Laserfiche WebLink
• • <br />• <br />RESOLUTION N0. 83-9 <br />A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF <br />THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY AND NO/100 <br />DOLLARS ($341,790.00), FOR THE PURCHASE OF A SUTPHEN CORPORATION <br />AERIAL TOWER FIRE FIGHTING APPARATUS, WHICH PROMISSORY NOTE SHALL BE <br />ISSUED UNDER THE AUTHORITY OF THE TEXAS PUBLIC PROPERTY FINANCE ACT, <br />AND SHALL BE SECURED BY THE FULL FAITH AND CREDIT OF THE CITY OF <br />LA PORTE. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: <br />Section 1. That the City Council of the City of La Porte deems <br />it necessary, useful and appropriate to one or more of its purposes <br />to purchase a Sutphen Corporation aerial tower fire fighting apparatus, <br />for a price of THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY <br />• AND NO/100 DOLLARS ($341,790.00), and to finance the purchase and <br />acquisition of same under the provisions of the Texas Public Property <br />Finance Act, Article 2368a.2, Revised Civil Statutes. <br />Section 2. That the Mayor be authorized to issue a Promissory <br />Note of the City (a true and correct copy of which is attached here- <br />to as Exhibit "A", incorporated by reference herein, and made a part <br />hereof for all purposes), dated May 18, 1983, in the principal sum <br />of THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY AND NO/100 <br />DOLLARS ($341,790.00), to bear interest at the rate of seven and one- <br />half per cent (7-1/2~) per annum until maturity, providing for ten <br />per cent (10$) per annum interest on matured unpaid principal and <br />interest from date of maturity until paid, and ten per cent (10~) <br />• attorney's fees if placed in the hands of an attorney for collection, <br />such note to be due and payable in 12 equal quarter-annual install- <br />ments of principal, plus interest as provided therein; said note to <br />retain for the City of La Porte the continuing right to terminate <br />said Promissory Note without penalty at the expiration of each City <br />of La Porte budget period, i.e., on September 30 of each year, by <br />• the payment of the full principal balance and all accrued interest <br />thereon; and that said note be sold by the City of La Porte to <br />Bayshore National Bank of La Porte, at not less than par value. <br />T~ <br />