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<br />Motion by Osborn, second by Dunham, that the opening hours of the City Ha11
<br />be changed to 9:00 A, r7. to 5:00 P. I~2., effective November 1, 19b1, and that
<br />the City Clerk be authorized to ~.ve letter to Mr. Andrews of the Houston
<br />Lightir~ lac Power Company to that effect.
<br />Carried.
<br />Motion by Stabs, second by Osborn, that the following Resolution be adopted:
<br />STATE OF TEXAS ~
<br />COUNTY OF HARRIS ~
<br />RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THREE
<br />THOUSAND THREE HUNDRED SEVENTY-EIGHT AND 38/'1.00 DOLL~.RS 03,378.38), TO BE
<br />EZ'ID E NCED BY TAX ANTICIPATION P10TE, PAYABLE 0'UT OF CURRENT TAXES COLLECTED
<br />DURING °ii'I-UJ FISCAL YEAR BEGINNING JULY 1, 1961 AND ENDING JUNE 30, 1962, AND
<br />FUR T HER SECUP~ED BY A CHATTEL MORTGAGE ON ONE CERTAIN DIESEL TRACTOR,
<br />AP1D EQUIPMENT.
<br />Z^IHREAS, it has been determined by the City Commission of the City
<br />of La Porte that a necessity exists to borrow the sum of Three Thousand Three
<br />Hundred Seventy Eight and 38/100 Dollars ($3,378,38), for payment of balance
<br />of the pur chase consideration of that one certain Diesel Tractor, herein-
<br />after described, and that the anticipated current revenue from ad valorem
<br />taxes will amount to approximately TWO HUI~IDRED THIRTY-ONE THOUSAND EIGHT
<br />HUNDRED SIXTY-FIVE DOLLARS 0231,865.00); AND
<br />tiJHEREAS, the La Porte State BaXlk at La Porte, Texas, has agreed to
<br />make the City a loan in said sum, to be paid with four percent (l~.o) per annum
<br />ihterest thereon, as hereinafter described; and
<br />WHEREAS, the City will have current revenues from the co"llection of
<br />said taxes available and suf f icient to pay said obligation at maturity:
<br />NOGJ, THEREFORE, BE IT RESOLVED BY THE CITY COIF"~SSION OF THE CITY
<br />OF LA PORTE, TEXAS that the Mayor and City Clerk (Director of Finance) be
<br />authorized to issue a promissory note of the City of La Porte, to be desig-
<br />nated "Tax Anticipation Note for the Fiscal Year beginning July 1, 1961 and
<br />ending June 30, 1962", in the sum of Three Thousand Three Hundred Seventy-
<br />Eight and 38/100 Dollars 03,378.38), said note due and payable in nine (9)~
<br />monthly installments, the first eight (8) of which shall be in the sum of
<br />Two Hundred Six and 25/100 Dollars 0206.25) each, including accrued interest
<br />on the unpaid balance to the date of such payments, the first of such install-
<br />ments shall become due and payable on or before November 10, 1961, and like
<br />installments in the sum of Tt~ro Hundred Six and 25/100 Dollars (~206.2~) shal'1
<br />become due~and payable on or before the 10th day of the next seven (7) succeed-
<br />ing calendar months, and the last and final installment for the balance then
<br />owing on said note shall become due and payable on or before June 29 1962;
<br />with the usual provision for interest at the rate of six percent (b~~ per
<br />annum on past due p~'incipal and interest and ten percent (10~) attorneys
<br />fees, that said note be sold by the pity af' La Porte to the La Porte State
<br />Bank at La Porte, Texas, at not less than par value. When such note has been
<br />duly executed by the Mayor and City Cleric and delivered to said Bank, with a
<br />copy of tiu s resolution, such indebtedness thereby evidenced shall be fully
<br />binding upon the City; and
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