HomeMy WebLinkAboutCity Council Resolutions (R-94-1050)-09/20/1994
RESOLUTION R-94-1050
RESOLUTION REGARDING THE CITY OF COLLEYVILLE'S INTENT TO BORROW
$59,000.00 FOR A SHORT TERM LOAN FOR THE PURPOSE OF PURCHASING
PROPERTY AT 315 WEST L.D. LOCKETT
WHEREAS,
WHEREAS,
WHEREAS,
the City of Colleyville, Texas has applied to First National Bank Grapevine,
for a short term loan to be repaid from current fiscal year revenues and
has received an affirmative response from that institution; and
such loan is authorized by resolution under Section 9.07 D. of the Charter
of Colleyville, Texas; and
such loan is deemed necessary, pending collection of taxes and other
revenues, to meet the requirements of such indebtedness, that requirement
specifically being:
Short Term Loan in the amount of $59,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVI LLE, TEXAS:
Sec. 1
Sec. 2
THAT the City Council of the City of Colleyville, Texas, does hereby
authorize the renewal and extension of the loan (#3276201-01) in the
amount of Fifty-Nine Thousand ($59,000.00) Dollars from the First National
Bank Grapevine, of Grapevine, Texas; and
THAT the City Council of the City of Colleyville, Texas, does hereby
authorize the Mayor and the City Secretary of the City of Colleyville, Texas,
to execute the renewal and extension of one certain prom issory note in
the amount of Fifty Nine Thousand ($59,000.00) Dollars bearing interest
at a rate of 95% of the prevailing prime at date of funding and payable
on or before Septem ber 30, 1995.
AND IT IS SO RESOLVED:
Passed by a vote of S to 0 on the c:)o-IJ. day of,C;tpf-ern.b.t( ,1994.
Attest:
tJ~
J an Harris, CMC
City Secretary