1961-07-01 Special Meeting - Laserfiche WebLink

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Mayor Pro-Tem Osburn introduced a • Commissioner Stabs moved that it b by Commissioner Brown, and carried issioners Brown, Osburn, Stabs and thus adopted follows: resolution which was read in full. e adopted. The motion was seconded by the following vote: AYES: Comm- Dunham, NOES: None. The resolution RESOLUTION AUTHORIZING THE CITY OF' LA FORTE T 0 BORR(~n1 THE SUM OF FORTY THOUSAND DOLLARS 040,000.00), TO BF EVLD E LACED BY TAX ANTICIPATION' NOTE, PAYABLE OUT OF CURRANT TA:~ES COLLECTr~D DURING T-1E FISCAL PEAR BEGINNING JULY 1, 1961 ANTD ENDING JUNE 30, 1962. 1.°JHEREAS, it has been determined by the City C~mi.ssion of the City of La Porte that a necessity exists to borrow the sum of Forty Thousand Dollars 040,000.00), for general administrative purposes and that the anti dpated current revenue from a d valorem taxes will amount to approximately T~TO HUNDRED THIR TY-ONE THOUSAND EIGHT HUNDRED SIXTY FIVE DOLLARS (~231,8b5.00); and UJHEREAS~ the La Porte State Bsnk, of La Porte,Texas, has agreed to make the City a loan in said sum, to be paid with three per cent (3~) per annum interest thereon, on or before the 15th day of February, 1962; and L.iHEREAS, the City will have current revenues from the collection of said taxes available and sufficient to pay said obligation at maturity: 180UJ, THEREFORE, B IT RESOLVED BY THE CITY COP~IISSION OF THE CITY OF LA FORTE, TEXAS that the Mayor and the City Clerk (Director of Finance) be authorized to is sue a promissory note of the City of La Porte, to be desi gzated "Tax Anticipation Note fir the Fis cal Year beginning J-~;1y 1, 19h1, and ending June 30, 1962", such note to be in the principal sum of For ty Thous and Dollars (wZ~0,000.00), to bear interest at the rate of three per cent ( 3~ }per annum until maturity, t!i.th the usual provision for interest at the rate of six per cent (6q) perannum on past due principal and interest and ten per cent (10~) attorney's fees, such note to be due and payable on or before the i5th day of Febtu~,ry, 1962, that said note be sold by the City to t'r~e La Porte State Bank, of La Porte,Texas, at no less than par value. titi7hen such note }ias been duly executed by the rlayor and City Clerk and delivered to said Bak, kith a copy of this resolution, such indebtedness thereby evidenced shall be fully binding upon the City; and BE IT FUR T HER PESOLVED that the Gity of La Porte hereby appro- priates and sets aside the sum of For ty Thousand Eight Hundred Dollars ($40,00.00) out of the current revenue s from the collection of ad valorem taxes for the payment of such indebtedness. A ND IT IS SO ORDERED. Approved and passed this the 1st day of July, 1961, by tree City Commission, ATTEST: (s) Frank G. Baker City Clerk (s) H, P. Pfeiffer Mayor of the City of La Por.te,Texas