01-01-00-Resolution-Financing of Funds-01/18/2000RESOLUTION #01-01-00
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANGER, DENTON
COUNTY, TEXAS, AUTHORIZING THE FINANCING OF FUNDS;
WHEREAS, upon Section 101.405 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, GNB Sanger, the City's Depository, has agreed to finance $64,296.00 plus
interest of 6% per annum, and
WHEREAS, the Mayor, Tommy Kincaid is hereby authorized to sign the documents
necessary to execute this transaction.
NOW, BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANGER, TEXAS, THAT:
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 18`" day of January, 2000.
Glenn Erwin, Councilman
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Tomm 'ncaid, Mayor
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Jerry Jenkins, Mayor Pro Tem
Carroll McNeill, Councilman