HomeMy WebLinkAboutCity Council Resolutions (R-78-176)-10/03/1978
STATE OF TEXAS r
COUNTY OF TARRANT r
CITY OF COLLEYVILLE r
RESOLUTION R-78-176
A RESOLUTION CONCERNING THE EXTENSION OF A SIXTY-THOUSAND
($60,000) DOLLAR BANK NOTE OVER THE FISCAL YEAR AND PRO-
VIDING FOR PAYMENT.
WHEREAS, the City of Colleyville, Texas, borrowed Sixty Thousand ($60,000) for
the purchase of street equipment under Resolution R-77-135, and
WHEREAS, this Bank Note was set up to be paid in Twelve Thousand ($12,000)
Dollar increments, plus yearly interest, over five (5) years under
Resolution R-78-163, and
WHEREAS, One Twelve Thousand ($12,000) increment and quarterly interest payments
were made in fiscal year 1977-78, and
WHEREAS, payment of the note in this method requires the City Council to extend
this Bank Note over the fiscal year in violation of City Charter Section
9.07.D., and
WHEREAS, this Bank Note was approved prior to adoption of the City Charter, and
WHEREAS, the City Council determined that funds were not available within the
1977-78 fiscal year to payoff this Bank Note,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
THAT annual payments will be continued at the rate of Twelve Thousand
($12,000) per year and interest payments made quarterly throughout
the year as required until funds are available to pay this Bank
Note in full, and
THAT the City Council shall remain aware of this Bank Note and pay at
the earliest date funds are available for payment in full.
PASSED, APPROVED, AND ADOPTED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS, on the 3rd day of
October, 1978.
APPROVED:
A. ANDREWS, Mayor
A~~
LaVada Johnson ~
City Secretary
APPROVED AS TO FORM AND LEGALITY:
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