1954-07-02 Regular Meeting - Laserfiche WebLink

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230 • • The Commission unanimously refused the claim of T. E. Bolding far X50.00 damage to his truck, received in a recent collision with a City truck driven by ~'. A. Arthur, Publie~orks Superintendent. The M~r'or appointed J. ti4~.Copel2nd, Jr., G. C. Mc Collum, Jr., and Wendell Wilkes to the City Tax Equalization Board. Motion by Rigby' second by Pfeiffer, approving these appointments. Carried. The Commission unanimously adopted the following Resolution: RESOLUTION STATE OF T.~~CAS COUNTY OF HARRIS Q CITY OF LA PORTS A RESOLUTICfi1 AUTHORI7~NG THE CITY OF LA PORTS TO BORRGW THE SUM OF TEN THOiTSr1ND DOLLARS 010,000.00) TO BE EVIDENCED BY TAX ANTICTPATI~d NOTE, PAYABLE OUT "OF CURRENT TAXES COLLECTID DURIl~IG THE FISCAL YEAR BEGITd'NING JULY 1, 1951 AND END_ lNG JUNE 30, 1955. WHfftEAS, it has been determined by theCity Commission of the City of La Porte that a necessity exists to borr~r the sum of Ten Thousand Dollars, (w10,000.00), for general adrLi.nistrative purposes and that the anticipated current revenue from ad valorem taxes v~rill amount to approximately Sixty-Six Thousand (~b6,000.00) Dollars,) and i"tF-EREAS, the First National Bank of La Porte, Texas, has agreed to make the City a loan in said sum, to be paid, with three per cent (3~) per annum interest hereon, on or bef ore the 15th day of February, A.D. 1955; and 'rtH~EAS, the City will have current revenues from the collection of said taxes available and sufficient to pay said obligation at maturitys N04~f, THE~3E~RE, BE IT ftESOLVE® BY THE CITY COR.9P;SISSION Or^ THE CL TY OF LA POSTE, TEXAS, that the Mayor and City Clerk (Dir actor of finance) be authorised to issue a promissory note of the-City of La Porte, to be desig- nated "Tax Anticipation Note for the Fiscal` Year Beginning July 1, 195i~, and ending June 30, 1955", such. note to be in the principal sum of Ten Thousand Dollars 010,000.00) to bear interest at the rate of three per cent, {3~) per annum until maturity, with the usual provision fcm interest at the rate of six per cent, (6~) per annum on past due principal and interest and ten per cent, (l0a) attorney's fees, such note to be due and payable on or before the 15th day of February, 1855, that said note be sold by the City to the First National $dn.k of La Porte, Texas, at not less than par value. When such note has been duly executed by the Mayor and City C7_erk and delivered to said Bank, with a copy of this resolution, such. indebtedness thereby evidenced shall be fully