R-1983-09 - Laserfiche WebLink

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e ~t . CITY OF LA PORTE La Porte, Texas PROMISSORY NOTE $341,790.00 La Porte, Harris County, Texcls May 18, 1983 For value received, the CITY OF LA PORTE, a municipal corporation, Harris County, Texas, does hereby promise to pay to the order of BAYSHORE NATIONAL BANK OF LA PORTE, at its bankinq offices in the City of La Porte, Harris County, Texas, the sum of THItEE HUNDRED FORTY-ONE . THOUSAND SEVEN HUNDRED NINETY AND NO/lOa DOLLAHS ($341,790.00), in legal and lawful money of the United States of America, with interest thereon from date hereof until maturity at the ra.te of seven and one- half per cent (7-1/2%) per annumi the interest payable with principali matured unpaid principal and interest shall bear interest at the rate of ten per cent (10%) per annum from date of maturity until paid. This note is due and payable as follows, to-wit: . In 12 equal quarter-annual installments of principal in the sum of TWENTY-EIGHT THOUSAND FOUR HUNDRED EIGHTY-TWO AND 50/100 DOLLARS ($28,482.50) each, plus interest at the rate of seven and one-half per cent (7-1/2%) per annum on the unpaid balance of principal, the first of such quarter-annual installments of principal, plus interest, to be due and payable on or before October 1, 1983, and a like quarter-annual installment of principal, plus interest, being due and payable on or before the 1st day of each January, April, July, and October thereafter, until the full principal balance, and all interest due thereon, shall have been fully and finally paid. The City Council of the City of La Porte ret.ains the continuing right to terminate this promissory Note without penalty at the expir- ation 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 hereon. EXHIBIT "A" Page 1 of 3