HomeMy WebLinkAboutCity Council Resolutions (R-85-329)-12/17/1985
7
WHEREAS,
8 'I
9 ! WHEREAS,
10 I
I
11 I
12
13
14
15
16
17
18
19
20
21
22
23
24
25
i;
1
RESOLUTION R-85-329
2
3
RESOLUTION REGARDING THE CITY OF COLLEYVILLE'S INTENT
TO BORROW $170,000.00 FOR A SHORT TERM LOAN FOR
THE PURPOSE OF PURCHASING PROPERTY AT
315 WEST L.D. LOCKETT ROAD
4
5
Texas, has applied to
of Colleyville, Texas,
be repaid from current
WHEREAS,
the City of Colleyville,
First City National Bank
for a short term loan to
fiscal year revenues; and,
6
such loan is
Section 9.07.D.
Texas; and,
authorized by
of the Charter
resolution under
of Colleyville.
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 $170,000.00
NOW, THEREFORE, Be It Resolved by the City Council
of the City of Colleyville, Texas,
Sec. 1.
THAT the City Council of the
Texas, does hereby approve the
of One Hundred Seventy Thousand
from the First City National
Texas; and,
Ci ty of Colleyville,
loan in the amount
($170,000.00) Dollars
Bank of Colleyville,
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 one certain promissory note in the amount
of One Hundred Seventy Thousand ($170,000.00) Dollars
bearing interest at a rate of 80% of the prevailing
prime at date of funding and payable on or before
September 30, 1986.
AND IT IS SO RESOLVED.
Passed by a
December 1985.
of
s--
on
the
o
17th
day
of
to
vote
City of Colleyville
~u1i!(ior
I
I
!
I
I
1_
26
I~~~
City Secretary