R-1968-71 - Laserfiche WebLink

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e e RESOLUTION NO. ~"P. ::>:/ .- STA TE OF l'EXAS ) COUNTY OF HARRIS ) RESOLUTICI~ AUTHORIZn1G THE CITY OF LA PCR TE TO BORRm! THE 3UM OF Tl!ENTY THOUSAND AND NO/100 DOLLARS ($20,000.00), TO BE IWIDENC3D BY TAX ANTICIPATICN NCTE, PAYABLi:: GUT OF CURRENT TAXES COLLECTED DURING TIili FISCAL YEAR BEGIN~JING JULY 1, 1968 AND 3NDING JUNE 30, 1969. ~~S, it has been determined by the City Commission of the City of La Porte that a necessity exists to borro\'l the sum ot 'rwenty Thousand and NO/100 Dollars ($20,000.00), and that the anticipated current revenues from ad valorem taxes will amount to approximately THREE HUNDRED T:f.ENTY FIVE THOUSAND AND NO/1oo OOLLARS ($325,000.00); and 1'~~S, the La Porte State Bank at La Porte, Texas, has agreed to make the City a loan in said sum, to be paid "Ii. th three and one-half per cent (3-1/2%) per annum interest thereon, on or before the 30th day of June, 1969; and . 1.lHEREAS, the Oity will have current revenues trom the collection ot said taxes available and sufficient to pay said obligation at maturity: NmJ THEREFCRE, BE IT RESOLVED BY THE CITY COMJI.U:SSION OF rHE CITY OF LA PORTZ, TEXAS, that. the :f.Iayor and the City Clerk (Diree.cor of Finance) be authorized. to issue a promissory note of the City ot La Porte, to be designated "Tax Anticipation Note for the Fiscal Year beginning July 1, 1968 and ending June 30, 196911, such note to be in the principal swn of TlJENTY THOUSAND AND NO/100 DOLLARS ($20,000.00), to bear interest at the rate ot three and one-halt per cent (3-1/2%) per annum until maturity, with the usual provision for interest at the rate ot six per cent (6%) per annum on past due principal and interest e-- and ten per cent (10%) attorney's fees, such note to be due and payable on or before the 30th day of June, 1969, that said note be sold by the City of La Porte to the La Porte State Bank at La Porte, Texas, at 'not less than par value, tlhen such note has been du~ executed by the l1ayor and City C1erk 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 set aside the sum of T\'JENTY THCUSAND AND NO/100 DOLLARS ($20,000.00) out of the current revenues from the collection of ad valorem taxes for the payment of such indebtedness. AND IT IS SO OREERED. ... APPROVED AND PASSED this the -r~~ day of Septetlber, 1968 by the City Commission. exas