1960-12-16 Regular Meeting - Laserfiche WebLink

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I STATE OF TEXAS ~ COUNTY OF HARRIS ~ • RESOLUTION ArJTHORIZING TI-~ CITY OF LA PORTE TO BORROW THE SUM OF T;;:FLUE THOUSAND TIiREE HUNDRED DOLLA RS (°12,300.00), TO BE EVID ENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURB EPJT TAXES COLLECTED DURING THE FISCAL YLAR BEGINt1ITJG JULY 1, 1960 AND ET+IDING JUNE 30, 1961, AND FUR THIR SECURED BY A CHATTEL MOR^1 GAGE ON ONE CERTAIN FIRE TRUCK. tiP1JEREAS, it has been determined by the City Commis Sion of the City of La Porte that a necessity exists to borrow the sum of Twelve Thousand Three Hundred Dollars (~p12,300.00), for payment of balance of the p ur chase consider- a tion of that one certain fire truck, hereinafter described, and that the anticipated curr ent revenue from ad valorem taxes will amount to approximately T[•30 HUPIDRID FIFTEEN THOUSAND ONE HUNDRED DOL:LA RS ($215,100,00); and I.~Rr.AS, the La Porte State Bank at La Porte, Texas, has agreed to • make the City a loan in said sum, to be paid with four percent (!~) per annum interest thereon, on or before the 28th day of June, 1961; and ~JHEREAS, The City wil"1 have curr ent revenues from the collection of said taxes available and sufficient to pay said obligation at maturity: N06u', THEREFORE, BE IT RESOLVED BY THE CITY CONLNLCSSIOPI OF THE CITY OF LA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance) 'e authorized to is sue a promissory note of the City of La Porte, to be designated "Tax Anticipation P'ote for the Fiscal Year beginning July 1, 1960 and ending June 30 , 1961, such note to be in the principal sum of Ttrelve Thousand Three Hundred Dollars ($1:2,300.00), to bear interest at the rate of four percent (!~w) per annum ur_til maturity, with the usual provision for interest at the rate of six percent (6~) per annum on past due ~ incipal and interest and ten •• percent (10~) attorneyts fees, such note to 'oe due and payable on or before the 28th day of June, 1961, that said note be sold by the City to the La Porte State Bank at La Porte, Texas, at not less than par value. ti^lhen such note has been duly executed by the TZayor and City C1.erk and delivered to said Bank, with a copy of this resolution, such indebtedness thereby evid enced shall be fully binding upon the city; and BE IT FUR THER RESOLVED THAT the City fur they secure the payment of said note by a Chattel Mortgage on that one certain fire truck described as follows: One (1) certain 1960 Model International Fire Truck, bearing Identific ation P1o. UC 0-19~-FA-6609 5-F, together with all equipment attached to a!d located thereon and that the Mayor and City Clerk be and they are hereby authorized and directed to execute on behalf of the City of La Porte, a Chattel Mortgage covering such fire truck, on the form and containing the provisions, agreements3.conditions and covenances required by said 'wank.