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<br />Section 4. That the City Council hereby finds and determines that such financing as <br />authorized herein shall not constitute the creation or issuance of debt as such term is customarily <br />defined under state law and the Texas Constitution, because such financing shall be repaid in full <br />prior to the end of the current fiscal year. <br /> <br />Section 5. That this resolution shall be effective from and after its date of passage. <br /> <br />PASSED AND APPROVED this 24th day of October, 2005. <br /> <br />Curtis Fendley, Mayor <br /> <br />ATTEST: <br /> <br />Janice Ellis, City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br />Larry W. Schenk, City Attorney <br /> <br />1 <br /> <br />I <br />