HomeMy WebLinkAboutCity Council Resolutions (R-91-729)-12/17/1991
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RESOLUTION R-91-729
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RESOLUTION REGARDING THE CITY OF COLLEYVILLE'S INTENT
TO BORROW $119,000.00 FOR A SHORT TERM LOAN FOR
THE PURPOSE OF PURCHASING PROPERTY AT 315 WEST L.D. LOCKETT
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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 fiscal 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 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:
Short Term Loan in the amount of $119,000.00.
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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 transfer and extension of the
loan in the amount of One Hundred Nineteen Thousand
($119,000.00) Dollars from the First National Bank
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 the City Secretary
of the City of Colleyville, Texas, to execute the
renewal and extension of one certain promissory note
in the amount of One Hundred Nineteen Thousand
($119,000.00) Dollars bearing interest at a rate of 95%
of the prevailing prime at date of funding and payable
on or before September 30, 1992.
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IT IS SO RESOLVED:
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Chris Hawkins
Mayor
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by a vote of
, 1991.
to
day of
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