R-1983-09 - Laserfiche WebLink

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. . e RESOLUTION NO. 83-9 A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY AND NO/IOO DOLLARS ($341,790.00), FOR THE PURCHASE OF A SUTPHEN CORPORATION AERIAL TOWER FIRE FIGHTING APPARATUS, WHICH PROMISSORY NOTE SHALL BE ISSUED UNDER THE AUTHORITY OF THE TEXAS PUBLIC PROPERTY FINANCE ACT, AND SHALL BE SECURED BY THE FULL FAITH AND CREDIT OF THE CITY OF LA PORTE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That the City Council of the City of La Porte deems it necessary, useful and appropriate to one or more of its purposes to purchase a Sutphen Corporation aerial tower fire fighting apparatus, ~ for a price of THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY AND NO/IOO DOLLARS ($341,790.00), and to finance the purchase and acquisition of same under the provisions of the Texas Public Property Finance Act, Article 2368a.2, Revised Civil Statutes. Section 2. That the Mayor be authorized to issue a promissory Note of the City (a true and correct copy of which is attached here- to as Exhibit II A", incorporated by reference herein, and made a part hereof for all purposes), dated May 18, 1983, in the principal sum of THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY AND NO/IOO DOLLARS ($341,790.00), to bear interest at the rate of seven and one- half per cent (7-1/2%) per annum until maturity, providing for ten .' per cent (10%) per annum interest on matured unpaid principal and interest from date of maturity until paid, and ten per cent (10%) attorney's fees if placed in the hands of an attorney for collection, such note to be due and payable in 12 equal quarter-annual install- ments of principal, plus interest as provided therein; said note to retain for the City of La Porte the continuing right to terminate said Promissory Note without penalty at the expiration of each City of La Porte budget period, i.e., on September 30 of each year, by the payment of the full principal balance and all accrued interest thereon; and that said note be sold by the City of La Porte to .. Bayshore National Bank of La Porte, at not less than par value.