HomeMy WebLinkAboutCity Council Resolutions (R-77-148)-11/15/1977
RESOLUTION R-77-148
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 applied to the
First National Bank of Colleyville, 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 operating 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 application for a ninety (90) day loan in the
amount of Fifty Thousand Dollars ($50,000.00) from the First
National Bank of Colleyville, 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.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS,
on this the 15th day of November, 1977.
APPROVED:
A. ANDREWS, Mayor
ATTEST:
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City Secretary
APPROVED AS TO FORM:
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