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• ~ <br />STATE OF TEXAS ~ <br />COUNTY OF HARRIS I <br />X <br />CITY OF LA PORTE X <br />A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF SEVEN THOU- <br />SAND DOLLARS ($7,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE <br />OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1958 <br />AND ENDING JUNE 30, 1959. <br />WHEREAS, it has been determined by the City Commission of the City <br />of La Porte that a necessity exists to borrow the sum of Seven Thousand Dollars <br />($7,000,00), for general administrative purposes and that the anticipated cur- <br />rent revenue from ad valorem taxes will amount to approximately One Hundred <br />Three Thousand Fifty-One and 48/100 Dollars ($103,C51.48); and <br />WHEREAS, The First !`rational Bank of La Porte has agreed to make the <br />City a loan in said sum, to be paid, with three per cent, (3%) per annum in- <br />terest thereon, on or before the 15th day of February, A, D. 1959; and <br />WHEREAS,, the City will have current revenues from the collection of <br />said taxes available and sufficient to pay said obligation at maturity: <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMi~iISSION OF THE CITY OF <br />LA PORTE, TEXAS, that the Mayor and City Clerk (Director of Finance) be author- <br />ized to issue a promissory note of the City of La Porte, to be designated "Tax <br />Anticipation Note for the Fiscal Year beginning July 1, 1958, and ending June <br />30, 1959", such note to be in the principal sum of Seven Thousand Dollars <br />($7,000.00), to bear interest at the rate of three per cent. (3%) per annum <br />until maturity, with the usual provision for interest at the rate of six per <br />cent. (~%) per annum on past due principal and interest and ten per cent. (10%) <br />attorney's fees, such note to be due and payable on or before the 15th day of <br />February, A. D. 1959, that said note be sold by the City to 'Ihe First National <br />Bank of La Porte, at not less than par value. When such note has been duly <br />executed by the Mayor and City Clerk and delivered to said Bank, with a copy of <br />this resolution, such indebtedness thereby evidenced shall be fully binding <br />upon the City; and <br />BE IT FURTHER ft ESOLVED that the City of La Porte hereby appropriates <br />and sets aside the sum of Seven Thousand Ninety-Two and no/100 Dollars <br />($7,092.G0) out of the current revenues from the collection of ad valorem taxes <br />