HomeMy WebLinkAboutCity Council Resolutions (R-78-179)-11/07/1978
CITY OF COLLEYVILLE
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RESOLUTION R-78-179
RESOLUTION REGARDING CITY OF COLLEYVILLE'S INTENT
TO BORROW FIFTY THOUSAND DOLLARS ($50,000.00) FOR
THE GENERAL OPERATION OF THE CITY.
WHEREAS, the City of Colleyville, Texas, a home-rule City, has appl ied to the
First Security Bank of Colleyville, N.A., Texas, for a short term loan
to be repaid out of the current fiscal year revenues; and,
WHEREAS, such loan is deemed necessary to defray current operat ing expenses of
the City of Colleyville, pending collection of taxes; and,
WHEREAS, such current operating expenses are incurred for the health, safety,
morals, and welfare of the inhabitants of the City:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Colleyville, Texas:
THAT the City Council of the City of Colleyville, Texas, does hereby
approve the appl ication for a ninety (90) day loan in the amount of
Fifty Thousand Dollars ($50,000.00) from the First Security Bank of
Colleyville, N.A., Texas; and,
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 Fifty
Thousand Dollars ($50,000.00) bearing interest at the rate of six
percent (6%) per annum and payable on or before ninety (90) days after
date thereof.
PASSED, APPROVED, AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS, on this the 7th day of November, 1978.
APPROVED:
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JO~N A. ANDREWS, Mayor
ATTEST:
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City Secretary
APPROVED AS TO FORM AND LEGALITY:
Gill iland, Cates, and Flagg
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