03-03-00-Resolution-Financing of Funds-03/06/2000RESOLUTION #03-03-00
A RESOLUTION OF THE CITY COUNCIL, OF THE CITY OF SANGER, DENTON
COUNTY, TEXAS, AUTHORIZING THE FINANCING OF FUNDS;
WHEREAS, upon 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, GNB Sanger, the City's Depository, has agreed to finance $55,958.00
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 6"' d,ay of March, 2000.
Glenn Erwin, Councilman
ATTEST:
Chavez, City Sec f• tary
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Tommy Lincaid, Mayor
Jerry Jenkins, Mayor Pro Tem
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Carroll McNeill, Councilman