1957-11-07 Special Meeting - Laserfiche WebLink

Browse Search

• ~~~~ U~IlJUTES - SPECII'~L ~,~ETIPIG ' LA PORTS CITY COt~ISSION - NOVE[t~3~ 7TH, 1957 ~.: 30 P. I~. Special meeting of the City Commission was called to order by Mayor Pro-Tem H. P. Pfeiffer, with the following present : Commissioner L. R. Rigby and City Clerk Frank G . Baker . Motion by Rigby, second by Pfeiffer, that the fo7l.owing Resolution be adopted: RESOLUTION STATE OF TEXAS COUNTY OF I-L~IS ~ CITY CF LA PC~TE A RESOLUTIOI'1 AUTHORIZING THE CITY OF LA PORT TO BORRQN THE SUTl OF SIX THOU- ShND DOLLELRS 06,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CUIZRF~iT T.4X'ES COLLECTID DURING T't~.E F.LS CAL BEGINNIiIG JU'?al' 1, 1957, AND L'NDING JUNE 30, 1958. . ?-~I~REAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of Six Thousand Dollars 06,000.00), for general ,administrative purposed and that the anticipated cur- rent revenue from ad valorem taxes will amount to approximately Sixty Thousand Dollars 060, 000, 00) ; and ?!V1iPREAS, the First National Bank of La Porte, Texas has agreed to make the City a loan in said sum, to be paid, ~nrith three per cent, (3~) per annum interest thereon, on or before the 15th day of February, A. D, 1958; and ti"~~EAS, the City will have c~mrent revenues from the collection of said tares av ailable 3.nd sufficier_t to pay said obligation at maturity: NOT, THFREiURE, BE IT RESOLVED BY TFiE CITY COP~~.~SSION OF THE CITY OF LA PORTS, T~1S, that the Mayor and City Clerk (Directar~ of Finance) be authorized to issue a promissory note of the City of La Porte, to be desig- nated 'Tax Anticipation Note far the fiscal Year. beginning July 1, 1957, and ending June 30, 1.958", such Note to be in tT~ pri.neipal sum of Six thousand Dollars 06,000.00), to bear interest at the rate of three per cent. (3~) per annwn until maturity, with the usual provision for interest at the rate of six per cent. (6~) per annum on past due principal and interest and ten per cent. (10~) a'ctcrneyts fees, such note to be due and payable on cr before the 15th day of February, A. D. 195, that said note be sold by the City to the First National Bank of La Porte, Texas at not less than par value. 'Nhen such note has been duly executed by the Ma~-or and City Clerk arxi delivered to said Bank, vith a copy of this resolution, such indebtedness thereby evidenced s ha3,.1. be fully birx~ing upon t1~e City; and