor
oe Higgs, CouYiMman immy , Councilman
_-_ Glenn Ervin, Councilman Mike James,
City Attorney