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<br />• <br />RESOLUTION <br />81-16 <br />A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF <br />FORTY-TWO THOUSAND EIGHT HUNDRED DOLLARS ($42,800.00), TO BE EVIDENCED <br />BY A TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED <br />DURING THE FISCAL YEAR ~EGINNING OCTOBER 1, 1980, AND ENDING SEPTEMBER <br />30, 1981. ' <br />s <br />WHEREAS, it has been determined by the City Council of the City <br />of La Porte (hereinafter "City"), that a necessity exists to borrow <br />not to exceed the sum of FORTY-TWO THOUSAND EIGHT HUNDRED DOLLARS <br />($42,800.00), for payment of lawful expenses of the City, and that <br />the anticipated current revenue from ad valorem taxes for fiscal <br />• year 1980-1981 will amount to far in excess of Forty-two Thousand <br />Eight Hundred Dollars ($42,800.00); and <br />WHEREAS, Bayshore National Bank of La Porte, Texas, has agreed <br />to make the City a loan in said sum, to be paid with nine per cent <br />(9$) interest per annum thereon, on or before the .30th day of <br />September, 1981; and <br />WHEREAS, the City will have current revenue from the collection <br />of said taxes, together with existing cash on deposit, available <br />and sufficient to pay said obligation at maturity; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF LA PORTE, that the Mayor be authorized to issue a promissory note <br />of the City (a true and correct copy of which is attached hereto as <br />Exhibit "A", incorporated by reference herein, and made a part hereof <br />for all purposes), to be designated "Tax Anticipation Note for the <br />Fiscal Year Beginning October 1, 1980, Ending September 30, 1981," <br />such note to be in the principal sum of Forty-two Thousand Eight <br />Hundred Dollars ($42,800.00), to bear interest at the rate of nine <br />per cent (9$) per annum until maturity, providing for ten per cent <br />(10~) per annum interest on matured unpaid principal and interest <br />from date of maturity until paid, and ten per cent (10$) attorney's <br />. fees, such note to be due and payable on or before the 30th day of <br />September, 1981; and that said note be sold by the City to Bayshore <br /> <br />