02-98-Resolution-Financing Water Improvements-03/02/1998CITY OF SANGER
RESOLUTION R02-98
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANGER, DENTON
COUNTY, TEXAS, AUTHORIZING THE FINANCING OF WATER IMPROVEMENTS.
WHEREAS, the City of Sanger has provided for a ground storage water tank and renovation
of the Acker Street Elevated Storage Tank, and
WHEREAS, upon advise of the Consulting City Attorney, Section 51.035 and Section 101.005
of the Local Government Code provide that the governing body of a city such as Sanger may
borrow money based upon its own credit, and
WHEREAS, GNB-Sanger, the City's
water improvements based on 6.5 % i
interest due beginning December 31,
NOW, THEREFORE, BE IT
County, Texas:
1. That the funds
from the approved operating
PASSED AND RESOLVED this
0
Rosalie Chavez, City
depository,. has agreed to finance up to $325,000 of these
nterest rate'for five annual installments of $65,000 plus
1998.
LVED by the City Council of the City of Sanger, Denton
i from GNB-Sanger shall be due and payable as provided
of the City of Sanger.
day of March, 1998.
APPROVED:
. Coker III, Mayor