O-1957-523 - Laserfiche WebLink

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.+. .. • STATE OF TEXAS X X COUNTY OF HARRIS X X CITY OF LA PORTE X A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BURROW THE SUM OF SIX THOU- SAND DOLLARS ($6,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1957, AND ENDING JUNE 30, 1958. WHEREAS, it has been determined by the City Commission of the City • of La Porte that a necessity exists to borrow the sum of Six Thousand Dollars ($6,000.00), for general administrative purposes and that the anticipated cur- rent revenue from ad valorem taxes will amount to approximately Sixty Thousand Dollars ($60,000.00); and WHEREAS, 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 thereon, on or before the 15th day of February, A. D. 1958; and WHEREAS, the City will have current revenues from the collection of said taxes available and sufficient to pay said obligation at maturity; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF • LA PO RTE, TEXAS, that the Mayor and City Clerk (Director of Finance) be author- ized to issue a promissory note of the City of La Porte, to be designated "Tax Anticipation Note for the Fiscal Year Beginning July 1, 1957, and ending June 30, 1958", such note to be in the principal sum of Six Thousand Dollars ($6,000.00), to bear interest at the rate of three per cent. (3~) per annum until maturity, with the usual provision for interest at the rate of six per cent. (6~) per an- num on past due principal and interest and ten per cent. (10~) attorneyts fees, such note to be due and payable on or before the 15th day of February, A. D. 1958, that said note be sold by the City to the First National Bank of La Porte, Texas, at not less than par value. When such note has been duly executed by the Mayor and City Clerk and delivered to said Bank, with a 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 appropriates • and sets aside the sum of Six Thousand Dollars ($6,000.00) out of the current revenues from the collection of ad valorem taxes for the payment of such indeb- tedness. AND IT IS SO ORDERED.