1961-07-21 Regular Meeting - Laserfiche WebLink

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• I^d'HEREAS, the City will have cu?~z~ ent revenues from the collection of said to xes available and sufficient to pay said obligation at maturity: NOW, TIiEREFOP~E, BE IT RESOLVED BY THE CITY COMNffSSION OF THE CITY OF LA PORTE, TEXAS, that the Mayor and. the City Clerk (Director of Finance) be authorized to is sue a promisso ry note of the City of La Porte, to be designated "Tax Anticipation Note for the Fiscal Year beginning July 1, 1961, and e nding June 30, 1962", such note to be in the principal sum of Eleven Thousand One Hundred Dollars ($y11,100.00), to bear interest at the rate of four percent (4w) per annum until maturity, hd.th the usual pro- vision for interest at the rate of six percent (6%) per annum on past due principal and interest and ten percent (10~) attorneys fees, such note to be due and payable on or before the 30t;z day of June, 1962, that said note be sold by the City of La Porte to the La Porte State Bank at La- Porte, Texas, at not less than par value. t~'hen such note has been duly executed by the Mayor and City Clerk and delivered to said Bank ta~.th a copy of this resolution, such indebtedness thereby evid a nced shall be fu31y binding upon the City; and BE IT FJR THER RESOL'JED that the City fur they secure the payment of said note by a Chattel Mortgage on tha t one Certain Fire Truck described as follows: One (1) certain 1960 Model International Fire Truck, bearing Identification No. VC 0-196.FA-6609 5 F, together with all equipment attached to and 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 Morgage covering such Fire Truck, on the form a:1d containing the prov:i.sions, agreements, conditions and cov enances required by said Bank. BE IT FUP. THER RESOLTJED tha t the City of La Porte hereby appro- priates and sets aside the sum of Eleven Thousand One :-iundred Dollars 011,100.00) out of current revenues from tree collection of ad valorem taxes for tie payment of such indebtedness. AND Ii IS SO ORDERED. ANPROVED and passed this the 21st da~,r of July, 1961, by the City Commis lion. Carried. Motion by Stabs, second b;,- Dunham, that W. D~ Jones be commissioned as an Auxiliary Polic eman. Carried. I~:otion by Stabs, second by Dunham, that the meeting adjourn. Carried. AT ~ '" • C~yOofu a' Porter Pexasem' of the ~~~ J aker, .i y ~ er