1950-08-03 Regular Meeting - Laserfiche WebLink

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~ .f t ' liT3EREAS, it has been ~1e knov~as to the City C©m~io~' the City of La Porte, Texas, that a necmcsity exists to borrow funds in the ~ms:ount of Five Thousand Dollars 05,000.00) for general administrative purposes-and that such amount is oonsistent with the antioipated collection of property tax for such year; WHEREAS, the First National Bank of La Porte, Texas, has examined the financial status of the City sn.d is willing to snake such loan; NOW, THEREFORE, be its resolved by the C~.ty Commissio~t of the C3,ty of La Porte, Texas, that the City Clerk be authorized to issue the negotiable note of the City to be designated ~"Tax Axitioipation Note" for the budget year 1950-51; such note to be i.n the pri~acipa,l amount of Five Thousand Dollars 05,000.00); 'to bear interest at the rate of 3~ per cant per annum payable at maturity, and to be due anal payable on or before the end of the fiscal year; that said note ~be s-old by the Director of Finance to the said First National Bank of La Porte, Texas, at not less than par value. V7hen such note has been signed by the Director of Finance and delivered to said Bank with a duly authenticated copy of this Resolution, the indebtedness thereby evidenced shall bo fully 'bindixsg against the City. FASSED, this 3rd day of Augua~t, A. D., 1950, by a vote of 3 AYES and 0 NOES. APPROVED by the Mayor and attested by the City Clerk on said date. TEST : (~ .},~, J. E. biuld n, City lerk J. iffer, Idayor City of La Porte, Tex. C' y o Porte, Texas Carried. The Conlnission unanimously instructed the City Clerk to have published Notice to Bidders fca~ X100,000.00 Waterw~ks and Sewer System Revenue Bonds, sealed bids to be received at 10:00 A. b4., on August 17, 1950• Motion by Jones, second by Crate, that the following bills, in the aggregate amount of ~2,1r22.9e, ba paid: Wm. H. Baugh X15.00 Bayshore Lumber Co. ~.9•~9 Bens on T ra,et or Company 29.CIj H. Childress 9.90 Clarke & Courts 50.81 Lois Compton 20.00 Gabor Company 267.00 Gulf Oil Corporation 29.72 Heights Armature ~Porks 9.25 Houston Lighting & Power C o. 1,.57.78 Houston Pov~rer Equipment Co. 2.4..22 Houston Natural Gas Corporation 2.19 Humble Oi 1 8c Refining C o. 173.63 Industrial Towel Service 2.63 Kerber boot or Company 2 ~7 King Chcanical Company - 2l~..76 La Porte Hardware Company 20.91 ~, ~~ _.