HomeMy WebLinkAboutResolution 2009-024RESOLUTION NO. 2009-024
A RESOLUTION OF THE CITY OF NORTH RICHLAND HILLS, TEXAS
AUTHORIZING THE EXECUTION OF DOCUMENTS REQUIRED FOR A
LOAN TO THE CITY INCLUDING BUT NOT LIMITED TO A NOTE AND
SECURITY AGREEMENTS
WHEREAS, the City Council of the City of North Richland Hills desires to provide for
the borrowing of money for the purchase of land and the collateralization
of such loan; and, NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS, TEXAS:
Section 1: THAT Larry J. Cunningham, the City's City Manager is hereby authorized
to execute on behalf of the City of North Richland Hills, Texas one or more
notes not exceeding $2,000,000.00 in total, and any and all documents,
including earnest money contracts together with all closing documents and
deeds of trust on real property to be purchased by the City and other
collateralization instruments necessary to create and effectuate such
loans from Liberty Bank for the purpose of purchasing such land and
obtaining title insurance thereon (the policy being paid for by the seller of
the land).
Section 2. THAT Larry J. Cunningham, the City's City Manager is hereby authorized
to execute documents necessary or convenient to provide for the
purchase of a certificate of deposit from Liberty Bank necessary to
collateralize that portion of the purchase price of land by the City in excess
of what the bank can loan which can be secured by deeds of trust on such
land as described in the foregoing Section and to pledge such certificate
to Liberty Bank as such security.
Section 3. THAT Larry J. Cunningham, the City's City Manager is hereby authorized
to execute documents required for the depositing with, withdrawing from,
and pledging of money for security to Liberty Bank, including the
designation of city employees whose signatures will be required for such
transactions.
Section 4. THAT should Larry J. Cunningham, the City's City Manager retire or be
removed from office for any reason, the person that holds the office of the
City's (Interim) City Manager is hereby authorized to execute all the
documents required for the completion of the premises itemized in
Sections 1, 2 and 3 above without limitation and Liberty Bank (together
with interested parties, such as parties to the respective contracts and title
companies) may rely on the uninterrupted authority of the person holding
the said office until otherwise notified in writing by the City.
Resolution No. 2009-024
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AND IT IS SO RESOLVED.
PASSED AND APPROVED this 13th day of July, 2009.
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City Secretary
APP ED TO F RM AND LEGALITY:
Ge ge A. Staples City A rney
APPROVED AS TO CONTENT:
'L~' Z1"YN-c~~
Larry Ko n e, Director of Finance
CITY
By:
Resolution No. 2009-024
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