R-1962-09 - Laserfiche WebLink

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..- . e e RESOLU'UON }ij). 6-62 Page 1 of 2 . > /'--......,_ STATE OF TEXAS . '. ,. . COUNTY OF HARRIS ) ) ) RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY THOUSAND DOLLARS ($30,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABE OUT OF QJRRENT TAXES CX>LLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1962 AND ENDING JUNE 30, 1963. WHEREAS, it has been determined by the City COmmission of the City of La Porte that a necessity exists to borrow the sum of THIRTY THOUSAND DOLLARS ($30,000.00), to pay current expenses of the City, and that the anticipated current revenue from ad valorem taxes will amount to approximately TWO HUNDRED EIGHTY ONE THOUSAND, EIGHT HUNDRED AND SIX DOLLARS ($281,806.00h and WHEREAS, the La Porte State Bank at La Porte, Texas has agreed to make /--....\ the City a loan in said sum, to be paid with three percent (3%) per annum interest 4It thereon, on or before the 15th day of February, 1963; and WHEREAS, the City will have current revenues from the collection of said taxes availabe and sufficent to pay said obligation at maturity: NCl'i, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance) be author- ized to issue a promissory note of the City of La Porte, to be designated "Tax Anticipation Note for the Fiscal Year beginning July 1, 1962 and ending June 30, 1963", such note to be in the principal sum of THIRTY THOUSAND DOLLARS ($30,000.00), to bear interest at the rate of three percent (3%) per annum until maturity, with the usual provision for interest at the rate of six percent (6%) per annum on past ,--...... 4It'\dUe principal and interest and ten percent (10%) attorney.s fees, such note to be due and payable on or before the 15th day of February, 1963, that said note be sold by the City of La Porte to the La Porte State Bank of La Porte, Texas, at not less than par value. When such note has been duly executed by the Mayor and City Clerk and delivered to said Bank, with a copy of this resolution, such indebtedness thereby evidenced shall be fUlly binding upon the City; and BE IT FURTHER RESOLVED THAT the City of La Porte hereby appropriates and sets. aside the sum of THIRTY THOUSAND, FIVE HUNDRED AND TWENTY FIVE DOLLARS ($30,525.00) out of the current revenues from the collection of ad valorem taxes for . . the payment of such indebtedness. ~'" e AND IT IS SO ORDERED. APPROVED and passed this the 25th DAY of JULY, 1962, by the City COmmission. ../ Texas