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<br />e <br /> <br />e <br /> <br />RESOLUTION <br /> <br />A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF <br />TWENTY-ONE THOUSAND TWO HUNDRED THIRTY FIVE DOLLARS AND SEVENTY <br />SEVEN CENTS ($21,235.77) TO BE EVIDENCED BY A TAX ANTICIPATION NOTE, <br />PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR <br />BEGINNING OCTOBER 1, 1983, AND ENDING SEPTEMBER 30, 1984. <br /> <br />WHEREAS, it has been determined by the City Council of the City <br /> <br />of La Porte (hereinafter "City"), that a necessity exists to borrow <br /> <br />not to exceed the sum of TWENTY-ONE THOUSAND TWO HUNDRED THIRTY FIVE <br /> <br />DOLLARS AND SEVENTY SEVEN CENTS ,($21,235.77), for payment of lawful <br /> <br />expenses of the City, and that the anticipated current revenue from <br /> <br />ad valorem taxes for fiscal year 1983-1984 will amount to far in <br /> <br />excess of Twenty-one Thousand Two Hundred Thirty Five Dollars and <br /> <br />Seventy Seven Cents ($21,235.77); and <br /> <br />WHEREAS, Bayshore National Bank of La Porte, Texas, has agreed <br /> <br />to make the City a loan in said sum, to be paid with seven and one- <br /> <br />half per cent (7-1/2%) ,interest per annum thereon, on or before the <br />30th day of September, 1984, and <br /> <br />WHEREAS, The City will have current revenue from the collection of <br /> <br />said taxes, together with existing cash on deposit, available and <br /> <br />sufficient to pay said obligation at maturity; <br /> <br />THEREFORE.. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA <br /> <br />PORTE, that the Mayor be author.ized to issue a promissory note of the <br />City (a true and correct copy of ' which is attached .hereto as Exhibit <br /> <br />"A", incorporated by reference herein, and made a part hereof for all <br /> <br />purposes), to be designated "Tax Anticipation Note for the Fiscal Year <br /> <br />Beginning October 1, 1983, Ending September 30, .1984," such note to be <br />in the principal sum of Twenty-one Thousand Two Hundred Thirty Five <br /> <br />Dollars and Seventy Seven Cents ($21,235.77), to bear interest at the <br /> <br />rate of seven and one-half per cent (7-1/2%) per annum until maturity, <br /> <br />providing for ten per cent (10%) per annum interest on matured unpaid <br /> <br />principal and interest from date of maturity until paid, and ten per <br />cent (10%) attorney's fees, such note to be due and payable on or before <br /> <br />the 30th day of September, 1984, and that said note be sold by the City to <br />