14-95-Resolution-Authorizing the Financing of Street Improvements-10/16/1995A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BANGER
DENTON COUNTY, TEXAS, AUTHORIZING THE FINANCING OF STREET
IMPROVEMENTS.
WHEREAS, the City of Sanger has provided for the renovation of streets to improve traffic
safety and accessibility, and
WHEREAS, upon advice of the Consulting City Attorney, Section 51.035 and Section 101.00S
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 depository, has agreed to finance up to $205,000 plus
interest of these street improvement projects based on NY prime interest rate minus one
percent due in installments.
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of Sanger, Denton
County, Texas:
1) That all funds borrowed from GNB-Sanger shall be due and payable as provided
from the approved operating budget of the City of Sanger for Fiscal Year 1995-
1996.
PASSED AND RESOLVED this 16th day of October, 1995.
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Rosalie Chavez
City Secretary
Nel Armstrong,