HomeMy WebLinkAboutCity Council Resolutions (R-74-88)-10/15/1974
CITY OF COLLEYVILLE, TEXAS
RESOLUTION NO. R-74-88
WHEREAS, the City of Colleyville, Texas, a general law
city duly incorporated under the provisions of .chapter 11, Title 28 of
the Revised Civil Statutes of Texas, as amended, has applied to First
National Bank of Colleyville, Texas for a short terIl?-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 collecticm 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
(6o/c) 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 October, 1974.
ATTEST:
~ .~
M. L ~EY. /--
City Secretary
APPROVED: