RES 2003-25TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. 2003-25
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS APPROVING A SHORT TERM LOAN IN
THE AMOUNT OF $17,500.00 FROM NORTHWEST BANK IN
ROANOKE, TEXAS, THE PROCEEDS OF WHICH WILL BE USED
BY THE TOWN TO INSTALL AN EIGHT INCH WATER LINE TO
MARSHALL CREEK PARK; 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 OR THEIR RESPECTIVE DESIGNEES, TO EXECUTE ANY
AND ALL DOCUMENTS NECESSARY TO SECURE THE LOAN;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town is authorized to obtain loans supported by current funds available
and to spend funds when necessary to accomplish a public purpose; and
WHEREAS, the installation of an eight -inch waterline in Marshall Creek Park will provide
access to water necessary for fire protection services and will also provide needed
infrastructure for future development of Marshall Creek Park; and
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS:
Section 1. That the Town Council does hereby authorize and approve a short
term loan 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 $17,500.00. 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. That the Mayor and Town Manager or their respective designees 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. That 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 28'h day of July 2003.
ATTEST -
Town Secretary, own of Trophy Club, Texas
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Town Attorney, Town of Trophy Club, Texas