RES 1996-15TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. 9 6 -15
A RESOLUTION OF THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS APPROVING A LOAN
IN THE AMOUNT OF $200,000.00 FROM NORTHWEST
BANK IN ROANOKE, TEXAS, THE PROCEEDS OF
WHICH SHALL BE USED BY THE TOWN TO
CONSTRUCT A POLICE BUILDING; PROVIDING THAT
ALL PAYMENTS UNDER THE TERMS OF THE LOAN
AGREEMENT SHALL BE SUBJECT TO ANNUAL
APPROPRIATION BY THE TOWN; AUTHORIZING THE
MAYOR AND TOWN MANAGER OF THE TOWN TO
EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO
SECURE THE LOAN; PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB, TEXAS:
Section 1. The Town Council does hereby approve a loan agreement (a form of which
is attached hereto) by and between the Town and Northwest Bank, Roanoke, Texas ("Bank"),
wherein the Bank agrees to loan to the Town, subject to the terms and conditions of the loan
agreement, the sum of $200,000.00 for the construction of a police building. The obligation of
the Town to repay the loan, including the principal and any interest thereon, shall be subject to
the annual appropriation and budgeting by the Town Council, in the Council's sole discretion,
of any amounts which may then be due as set forth in the loan agreement.
Section 2. The Mayor and Town Manager are hereby authorized and empowered to
take all acts necessary to execute the loan documents and secure the loan on behalf of the Town.
Section 3. This Resolution shall take effect from and after its date of adoption.
PASSED AND APPROVED by the Town Council of the Town of Trophy Club, Texas
this the _ 1St day of May 1996.
r, Town of Troph lub, Texas
ATTEST:
Town Secretary,
Town of Trophy Club, Texas
[SEAL]
DOC #: 373917
APPROVED AS TO FORM: .
"nolm ey,
Town of Trophy Club, Texas
DOC #: 373917