08-15-00-Resolution-Financing of Funds-08/07/2000RESOLUTION #08-15-00
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
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body of
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
fI nance $43,184.00;
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 7Tx DAY OF AUGUST 2000.
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Glenn Ervin, Councilman
Rosalie Chavez, City
id, Mayor
Craig Waggoner, ouncilman
Carroll McNeill, Councilman