6-92-Resolution-Financing Acker Stree Improvements-07/20/1992CITY OF BANGER, TEXAS
RESOLUTION #R6-92
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANDER,
DENTON COUNTY, TEXAS, AUTHORIZING THE FINANCING OF
ACKER STREET IMPROVEMENTS:"
WHEREAS, the City of Sanger needs to pr vide for the immediate renovation
of Acker Street, Elm Street and Peen Street to improve traffic
safety and accessibility to Sanger High School, and
WHEREAS, upon advice of the Consulting City Attorney, Section 51.035 and
Section 101.005 of the L, r l Go Cernment Code provide that the
governing body of a city such as Sanger may borrow money based upon
its own credit, and
WHEREAS, DNB -Sanger, the City's depository, has agreed to finance up to
$175,000 of this street improvement project based on GNB prime
interest rate plus one (currently 6.5% + 1 = 7.50/0) due on
March 1, 1993, as a portion of the $218,000 project cost,
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 on March 1, 1993, from the approved operating
budget of the City of Sanger for Fiscal Year 1992-1993.
2). The maximum amount to be borrowed from GNB-Sanger
for the road improvements generally referred to as
the Acker Street project shall not exceed $175,000.
PASSED AND RESOLVED this 20th day of July, 1992.
/ —
Nel Armstrong
Mayor
ATT ST:
' Rosalie Garcia
. City Secretary