HomeMy WebLinkAboutCity Council Resolutions (R-77-149)-12/06/1977
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RESOLUTION R-77-149
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RESOLUTION REGARDING CITY OF COLLEYVILLE'S INTENT TO BORROW
SIXTY THOUSAND DOLLARS ($60,000.00) FOR THE RENEWAL OF A
SHORT TERM NOTE.
WHEREAS, the City of Colleyville, Texas, a home-rule city, has applied to the
First Naional 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 reborrow Sixty Thousand Dollars ($60,000.00)
of thp. One Hundred Sixty Thousand Dollars ($160,000.00) authorized under
Resolution No. R-77-133; and
WHEREAS, such loan is deemed necessary to defray a note payment of the
City of Colleyville, pending collection of taxes; and
WHEREAS, such note was 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 of a ninety (90) day loan in the amount of
Sixty Thousand Dollars ($60,000.00) from the First National Bank of
Colleyville, Texas; and
THAT the City Council of the City of Colleyville, Texas, does hereby
authoritze the Mayor and City Secretary of the City of Colleyville,
Texas to execute one certain promissory note in the amount of Sixty
Thousand Dollars ($60,000.00) 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. 6th day of December, 1977.
APPROVED
JOHN A. ANDREWS, Mayor
ATTEST:
LaVada Johnson,
City Secretary
APPROVED AS TO FORM:
John D. Gi 11 i land
City Attorney
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