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04-02-99-Resolution-Financing Capital Improvements Electric and Fire Department Equipment-04/05/1999RESOLUTION NO.R 04-02-99 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANGER, DENTON COUNTY, TEXAS, AUTHORIZING THE FINANCING OF CAPITAL IMPROVEMENTS. WHEREAS, the City of Sanger has provided for purchasing Electric and Fire Department equipment and 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, and WHEREAS, GNB Sanger, the City's Depository, has agreed to finance up to $208,043.00 plus interest of these Capital expenditures based on 6% interest rate and WHEREAS, $_38 96$,00 is for Fire Equipment and $169,075.00 is for Electric equipment. WHEREAS, the Mayor is the Chief Executive Officer of the City and is hereby authorized to sign the Lease/Purchase agreement with GNB Sanger. NOW BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS, that: All funds borrowed from GNB-Sanger shall be due and payable as provided from the approved budgets of the City of Sanger until such debt is paid. PASSED, APPROVED AND ADOPTED this the Sth day of April, 1999. ommy/Kincaid, Mayor ATTEST: Rosalie Chavez, City