HomeMy WebLinkAboutResolution No. 89-15 CITY OF THE COLONY, TEXAS
SOLUTION NO.
A RESOLUTION OF THE CLTY COUNCIL OF THE CITY OF THE COLONY,
TEXAS AUTHORIZING PREPARATION OF A BOND REFUNDING PROGRAM
WHEREAS, the City of The Colony has a long range financial
commitment for bonded indebtedness; and
~HEREAS, those payments are escalating annually; and
WHEREAS, a Bond Refunding Program will restructure the 1985
$5,000,000.00 General Obligation Bonds through lower interest
rates and a three year extended payment program, to substantially
lower annual bond payments;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
Section 1. That the City Manager is authorized to
proceed with preparation of a Bond Refunding Program through the
City's financial advisor.
Section 2. That this resolution shall become effective
immediately upon its passage and~proval. /q
PASSED AND APPROVED this ~ay of~~/ ~J , 1989.
Don Am~k, Mayo~ ....
City of The Colony
ATTEST:
Patti A. Hicks, City Secretary
City of The Colony
APPROVED AS TO LEGAL FORM:
CITY ATTORNEY
CITY OF THE COLONY
John F. Boyle
By: