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<br />i• <br /> <br />-2- <br /> <br />December 31, 1970," such note to be in the principal sum o! <br />TWENTY THOUSAND AND NO/100 ($20, 000.00) DOI.LJ-RS, to bear interest <br />at the rate of four percent (4%} per annum until maturity, with <br />the usual provision for interest at the rate of six percent (6%) <br />per annum on past due principal and interest and ten percent (10%) <br />attorney's fees, ouch note to be due and payable on or before <br />October 1, 1970, and that said note be sold by the Harris County <br />Water Control. and Improvement District No. 56 to the La Porte <br />State Bank, at La Porte, Texas, at not leas than par value. When <br />• such note has been duly executed by the President or any assist- <br />ant Secretary and delivered to said Bank, with a copy of this <br />resolution, such indebtedness thereby evidenced shall be fully <br />binding upon said Harris County water Control and Improvement <br />District No. 56; and <br />BE IT FURTHER RESOLVED that the Harris County Water Control <br />i• <br />~~ <br />r~ <br />~, • <br />~; <br />1' <br />d <br />., , <br />~'~ i <br />i! <br />~~. <br />~i ~ <br />and Improvement District No. 56 hereby appropriates and sets <br />aside the sum of TWENTY THOUSAND FIVE HUNDRED THIRTY-THREE AND <br />NO/100 ($20,533.00) DOLLARS out of the current year's ad valorem <br />tax collections, to be paid on the principal and interest of said <br />note; provided, however, Harris County Water Control and Improve- <br />meet District No. 56 reserves the right to pay this obligation <br />or any part theraof out of funds on hand and/or out of any <br />current rQVenues. <br />,_. ~. <br />