2005-130-RES AUTHORIZING CITY MANAGER TO OBTAIN SHORT-TERM FINANCING IN ACCORDANCE WITH SECT. 79 AND 80 OF THE CITY CHARTER

Home Browse Search

RESOLUTION NO. 2005-130 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, APPROVING AND AUTHORIZING THE CITY MANAGER TO OBTAIN SHORT TERM FINANCING FROM THE CITY'S DEPOSITORY BANK IN ACCORDANCE WITH SECTIONS 79 AND 80 OF THE CITY CHARTER AND THE CITY'S DEPOSITORY CONTACT; PROVIDING FOR THE REPAYMENT OF SAID FINANCING BY OR BEFORE A CERTAIN DATE DURING FISCAL YEAR2005-2006j MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECTj AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council desires to authorize the City Manager to obtain short term financing by and through the City's depository bank to defray any shortfalls in the City's general revenues pending receipt of the City's tax funds for taxable year 2005; and, WHEREAS, Sections 79 and 80 of the City Charter provide for the City Council by Resolution to authorize such short term financing, provided such financing shall mature and be repaid in full not later than the end of the current fiscal year in which such financing is obtained; and, WHEREAS, the City Council finds and determines that obtaining such short term financing shall not constitute an issuance of debt as defined in state law and the state constitution because such financing shall be repaid during the current fiscal year; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That in accordance with Sections 79 and 80 of the City Charter, the City Council does hereby in all things approve and authorize the City Manager, at such times as he shall deem appropriate, but only at such times as the same shall be necessary to defray any deficiency in the City's general revenues prior to the receipt of the City's tax revenues for the taxable year 2005, to obtain short term financing by and through the City's depository bank, on such terms and at such rates as shall be prevailing for such financing at the time such financing is obtained. Section 3. That the total limit of such financing shall be and is hereby established at $500,000.00, all such financing to be repaid by the City by or before December 31,2005, but in any event such financing to be repaid in full, including principle and any accrued interest, by or before September 30, 2006, the end of the City's current fiscal year. Section 4. That the City Council hereby finds and determines that such financing as authorized herein shall not constitute the creation or issuance of debt as such term is customarily