O-1958-549 - Laserfiche WebLink

Browse Search

.x - -- ~±~ • STATE OF TEXAS ~ COUNTY OF HARRIS ~ CITY OF LA PORTE ~ :. ,,,, A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THREE THOU- SAND DOLLARS ($3,000.0(1), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1958, AND ENDING JUNE 30, 1959. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of Three Thousand Dol- lars ($3,000.00), for general administrative purposes and that the anticipated current revenue :from ad valorem taxes will amount to approximately Ninety Thousand Dollars ($90,000.00 ); and WHEREAS, The First National Bank of La Porte has agreed to make the City a loan in said sum, to be paid in twelve (12) equal monthly installments of principal in the sum of Two Hundred and Fifty Dollars ($250.00) each with five per cent. (5%) per annum interest thereon, such interest payable monthly as it accrues; and WHEREAS, the City will have current revenues from the collection of said taxes available and sufficient to pay said obligation at maturity: NOW, THEREFORE, BE IT RESOLVED BY THE. CITY COMMISSION OF THE CITY OF LA PORTE, TEXAS, that the Mayor and 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} 1958, and ending June 30, 1959", such note to be in the principal sum of Three Thousand Dollars ($3,000.00), to bear interest at the rate of five per cent. (5%) per annum until maturity, such interest payable monthly as it accrues, with the usual provision for interest at the rate of ten per cent. (1f1%) per annum on past due interest and ten per cent. (10%) attorney's fees, the principal of such note to be due and payable in monthly installments of Two Hundred and Fifty Dollars ($25~r.00) each, plus interest on the unpaid balance payable monthly as it accrues; that said note be sold by the City to The First National Bank of La Porte, at not less than par value. When such note has been duly executed by the Mayor and City Clerk and de- livered to said Bank with a co of this resolution, such indebtedness thereby t PY evidenced shall be fully binding upon the City; and