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R-1949-4 - $5,000 loan to run City until tax collected
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R-1949-4 - $5,000 loan to run City until tax collected
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12/20/2022 7:03:12 AM
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Legislative Records
Legislative Type
Resolution
Legislative No.
R-1949-4
Date
7/29/1949
Description
$5,000 loan to run City until tax collected
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<br />........- ~~ <br /> <br />e <br /> <br />"~" <br /> <br />- <br /> <br />/'~.. .. <br /> <br />'- <br /> <br />----..... <br /> <br />- <br /> <br />.' <br /> <br />e <br /> <br />THE STAT:b: OF TEXAS D <br /> <br />COUNTY OF HARRIS D <br /> <br /> <br />CITY OF LA PORTE D <br /> <br />Dl',r .;' <br />d I <br />A 'Dv oil j <br />',{ "" ~. <br />t <br /> <br />l ~ <br />I ; {~ <br /> <br />A RESOLUTION AUTHORIZING THE CITY TO BORROW $5,000.00 BY THE ISSUANCE OF <br />ITS TA.< ANTICIPATION NOTE FOR THE BUDGE.T YEAR OF 1949-50 . <br /> <br />VffiEREAS, it has been made known to the City Commission of the <br /> <br />City of La Porte, Texas, that a necessity exists to borrow funds in the <br />amount of Five Thousand Dollars ($5,000.00) for general administrative <br /> <br />purposes and that such amount is consistent with the anticipated collec- <br /> <br />tion of property tax for such year; <br /> <br />WHEREAS, the First National Bank of La Porte, Texas, has examined <br /> <br />the financial status of the City and is willing to make such loan; <br /> <br />NOVi, THEREFORE, be it resolved by the City Commission of the City <br /> <br />of La Porte, Texas, that the City Clerk be authorized to issue the negotia- <br /> <br />ble note of the City to be designated "Tax Anticipation Note" for the budget <br />year of 19l19-?O ; such note to be in the principal amount of Five Thousand <br /> <br />Dollars ($5,000.00); to bear interest at the rate of <br /> <br />3 % per cent per <br /> <br />annum payable at maturity, and to be due and payable on or before the end of <br /> <br />the fiscal year; that said note be sold by the director of finance to the <br /> <br />said First NationaJ. Bank of La Porte, Texas, at not less than par value. <br /> <br />bhen such note has been signed by the director of finance and delivered to <br /> <br />said Bank with a duly authenticated copy of this resolution, the indebtedness <br /> <br />thereby evidenced shall be fully binding against the City. <br /> <br />and <br /> <br />PASSED this29 th day of July, A. D., 1949, by a vote of -1..._ AYES <br />NOES. APPROVED by the Mayor and attested by the City Clerk on <br /> <br />o <br /> <br />said date. <br /> <br />ATTEST: <br /> <br /> <br />
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