HomeMy WebLinkAboutCity Council Resolutions (R-90-629-C)-10/16/1990
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RESOLUTION R-90-629-C
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RESOLUTION REGARDING THE CITY OF COLLEYVILLE"S INTENT
TO BORROW $136,000.00 FOR A SHORT TERM LOAN FOR
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WHEREAS, the City of Colleyville, Texas has appliced to First
City, Texas of Colleyville, Texas for a short term
loan to be repaid from current fiscal year revenues;
and
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WHEREAS, such loan is authorized by resolution under Section
9.07 D. of the Charter of Collevyille, 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 $136,000.00.
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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 in the amount of One Hundred Thirty Six
Thousand ($136,000.00) Dollars from the Frist City,
Texas of Colleyville, 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 Thirty Six Thousand
($136,000.00) Dollars bearing interest at a rate of
80% of the prevailing prime at date of funding and
payable on or before September 30, 1991.
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AND IT IS SO RESOLVED:
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on the 16th day of
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Passed by a vote of
October 1990.
to
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Chris Hawkins
Mayor
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DMcW/
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