05-04-01-Resolution-Financing of Funds-05/21/2001RESOLUTION #05-04-01
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 $125,794.00;
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 21st DAY OF MAY, 2001.
Glenn Ervin, Councilman
Tommy &ncaid, Mayor 6Q I A) aw) --
Craig,WaggoneF, Councilman
Councilman