1952-05-28 Special Meeting - Laserfiche WebLink

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l~. CJ ti~TI~E.~;, it has been made knovrn to the City Commission of the City of La Porte, Texas, that a necessity exists to borrow funds in the amount of Ten Thousand Dollars 010,000.00) for general administrative purposes and that such amount is consistent with the anticipated collection of special revenue and taxes far' such year as follarrs: property tax, Six Thousand dive Hundred Dollars (b,500.00); other revenue, Three Thousand Five Hundred Dollars ( X3,500.00); Z"tH:1~EAS, the First National Bank of La Porte, Texas, has examined the financial status of the City and is willing to make such loan; i7HER.EAS, the City will have current revenues in the amount of Ten Thousar~l. Dollars (.;$10,000.00) to pay such note at maturity and the sum of Ten Thousand Dollars 010,000.00) is hereby set aside ,-rith Tsrhsch to pay said. note at maturity; Td01'f TIICRE~RF, be it resolved by the City Commission of the City of La- Porte, Texas, that the City Clerk be authorized to issue the negotiable note of the City to be designated "Special Revenue ark. Tax Anticipait~ion Note" for the year 1952, (Budget year 1951, ending June 30, 1952); such note to be i.n the principal. amount of Ten Thousand Dollars 010,000.00); to bear interest at the rate of 3~ per annum payable at maturity, and to be due and payable onor before the end of the fiscal yeas; that said note be sold by the Der actor of Finance to the said First National yank of La Porte, Texas, at not less than par value. tithen such note has been signed by the Director of Finance and deliv- ered to said Bank with a duly authenticated copy of this resolution, the indebt- edness thereby evidenced shall be f ~~.ly binding against the City. PASSL, this 23th day of ?~,Zay A. D. 1952, by a vote of 2 AYES and 0 NO.~. A~~'20V~ by the Iayor and attested by the City Clerk on said date.