1955-05-06 Special Meeting - Laserfiche WebLink

Browse Search

3Qlt Motion by Pfeiffer, second by Rigby, that the following Resolution be adopted: RESOLUTION STATE OF TEXAS COUNTY OF HARRIS ~ CITY OF LA Pt`li. TE A RESOLUTION AUTIi~IZING THE CITY OF LA PORTE TO BORRO9P THE SUI+d OF SIXTY-FIVE HUNDRED DOLLARS 06500.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING TIC FISCAL YEAR BFIxINNING JULY 1~ 195. AND ENDING JUNE 30, 1955. WHEREAS, it has begin determined by t he City Commission of the City of La Porte that a necessity exi.atsto borranP the swn of Sixty-F3.ve Hu~ired Dollars 06500.00), for general administrative purposes and that the an- ticipated current revenue from ad valorem t axes will amo~mt to app any imately Sevent3r-Five Hundred Dollars 07500.00); 'ani. WHEREAS, the First National Bank of La Porte, Texas, has agreed to make the city a loan in said sum, to be paid:, with three per cent (3~) per annwn interestthereon, on or before the 30th day of ~Jur.~, A. D. 1955; and WHEREAS, the City will have current revenues Eton t he collection of said taxes available and sufficient to pay said obligation at maturity: NON, THEREI~URE, BE 1'r RESOLVED BY TIC CTi'Y COM[NRSSION OF THE CITY OF LA PORTE, TEXAS, that the Mayo and City Clerk (Director of Finance) BE authorized to issue a promissory note of the City of La Porte to be designated "Tax Anticipation Note for the Fiscal Year beginning July l~ 195. and ending June 30, 1955", such note to b e in the principal sum of Sixty--Five Hur~ired Dollars (~6500.00)~ to bear interest at the rate of three per cent, (3~) per atmum until maturity with the usual provision for interest at the rate of sax per cent, (6~~ per annum onp3st due priniipal and. interest and ten per cent (10;6) attorr~ey~ s fees such note to be due and payable on or before the 30th day of June, A. D. 1955, that said note be sold by the City to .the Flrst National Bank of La Porte' Texas, at not less than par value. ~fhen such note has been d my executed by the Mayor and City Clerk and delivered to said Bank, with a copy of this resolution, such ind,sbtedness thereby evidenced shall be fully binding upon the City; and BE IT FUR TIER RESOLVED that the City of La Porte hereby appropriates and sets aside the sum of Sixty-Five Hundred Dollars 06500.00) out of the current revenues from the collection of ad valorem taxes for the pay- mertt of such inc~btedness.