1962-05-04 Regular Meeting - Laserfiche WebLink

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• Commission Brown requested authorization to buy approximately 60' of 50" concrete pipe. Motion by Brown, second by Stabs, that this be allowed. Carried. Motion by Brown, second by Dunham, that the following Resolution be adopted: STATE OF TEXAS COUNTI' OF HARRIS CITY OF L.A PORTE A RESOLU~'ION AUTHORIZING THE CITY OF LA PORTE TO BORROW T%IE SUM OF FIVE THOUSAND DOLLARS ($5,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OIJT OF CEJRRENT TAXES COLLECTED DURI NG TFiE FISCAL YEAR BEGINPdING JULY 1, 1961 nND EiVDI:~ JUNE 30, 1962. t^~'I~REAS, it has been determined by tie City Commission of the City of La Porte that a necessity exists to borrow the sum of Five Thousand Dollars ($5,000.00), for general administrative purposes and that the anti- cipated current revenue from ad valorem taxes will amount to approximately Nineteen thousand nine hundred eighty-nine dollars and 98/100 ($19,989.98); and 1rti'I-~REAS, the La Porte State Bank has agreed to make the City a loan in said sum, to be paid with three ner cent (3~) per annum interest thereon, on or before the 7th day of June, 1962; and ti~REAS, the City will have current revenue s from the collection of said taxes available and suf ~cient to pay said obligation at maturity: N(~nT, THEREFORE, BE IT RESOLVED BY THE CITY CONLMISSION OF THE CITY OF LA PORTE, TEXAS, that the Mayor and City Clerk (Director of 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, 1961, and ending June 30, 1962", such note to be in the principal sum of Five Thous ad Dollars ($5,008.00), 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 per annum on past due principal and interest and ten per cent (lOp) attorney's fees, such note to be due and payable on or before the 7th day of June, 196?., that said note be sold by the City of La Porte to La Porte State Bank, at not less than par value. tiahen such note has been duly executed by the Mayor and City Clerk and delivered to said Bank, with a copy of this resolution, su ~ indebtedness thereby eviden- ced shall be fully binding upon the City; and BE IT F'JR THER RESOLVED that the City of La Porte hereby appro- priates and sets aside the stun of Five Thous wnd Dollars ($5,000.00) out of the current revenues from the collection of ad valorem taxes for the pay- ment of such. indebtedness. AND IT IS SO ORDERED. Carried.