1952-07-01 Special Meeting - Laserfiche WebLink

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., . 2 a The Board t~rishc~s to express its appreciation for your interest a~zd co- operation in tl~s muter. Youx's very truly, Signed) D. S. Baugh, 'resident Board of Trastees La Porte Ind. School Dist. DSB:aag The City Clerk read a Resolution in full, and upon motion by ~11v. te, second b y Rigby, the resolut~_on ti^ras approved, to-z^ri.t R~OLUTION STS? TE OF T~~.~15 COUI~?TY OF H.~~'JtIS CITY OF L~; PORTE ~. R;:,SOLUTIOTJ UTI~RI~ Ii~IG TIC' CITY TO BORR~~'T 410, 000.00 BY TIC ISSU~J Cl OI' 'I'I~F TAX 1'1ivTICIP~:TION T10TT~, I'0,~, TIPS L~G'~,T Y~~I~. OF 1952-53. ~ITi:~'`?F1~S it has been Iazoti~n to the City COTfII1L1SSlon of the C~_ty of La Porte, Texas, that a necessity exists to borrcr~^r funds in the ar.~ount af' Ten Thousand Dollars (4?10,000.00) for general adriinistrative purposes and that such amount is consistent ti-rith the anticipated collection of property tax far such year; "II~i~~4S, the F3xst Rational Bank of L a forte, Taxas, has E;.xarained the financial st~.tt~s of the City and is grilling to make such loan; ":il~'.~'~zS, the City rri11 have current revenues in the amount of Ten Thousand Dollars (;;10,000.00) to pay such note at maturity, and the sum of Ten Thousand Dollars (~,~10,000.00) is hereby set aside ~,~i.th ,,~rlv.ch to pay saki note at maturity; IJCR`l, TI~~?~'ORE, be it resolved by the City Commission of the City of La- Porte, Texas, th~:t the City Clerk be authorized to issue the negotiable note of the City to be designated "Tax l~.nticipation dote" for the budgE;t year 1952-53: such note to be in the principal amount o_f Ten Thousand Dollars (~~10,000.00 ; to 1~~r interest at the rate of Three ner cent (3~) per annum payable at matur- ity, and to be due and payable on o-r bef ore the end of the fiscal. year; that said note be sold b-,~ the Director of Finance to the said First Rational Bank of La Porte, Texas, at not less than par value. ':':hen such note has been signed by the Director of Finance and delivered to said Bank ~~rith a duly authenticated copy of this resolution, the indebtedness thereby evidenced sh<d.l be fully binding against the City. P!iSS':~ this lst day of J~~ly, A. D., 1952, by a vote of 3 P.Y and 0 iiCF~. I~Px'P,,OV`~ by thei:ayor and attested 'oy the Ci~cy Clerk on