HomeMy WebLinkAboutCity Council Resolutions (R-78-181)-12/19/1978
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CITY OF COLLEYVILLE X
STATE OF TEXAS
COUNTY OF TARRANT
RESOLUTION R-78-181
RESOLUTION REGARDING CITY OF COLLEYVILLE'S INTENT TO BORROW
$155,000.00 FOR A SHORT-TERM LOAN FOR THE PURPOSE OF PAYING
BONDED INDEBTEDNESS.
WHEREAS, the City of Colleyville, Texas, has applied to First Security Bank
of Colleyville, Texas, for a short term loan to be repaid from
current fiscal year revenues; and
WHEREAS, such loan is authorized by resolution under Section 9.07.D. of the
Charter of Collevville. Texas; and
WHEREAS, such loan is deemed necessary, pending collection of taxes and other
utility revenues, to meet the requirements of bonded indebtedness,
those requirements being specifically the:
GENERAL OBLIGATION BONDS
1974 Certificate of Obl igation
1975 General Obligation Bond
1975 General Obligation Bond
1975 Combination Bond
$ 10,975.00
31,750.00
30,000.00
7,250.00
REVENUE BONDS
1975 Revenue Bond
1975 Revenue Bond
$ 114,250.00
14,400.00
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
application for a ninety (90) day loan in the amount of One Hundred Fifty-
Five Thousand($155,000.00) Dollars from the First Security Bank of Colley-
ville, 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 One Hundred Fifty-Five
Thousand ($155,000.00) Dollars bearing interest at a rate of six (6%)
percent per annum and payable on or before ninety (90) days after date
thereof,
THAT Ninety-Eight Thousand ($98,000.00) Dollars of said loan will be used to
meet that portion of the Utility Fund Debt Requirement that has not been
collected at this date; and Fifty-Seven Thousand ($57,000.00) Dollars of
the loan will be used to meet the portion of the Debt Service Sinking
Fund that has not been collected at this date.
Resolution R-78-181
Page 2
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PASSED, ADOPTED, AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE AT THE MEETING THIS THE 19th DAY OF DECEMBER, 1978,
by the following vote:
JUDY L. WELCH
C.L. "SMOKEY" VANOVER
LEONARD LEAR
HOWARD COLLINS
DALE R. HODGSON
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APPROVED:
ATTEST:
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City Secretary
APPROVED AS TO FORM AND LEGALITY:
Gill; land, Cates, and Flagg
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ty Attorney
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