1956-05-18 Regular Meeting - Laserfiche WebLink

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~ 390 ~ 'notion by Rigby, second by Pfeiffer that the follovring Resolut ion be adopted: RrSCiI,UTIC~1 ~ - - , STATE OF TEAS ~- - COUNTY OF HARRIS ~ CITY OF LA PORTS A RFSCiLUTION AUTHORIZING TIlE CITY OF LA PGF,.TL TO BORROPI," ~ SUNS OF FIVE ~THOUSAtID DOLLARS 05,000.00), TO ~ F,VIDEIJCED BY TAX ~,NTTCIF~1Tl0i1 NEE, PAYIiBLL' OUT OF CU~ENT TAX~CS COLLECTED DURING THE FI4CAL Y£.~ DE1IAf^1T1VG JULY 1, 1955 AND E[JDI11G JUNE 30, 1956. ?jTF-IEftEA,S, it has been deterrzi.ned by the City Commission of the City of La Porte that a necessity exists to borra~ the sum of~ve Thous- and Dollars 05,000.00) for general administrative purposes and •;:hat the anticipated current revenue from ad valorem taxes iRill mount to approx- imately Six Thousand Dollars 06,000.00); end ~': H~tEAS, the First National Bank of La Porte, Texas has weed to make the City a loan in said sum, to be paid, with three per cent (3~) per' annum interest thereon, on ~ before the 30th day of June, l~. D. 1956; and ZfiliIl~.EAS, the City vrill have current revenues from the collection of said taxes available and sufficiari; to pay saisi obligation at naturity: NO~'3, THEREFtTRE, BE IT RESOLVED BY THS CIZ`Y .COI~SSION OF T:3E CaY OF LA PORTS, TEAS that the T.Tayor 2nd City Clerk (Directs o" Fin- ance) be authorized to issue u promissory note of the Gity of La Poxte, to be designated "Tax Anticipation j~ote for the Fiscal Year beinni~ July 1, 1955 and ending June 30, 19.56", such note to be in the principal sum of Five Thousand Dollars (~-~5,000.00), to bear interest at the rate of three per cent. (3f) per annum until maturity, with tine usual.. pro- vis ion for interest at the rate of six per cent . (6~) per annu°n on past due principal and interest anal ten per cent. (10~) attorneys fees, such note to be due and payable on or before the 30th day of June, A.D. 1956, that said note be sold by the City to the, First National Bank of La Porte, Texas, at not less than par value. :7hen such note has been du1,y executed by the Mayor aril City Clerk and delivered to said Bank, with a copy of this resolution, such indebtedness thereby evidenced shall be fully binding upon the City; and BE IT FUR T SI;R RLSOLVL;D that the City of La. Porte hereby appropriates and sets aside the sum of F`.i.ve Thousands lloZl.ars (~j5,000.00)