HomeMy WebLinkAboutCity Council Resolutions (R-79-215)-12/28/1979
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RESOLUTION NO. R-79-215
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WHEREAS, the City of Colleyville presently has outstanding
bonded indebtedness, which pursuant to State law the
City must reduce at a specific rate; and,
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WHEREAS, the annual accounting for the City of Colleyville has
indicated a need for $60,000.00 in order to reduce the
City's bonded indebtedness as required by law; and,
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WHEREAS, the City Council of the City of Colleyville is of the
opinion that it is in the best interest of the citizens
of the City of Colleyville to secure said $60,000.00
in the form of a loan; NOW, THEREFORE,
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE,
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Sec. 1. THAT the City Manager of the City of Colleyville,
C. R. Ballenger, is hereby authorized to seek and
negotiate and obtain a loan in the amount of $60,000.00
from the First Security Bank of Colleyville, Texas, for
the purpose of reducing the City's bonded indebtedness,
as required by law.
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AND IT IS SO RESOLVED.
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PASSED AND ADOPTED by the City of Colleyville, Texas, this the
28th day of December , 19 79 , by a vote of ~ to
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CITY OF COLLEYVILLE
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BY:~~
Buck Hubbard, Mayor
ATTEST:
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~~~c~
City Secretary
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Approved as to form and legality:
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24 Ross T. Foster
City Attorney
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