1960-12-02 Regular Meeting - Laserfiche WebLink

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' w • ~(~ ~ Motion by Brown, second. by Stabs, that all holidays that fa:l'1 on Saturday W or Sunday be observed on either Friday or Monday. U7 W Carried, ~ Motion by Stabs, second by Brown, that the following Resolution be adopted: ~ STATE OF TEXAS 0: O COUNTY OF HARRIS ~ CR m RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROtd THE SUM OF TWENTY- TWO THOUSAND DOLLARS (22,000.00), TO BE EVIDENCED BY TAX .ANTICIPATION NOTE, PAYABLE OUT OI' CURRENT TAXES COLLECTED DURI NG THE FISCAL YEAR BEGIATNIATG JULY i, 1960 AND ENDING JUI~ 30, 1961. V1~IEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of i~,,renty-Two Thousand Dollars (y~22,000.00), for general administrative purposes and that the anticipated current revenue from ad valorem ta.Yes will amount to approadmately TWO HUNDRED TWENTY-THREE THOUSAND TWO HUNDRED DOLLARS ($223,200.00); and 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 (30) per annum interest thereon, on or before the 15th day of Februa ry, ADD. 1961; and ® ti•]HEREAS, The City will have current revenues from the collection of said taxes available and suf ficient to pay said obligation at maturity: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF TIi~, ~.. ~ CITY OF LA PORTE TEXAS that the , , Mayor and the City Clerk (Director of ~Q 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 1, 1960 and ending June 30, 1961", such note to be in the principal Cif ~ sum of Twenty-Two Thousand Dollars {22,000.00), to bear interest at the ~ rate of three per cent (3~) per annum until maturity, with the usual ~ - provision for interest at the rate of six per cent (6p) per annum on W past due priniipal and interest and ten per cent (10~) attorneys fees, a- such note to be due and paya b1e on oi° before the 15th day of February, d5 A,D. 1961, that said note be sold by the City to the First National Bank ~ of La Porte,~Texas, at not less than par value. When such note has been ~ duly executed by the Mayor and City Clerk and delivered to said Bank, L~ with a copy of this resolution, such indebtedness thereby evidenced O shah be fully binding upon the City; and O m BE IT FLT' T HER RESOLVED that the City of La Porte hereby appro- :~I priates and sets aside the sum of Twenty-Two Thousand Dollars 0¢22,000.00) out of the current revenues fr th ll ti f d om e co ec on o a . valorem taxes for the payment of such indebtedness.