HomeMy WebLinkAboutCity Council Resolutions (R-99-1532)-08/03/1999
RESOLUTION R-99-1532
A RESOLUTION REGARDING THE CITY OF COLLEYVILLE'S INTENT TO BORROW
$225,000.00 FOR A SHORT TERM LOAN FOR THE PURPOSE OF FINANCING A PORTION
OF A 1999 PIERCE 1500 GPM PUMPER FIRE TRUCK FOR THE NORTHWEST FIRE
STATION
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
the fire truck purchased for the new northwest fire station is to be financed
by the General Fund / Debt Service Fund Budgets and a loan for the
balance of the truck;
the City of Colleyville, Texas has applied to First State Bank of Texas
under the City's depository contract, for a loan to be repaid from current
fiscal year revenues and has received an affirmative response from that
institution; and
such loan is authorized by resolution under Section 9.07 D. of the Charter
of Colleyville, Texas; and
such loan is deemed necessary, pending collection of taxes and other
revenues, to meet the requirements of such indebtedness, that requirement
specifically being a loan in the amount of $225,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVI LLE, TEXAS:
Sec. 1
Sec. 2
THAT the City Council of the City of Colleyville, Texas, does hereby
authorize the loan in the amount of Two Hundred Twenty-five Thousand
($225,000.00) Dollars from the First State Bank of Texas; and
THAT the City Council of the City of Colleyville, Texas, does hereby
authorize the Mayor and the City Secretary of the City of Colleyville, Texas,
to execute the loan in the amount of Two Hundred Twenty-five Thousand
($225,000.00) Dollars bearing interest at a rate of 5.60% payable on or
before September 30, 2000.
AND IT IS SO RESOLVED:
Passed by a vote of 'f to ~ on the ..gel day of 1l"-JIl.5f ,1999.
/J~
an Harris, CMC
ity Secretary
D~~
Mayor