R-1991-13 - Laserfiche WebLink

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e e RESOLUTION NO. 91-13 A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF SIXTY-FIVE THOUSAND ($65,000.00), TO BE EVIDENCED BY A TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING OCTOBER 1, 1991, AND ENDING SEPTEMBER 30, 1992; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF. WHEREAS, it has been determined by the City Council of the City of La Porte that a necessity exists to borrow not to exceed the sum of Sixty-five Thousand Dollars ($65,000.00), for payment of lawful expenses of the City; WHEREAS, Neal Hinson and wife, Selma Joyce Hinson, and Darrell Warden and wife, Niki D'Layne Warden, have agreed to purchase the City's bearer note in said sum, without interest, to be due and payable in full on or before the 1st day of July, 1992; WHEREAS, the City will have current revenue from the collection of said taxes available and sufficient to pay said obligation at maturity; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE Section 1. The Mayor and the City Secretary shall be authorized to issue a bearer promissory note of the City (a true and correct copy of which is attached hereto as Exhibit "A", incorporated by reference herein, and made a part hereof for all purposes), to be designated "Tax Anticipation Note for the Fiscal Year Beginning October 1, 1991, Ending September 30, 1992", such note to be in the principal sum of Sixty-five Thousand Dollars ($65,000.00), without interest, providing for ten percent (10%) per annum interest on matured unpaid principal and interest from date of maturity until paid, and ten percent (10%) attorney's fees, such note to be due and payable in full on or before July 1, 1992; and that said note be sold by the City of La Porte to Neal Hinson and wife, Selma Joyce Hinson, and Darrell Warden and wife, Niki D'Layne Warden, at not less than par value. When such note has been duly executed by the Mayor and City Secretary and delivered to said Neal Hinson and wife, Selma Joyce Hinson, and Darrell Warden and wife, Niki D'Layne Warden, with a certified copy of this Resolution, such indebtedness thereby evidenced shall be fully binding upon the City. Section 2. The City of La Porte hereby appropriates and sets aside the sum of Sixty-five Thousand Dollars ($65,000.00) out of the current revenues from the collection of ad valorem taxes for the payment of such indebtedness.