HomeMy WebLinkAboutRES 1989-032 RESOLUTION NO. 89-32
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS, DIRECTING AND
AUTHORIZING THE TRANSFER OF FUNDS FROM THE
GENERAL FUND TO THE DEBT SERVICE FUND TO PAY
THE REMAINING BALANCE ON THE REAL ESTATE LIEN
NOTE GIVEN BY THE CITY UPON THE PURCHASE OF
LAND LOCATED IN THE WILLIAM DOOLEY SURVEY
�'''� AND PROVIDING AN EFFECTIVE DATE
�„�, WHEREAS, on March 17, 1987 , the City Council approved
Resolution No. 87-17 which authorized the purchase from Dallas
Grapevine Associates ("Seller") of a 12 . 15 acre tract of land
(the "Property") located in the William Dooley Survey, Tarrant
County, Texas; and
WHEREAS, in payment of a portion of the purchase price of
the Property the City delivered to Seller its Promissory Note
(the "Note") , dated April 9, 1987 payable to the order of the
Seller in the principal amount of $1 ,016 , 154 .24; and
WHEREAS, on November 3 , 1987, the City Council approved
Resolution No. 87-49 which authorized the City Manager to
negotiate a reduction in principal amount of the Note; and
WHEREAS, the City Council now desires to prepay the balance
of the Note in the amount of $393 ,208 .00 during fiscal year 1990 ;
and
WHEREAS, the City is authorized under the Note to prepay the
balance of the Note at any time without any prepayment penalty;
,_; ...
and
WHEREAS, the City has sufficient funds to prepay the balance
�� of the Note by transferring funds from the General Fund to the
Debt Service Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section l . That all matters stated in the preamble of this
resolution are true and correct and are hereby incorporated into
the body of this resolution as if fully set forth therein.
Section 2. That the City Manager, or his duly authorized
designee, is hereby directed and authorized to prepay the balance
of the Note in the amount of $393, 208 . 00 during fiscal year 1990 .
Section 3. That prepayment of the balance of the Note in
the amount of $393, 208 . 00 is to be satisfied by transferring
$393, 208. 00 from the General Fund to the Debt Service Fund and
the City Council hereby appropriates and authorizes the transfer
of $393,208 . 00 from the General Fund to the Debt Service Fund for
�, prepayment of the balance of the Note.
Section 4 . That this resolution shall become effective from
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and after the date of its passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 12th day of September , 1989 .
APPROVED:
William D. Tate
Mayor
ATTEST:
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Li a Huff
City Secretary
+'��'� APPROVED AS TO FORM:
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John F. Boyle, Jr.
City Attorney
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