07-07-00-Resolution-Financing of Funds-06/03/2000RESOLUTION # 07-07-00
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, GNB Sanger, the City's Depository, has agreed to finance $53,530.00 plus
interest of 6.35% per annum, and
NOW, BE IT THEREFORE RESOLVED BY THE CTI'Y 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 3r`' day of June, 2000.
Glenn Erwin, Councilman
ArU.rrEST:
Tommy 'ncaid, Mayor
Craig Waggoner; Councilman
Carroll McNeill, Councilman