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320 <br /> <br /> <br />A discussion was he]~d on extending a sewer main t® Mrs. Lena Davidts <br />place at 1101 San Jacinto Street. <br />Motion by Rigby, second by Pfeiffer, teat the falloyving Resolution be <br />e.dopt ed : <br />STATE OF TEXAS <br />COUNTY OF I~IARRIS <br />CITY OF LA PORTS <br />A RESOLUTION AUTHORIZITIG THE CIT'i OF LA PORTS Ta BORROUJ' THE SUM OF TEN <br />THOUS.~ND DOLLARS 010,000.00) TO BE' EVIDENCED BY TAX ANTIOIEATICIV NOTE, <br />PAYABLE OUT O:iF' CURRANT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING <br />JULY 1, 1955,lND ENDING JUNE 30, 1956. <br />1"d'I-~iEAS, it has been deterRU.ned by the City Comcaission of the City <br />of La Porte that a necessity exists to b orrow the sum of Ten Thousand <br />Dollars 010,000.00), for general administrative purposes arad that the <br />anticipated current revenue from. ad.valoren taxes will amount tm apprax- <br />imately Sixty-Tvvn Thousand Tyro Hundred Seventeen and 1~9~7..00 Dollars <br />(~62,217.~.9); and <br />:~II~EAS, the First National Bank of La Porte, Texas, has agreed to <br />make the City a loan in said sane, to be paid, tflrith three per cent (3~ ) <br />per annun interest thereon, on or before the 15th day af' February, A. D. <br />1956; and <br />PIH~.EAS, the City tivill have current revenues front the collection of <br />said taxes available and sufficient to pay said obligation at maturity; <br />NCb'l, THEREFORE, BE IT RE~OLV:~ BY T:-~ CITY COf~:~:4ISSI0N OF T1T!; CITY <br />OF LA PORTS, TEXAS, that the L~ayor and City Clerk, (Director of Finance) <br />be authorized to issue a promissory note of the City of La Porte, to be <br />designed "Tex A nticipation Note far the Fiscal Year beginning JuJ,p 1, <br />1955 and ending June 30, 1956", such note to be in the principal sum of <br />Ten Thousand Dollars 010,000.00}, to bear interest at the rate of three <br />per cent (3~) per annum until maturity, with the usual provision for <br />interest at the state of six per cent (6~) per annum on past due principal <br />and interest anti t en percent (10~) attorney's fees, such note to be due <br />and payable on ar before the 15th day of February, A. D. 1956, that said <br />Note be sold by the City to the First Nati©nal Bank of La Porte, Texas, <br />at not less than par value. 1~zen such note has been duly executed by <br />the ~4ayor and City Clerk and delivered to said Bank, ~e~rith a c opy of this <br />resolution, such indebtedness thereby evidenced shall be fully bin®ling <br />upon the City; and <br />