R-1966-57 - Laserfiche WebLink

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. e e e . . , c: RESOLUTION NO. 6~-S-7 STATE OF TEXAS ) COUNTY OF HARRIS ) RESOLUTION AUTHORIZ ING THE CITY OF LA PORTE TO BORROW THE SUM OF FORTY THOUSAND AND NO/1oo DOLLARS ($40,000.00), TO BE EVEIDNCED BY TAX ANTIC IPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JUL Y 1, 1966 AND ENDING JUNE 30, 1967. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the~m of Fourty Thousand and No/100 Dollars ($40,000.00), and that the anticipated current revenues from allva lorem taxes wi II amount to approximat ley TWO HUNDRED NINETY NINE THOUSAND, FIVE HUNDRED NINETY SIX DOLLARS AND No/1oo DOLLARS (8299,596.00), and WHEREAS, the Bayshore National Bank of La Porte, Texas, has agreed to make theCity a loan in said sum, to be paid with three per cent (3%) per annum interest thereon, on or before the 30th day of June, 1967, 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 Porte, Texas, that the Mayor and the City Clerk (Director of Finance) be authorized to issue a promissory note of the City of La Porte, to be designated "Tax Anticipation Note for the Fiscal Year beginning July 1, 1966 and ending June 30, 1967, such note to be in the principal sum of Forty Thousand and No/100 Dollars ($40,000.00), 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 annum on past due principal and interest and ten per cent (10%) attorney's fees, such note to be due and payable on or before the 30tl day of June, 1967, that said note be sold by the City of La Porte to the Bayshore National Bank at La Porte, Texas at not less than par value. When such note has been duly executed by the Mayor and City Ckerk and delviered to siad Bank, witha 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 Forty Thousand and No/100 Daollare (840,000.00) out of the current revenues from the collection of ad valorem taxes for the payment of such indebtedness. AND IT IS SO ORDERED. APPROVED AND PASSED This the //~ day of July, 1966, by the City Commission. ,/