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