HomeMy WebLinkAboutRes 2005-08-01 - Purchase of Fire Truck1
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SECTION l : The City Council of the City of Anna, Texas (the "City Council") hereby
authorizes the issuance of Time Warrant No. 1 under and in accordance with the provisions of
the Local Government Code, Chapter 252, and expressly finds that all acts, conditions and things
required by law to be done precedent to and in the issuance thereof have been properly done.
SECTION 2: The Mayor of the City of Anna, Texas, is hereby authorized to execute, on
behalf of the City Council, Time Warrant No. 1 between the City of Anna, Texas, and the
Independent Bank, Anna Branch (the "Bank"), a copy of which is attached hereto as Exhibit A,
and incorporated herein for all purposes, and any and all other documents necessary to
consummate this transaction.
SECTION 3: The Mayor of the City of Anna, Texas, is hereby authorized to provide the
Bank copies of the City's annual audit by the City's certified public accountant or any other
financial information deemed necessary by the Bank, upon written request by the Bank.
SECTION 4: This Resolution shall take effect immediately upon its passage.
DULY PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF
ANNA, TEXAS, on this 9th day of August, 2005.
RESOLUTION AUTHORIZING EXECUTION OF TIlVIE WARRANT
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Resolufion City_of Anna for time_warrant.DOC
ATTESTED:
Secretary
RESOLUTION AUTHORIZING EXECUTION OF TIME WARRANT
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Resolution_City_of Anna for_time warrant.DOC
(Attach copy of Time Warrant)
RESOLUTION AUTHORIZING EXECUTION OF TIME WARRANT
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Resolution_City_of Anna for time_warrant.DOC
August , 2005 $145,458000
This is to certify that the CITY OF ANNA, a Texas governmental entity
(hereinafter called "Maker"), is just indebted to INDEPENDENT BANK, Anna Branch,
P.O. Box 37, Anna, Texas 75409 (hereinafter called "Holder"), in the sum of ONE
HUNDRED FORTY-FIVE THOUSAND FOUR HUNDRED FIFTY-EIGHT AND
N0/100 DOLLARS ($145,458.00), and the Maker has agreed and promised to pay to the
order of Holder, or its assigns, the sum of ONE HUNDRED FORTY-FIVE THOUSAND
FOUR HUNDRED FIFTY-EIGHT AND N0/100 DOLLARS ($145,458.00), together
with simple interest thereon at the rate of five and six hundred twenty-five thousandths
percent (5.625%) per annum to be paid as follows:
The principal and interest of this TIME WAR]�ANT NO.1 are due and payable in
eighty-four (84) monthly installments of TWO THOUSAND NINETY EIGHT AND
88/100 DOLLARS ($2,098.88). From each of these installments, the accrued interest.on
the unpaid principal will be deducted first, and the remainder will be applied to payment
of the principal. The first installment is payable on or before day of ,
2005, and the others are payable regularly on or before the day of each succeeding
month until , 2012.
This TIME WARRANT NO. 1 is issued under and in accordance with the
provisions of the Local Government Code, Chapter 252. Tl.e CITY OF ANNA hereby
certifies that all acts, conditions and things required by law to be done precedent to and in
the issuance hereof have been properly done, and that full and adequate consideration for
the issuance hereof has been received by the CITY OF ANNA.
L-.
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'Time_Warrant fcr_City_of Anna.DOC
Mr. Johnny Bratcher
Regional Manager
Independent Bank
P.O. Box 3035
McKinney, Texas 75070
RE: Time Warrant No. 1 between the City of Anna, Texas and Independent Bank, Anna
Branch
Dear Mr. Bratcher:
This firm has been requested by the City of Anna, Texas, to render an opinion in connection
with that certain Time Warrant No. 1 between the City of Anna, Texas as Maker and
Independent Bank, Anna Branch (the AHolder@), the proceeds of which shall be used to
purchase a new fire truck for the City of Anna, Texas. In that connection, it is our opinion
that:
1. The City of Anna, Texas is a Type A General Law Municipality under the
applicable provisions of the Texas Local Government Code.
2. To the best our knowledge and belief the execution, delivery and performance
of the Time Warrant No. 1 by the City of Anna, Texas has been duly authorized by all
necessary action and in accordance with the requirements of Chapter 252 of the Local
Government Code.
3. The Time Warrant No. 1 which certifies that the City of Anna, Texas is
indebted to the Independent Bank, Anna Branch has been duly executed by the Mayor of the
City of Anna, Texas on behalf of the City of Anna Texas and constitutes a binding and
enforceable obligation of the City of Anna, Texas in accordance with its terms.
If you have any questions, please contact me.
Respectfully submitted on behalf of,
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Qpinion_L.etter for_City_of Anna _time_warrant.DOC