O-1960-618 - Laserfiche WebLink

Browse Search

. . . . e e STATE OF TEXAS o o o COnJTY 0.:.::' HA:tRIS EESOLUTION AUT!,IOHIZING Tl,iE CITY OF LA PO;:;:TE TO BCl::ROvJ THE SUH OF THO THOUSAND )OL1!-l~S ($2,000.00), TO BE ~JIDD~CED EY TAX Al~TICIPATION NOTE, PAYABLE arT OF CURr'lENT TAXES COll,3CTED DURIEC TEZ FI:::iCAL YF.-:F..H BEGIIJllING JULY 1, 1960 AND ENDING ~n;-NE 30, 1961. h1IEiP..Jl.S, it has been determined by the City Cornmiss:t.on of the City of La Porte that a necessity exists to borroVl th8 sum of T'IJO Thousand Dollars (::;:2,000.00), for generaJ. adm..inistrative purp')ses and that the anticipated cur- rent revenue from ad va.Lorem taxes 1..i1l amount to a.pproximately THO HlJl'JDEED 'l''\''JENTY-THREE THODSAJ\fD THO HUND,JED DOLLARS (~,223,200.00); and 1rJHEitEAS, the First Nat.ional, BarLl< of La Porte, Texa.s has agreed to 3,ke th,:=; City a loan in said sum, to be pClid, "ri th three per cent 0;-;;) per J'J1U1Tl interest thereon, on or before th9 15th day of Febmary, A. D. 1961; and 1.rtIKlEAS, the City "nIl have current revenues from the co llection of said taxes available and sufficient to pay s aid obligation at maturity: NO\lJ, THEF(EFOiiE, BE IT HESOLVED BY THE CITY COIvIHI:3SION OF THE CITY OF' LA POE(TE, TEXAS that the l1ayor ClCicJ the City ClArk (Director of Finance) be auth- orized to issue a promissoI'JT note of the Oi ty of La Porte, to bs designated "Tax Anticipation Note for the FiscB.l. Year begirming July 1, 1960 and ending June 30, 1961", such note to be in the principal sum of Two Thousand DollEirs 1~(2,000.OO), to bear interest at the rate of three pCI' cent, 0%) per anmml ntil maturity, with the uSI..1al provision for interest at the rate of six per cent. (6:i{) per cmnum on past due principal and interest and ten per cent. (lO:t;) attorney's fees, such note to be due and pa;rable on or before the 15th day of F b 1 ", le6'l eruary, t. 1.>. ') , that said note be sold by the City to the First National, Ba.nk of La Porte, rrexas, at not less than par value. 'hThen such no to h'ls been duly executed by the ['Iayor ~:md City Clerk and delivered to said Bank, with a copy of this resolution, such indebtedness thereby evidenced shall be fully birdinSLlDon the City; ard. BE ITF'LfHTHER ;iESOL7W t.hat the City of La Porte hereby appropriates and sets aside the sum of Two Thousand Dollars (:~:2,000.OO) out of' the current 8vem1es from the collection of ad valorem taxes for the payment of sll.ch in- debtedness.