1982-10-20 Regular Meeting - Laserfiche WebLink

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• • RESOLUTION A RESOLUTION AUTHORIZING THE CITY OF LA PORTS TO BORROW THE SUM OF THIRTY THOUSAND EIGHT HUNDRED SIXTEEN DOLLARS AND TWENTY-NINE CENTS ($30,816.29), TO BE EVIDENCED BY A TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING OCTOBER 1, 1982, AND ENDING SEPTEMBER 30, 1983. PlHEREAS, it has been determined by the City Council of the City of La Porte (hereinafter "City"), that a necessity exists to borrow not to exceed the sum of THIRTY THOUSAND EIGHT HUNDRED SIXTEEN DOLLARS AND TWENTY-NINE CENTS ($30,816.29), for payiilent of lawful • expenses of the City, and that the anticipated current revenue from ad valorem taxes for fiscal year 1982-1983 will amount to far in excess of Thirty Thousand Eight Hundred Sixteen Dollars and Twenty- nine Cents ($30,816.29); and WHEREAS, Bayshore National Bank of La Porte, Texas, has agreed to make the City a loan in said sum, to be paid with seven and one- half per cent (7-1/2%) interest per annum thereon, on or before the 30th day of September, 1983; and WHEREAS, the City will have current revenue from ttie collection of said taxes, together with existing cash on deposit, available and sufficient to pay said obligation at maturity; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY •OF LA PORTS, that the Mayor be authorized to issue a promissory note of the City (a true and correct copy of which is attached hereto as Exhibit "A", incorporated by reference herein, and made a part hereof for all purposes), to be designated "Tax Anticipation Note for the Fiscal Year Beginning October 1, 1982, Ending September 30, 1983," such note to be in the principal sum of Thirty Thousand Eight Hundred .Sixteen Dollars and Twenty-nine Cents ($30,816.29), to bear interest at the rate of seven and one-half per cent (7-1/2%) per annum until maturity, providing for ten per cent (10%) per annum interest on /-/