5-93-Resolution-Financing Street Improvements-05/17/1993CITY OF SANGER, TEXAS
RESOLUTION #R5-93
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANGER,
DENTON COUNTY, TEXAS, AUTHORIZING THE FINANCING OF
STREET IMPROVEMENTS.
WHEREAS, the City %J Sanger needs to provide for the immediate renovation
of loth Street, 7th Street and Bolivar Street to improve traffic safety
and accessibility, and
WHEREAS, upon advice of the Consulting City Attorney, Section 51.035
Section 101.005 of the Local Government Code provide that the
governing body of a city such as Sanger may borrow money based
WHEREAS, GNB-Sanger, the
$410,000 of these str
interest rate minus
December 15, 1993,
September 15, 1994.
and
upon
City's depository, has agreed to finance up to
eet improvement projects based on NY prime
one percent due in installments on
March 15, 1994, June 15, 1994 and
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 1993-1994.
2). The maximum amount to be borrowed from GNB-Sanger for the
above described road improvements shall not exceed $410,000.
PASSED AND RESOLVED this 17th day of May, 1993.
ATTEST:
Rosalie Garcia
City Secretary