6-93-Resolution-Financing a new Library Facility-06/07/1993CITY OF SANGER, TEXAS
RESOLUTION #R6-93
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANGER,
DENTON COUNTY, TEXAS, AUTHORIZING THE FINANCING OF
NEW LIBRARY FACILITY.
WHEREAS, the City of Sanger needs to provide for a new Sanger Library
Facility, and
WHEREAS, upon advice of the Consixlting 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 depository, has agreed to finance up to
$26,500 to acquire a site for a new library facility based on NY prime
interest rate minus one percent due April 30, 1994.
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of
Sanger, Denton County, Texas:
1). That all fi.�nds borrowed from GNB-Sanger shall be due and
payable as provided from the approved operating budget of the
City of Sanger for Fiscal Year 19934994,
2). The maximum amount to be borrowed from GNB-Sanger for the
above described Library Site Acquisition shall not exceed
$26,500.
PASSED AND RESOLVED this 7th day of June, 1993.
ATTEST:
Rosalie Garcia
City Secretary
r
Nel Arms
Mayor