HomeMy WebLinkAboutCity Council Resolutions (R-77-150)-12/15/1977
RESOLUTION R-77-150
RESOLUTION REGARDING CITY OF COLLEYVILLE'S INTENT TO
BORROW $140,000.00 FOR A SHORT TERM LOAN.
WHEREAS, The City of Colleyville, Texas, a home-rule city, has applied
to 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 authorized by resolution under Section 9.07.D of
the Charter of Colleyville, Texas; and
WHEREAS, such loan is deemed necessary to meet the requirements of bonded
indebtedness of the City of Colleyville, pending collection of
taxes and other util ity revenues, specifically:
1974
1975
1975
1975
Certificate of Obligation
General ObI igation Bond
General ObI igation Bond
General ObI igation and
Revenue Bond
Revenue Bond
Revenue Bond
$ 12,275.00
32,000.00
30,000.00
1975
1975
7,500.00
115,000.00
14,500.00
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Colleyville:
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 One Hundred Forty Thousand
Dollars ($140,000.00) 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 One Hundred Forty
Thousand Dollars ($140,000.00) bearing interest at the
rate of six percent (6%) per annum and payable on or
before ninety (90) days after date thereof.
Resolution R-77-150
Page 2
ADOPTED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE,
TEXAS, on this the J5th day of December, 1977.
APPROVED:
>ZLu~
A. ANDREWS, Mayor
ATTEST:
~( I ' (~
j Joam l-f?i) /~
LaV da Johnson ~
City Secretary
APPROVED AS TO FORM:
~(Ja~~
City Attorney
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