2005-130-RES AUTHORIZING CITY MANAGER TO OBTAIN SHORT-TERM FINANCING IN ACCORDANCE WITH SECT. 79 AND 80 OF THE CITY CHARTER
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
defined under state law and the Texas Constitution, because such financing shall be repaid in full
prior to the end of the current fiscal year.
Section 5. That this resolution shall be effective from and after its date of passage.
PASSED AND APPROVED this 24th day of October, 2005.
ATTEST:
~~
Ice ElliS, City Clerk
APPROVED AS TO FORM: