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09-21-00-Resolution-Financing of Funds-09/05/2000RESOLUTION #09-21-00 A RESOLUTION OF THE CITY COUNCIL OF THE CTI'Y OF SANGERI DENTON COUNTY, TEXAS, AUTHORIZING THE FINANCING OF FUNDS; WHEREAS, Section 1O0005 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 $29,652.00; 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 STH DAY OF SEPTEMSER 2000. oe Higgs, Cou c man Glenn Ervin, Councilman Rosalie Chavez, City r Li % CN Tommy Kincaid, Mayor Craig Waggoner, Councilman ' `' " Carr 1 , McNeill, Councilman r,