1984-07-18 Regular Meeting (2) - Laserfiche WebLink

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• • • RESOLUTION NO. 84- 7 A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF EIGHTY-FIVE THOUSAND AND NO/100 DOLLARS ($85,000.00), FOR THE PURCHASE OF THREE AMBULANCES, WHICH PROMISSORY NOTE SHALL BE ISSUED UNDER THE AUTHORITY OF THE TEXAS PUBLIC PROPERTY FINANCE ACT, AND SHALL BE SECURED BY THE FULL FAITH AND CREDIT OF THE CITY OF LA PORTE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That the City Council of the City of La Porte deems it necessary, useful and appropriate to one or more of its purposes to purchase three ambulances, for a price of EIGHTY-FIVE THOUSAND AND NO/100 DOLLARS ($85,000.00), and to finance the purchase and • acquisition of same under the provisions of the Texas Public Property Finance Act, Article 2368a.2, Revised Civil Statutes. Section 2. 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, made a part hereof for all purposes), dated July 18, 1984, in the principal sum of EIGHTY-FIVE THOUSAND AND NO/100 DOLLARS ($85,000.00), to bear interest at the rate of eight and six-tenths percent (8.6$) per annum until maturity, providing for ten percent (10$) per annum interest on matured unpaid principal and interest from date of maturity until paid, and ten percent (10$) attorney's fees if placed in the hands of an attorney for collection, such note to be due and payable in 36 • monthly installments as provided therein; and that said note be sold by the City of La Porte to First City Bank of La Porte, Texas, at not less than par value. When such note has been duly executed by the Mayor, and attested by the City Secretary, and delivered to said Bank, with a certified copy of this Resolution, such indebtedness thereby evidenced shall be fully binding upon the City; and • BE IT FURTHER RESOLVED that .the City of La Porte hereby appro- priates and sets aside sufficient sums to amortize the principal and interest on said Promissory Note, as the same becomes due and payable, ~~