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• i <br />MINUTES - SPECIAL MEET ING <br />LA PORTS CITY COMMISSION -JULY 29, 1~9 <br />10:00 A. M. <br />3 ~? <br />Special meeting a~' the City Commissic~on was ~~lled to order by Mayor H. J. <br />Pf®iffer, with the following members and pity offioials presents Commission- <br />ers Jas. S. Crate, Jr., and Wm. P. Jooaes, and City C1®rk J. E. Muldoon. <br />Motion by Janes, second by Crate, that the following Resolution be adopted: <br />RES (X,UT ION <br />THE STATE OF TEXAS ~ <br />COUNPY OF HARRIS ~ <br />CITY OF LA PORTS <br />A RES OLIIT IO1V AUTHORIZING THE C a Y T 0 BORRO4~ ~5, 000.00 BY THE ISSIIANCE OF ITS <br />"fAX ANT ICI PAT I Q+T NOTE FCR THE BITDGET YEAR OF 1~9-50. <br />Wf~tEAS, it has been made knows to the City Commission of the City of <br />Ie Porte, Texas, that a neoessity exists to borrow funds in. the amount of Five <br />Thousand Dollars 05,000.00) for general administrative purposes and that snob <br />amount is oonsistent with the anticipated oolleotion of property tax for such <br />year; <br />WHEREAS, the First National Bank of La Porte, Texas, has examined the fin- <br />anoial status of th® City and is willing to make such los=t; <br />NOS, TSEREFCRE, be it resolved by the City Comotission a~f the City of La= <br />Porte, Texas, that the City Clerk be authorized to issue the negotiable note of <br />the City to be designated s`rax Anticipation Note" for the budget year of 19+9-5©~ <br />such note to be in the principal amount of Five Thousand Dollars ($5,000.00); <br />to bear interest at the rata of 3% per cent per annum payable at maturity, axd <br />to be due and payable on or before the end of the fisoal year; that said Hate <br />be sold by the direotor of finanoe to the said First National Bank of La Porte, <br />texas, at not less than par value. wlsen such Hate has been signed by the director <br />of finance and o. slivered to said Bank with a duly authenticated Dopy of this re- <br />