HomeMy WebLinkAboutCity Council Resolutions (R-93-930)-09/21/1993
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RESOLUTION R-93-930
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RESOLUTION REGARDING THE CITY OF COLLEYVILLE I S INTENT TO
BORROW $79,000.00 FOR A SHORT TERM LOAN FOR THE PURPOSE OF
PURCHASING PROPERTY AT 315 WEST L. D. LOCKETT ROAD COLLEYVILLE,
TEXAS
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WHEREAS, the City of Colleyville, Texas has applied to First
National Bank Grapevine, for a short term loan to
be repaid from current year revenues and has
received an affirmative response from that
institution; and
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WHEREAS, such loan is authorized by resolution under section
9.07 D. of the Charter of the City of Colleyville,
Texas; and
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WHEREAS, such loan is deemed necessary, pending collection
of taxes and other revenues, to meet the
requirements of such indebtedness, that requirement
specifically being:
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Short Term Loan in the amount of $79,000.00.
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NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE, TEXAS:
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Sec. 1
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 Seventy Nine Thousand ($79,000.00) Dollars from
the First National Bank of Grapevine, of Grapevine,
Texas; and
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Sec. 2
THAT the City Council of the City of Colleyville,
Texas does hereby authorize the Mayor and City
Secretary of the City of Colleyville, Texas, to
execute the renewal and extension of one certain
promissory note in the amount of Seventy Nine
Thousand ($79,000.00) Dollars bearing interest at a
rate of 95% of the prevailing prime at the date of
funding on or before September 30, 1994.
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AND SO IT IS RESOLVED:
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on the cfll sf
4- to
, 1993.
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Passed by aAyot~ of
day of , <;'P1-ItIIb. ~{
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Attest:
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;J~'
Harris, CMC
Secretary
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Richard Newton
Mayor
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