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R-1965-38
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R-1965-38
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Last modified
11/2/2016 3:48:29 PM
Creation date
7/26/2006 10:05:37 AM
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Legislative Records
Legislative Type
Resolution
Legislative No.
R-1965-38
Date
7/19/1965
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<br />, <br /> <br />.. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. J 3 <br /> <br />STATE OF TEXAS ) <br />) <br />COUNTY OF HARRIS ) <br /> <br />RESOLUTION AUTHORIZING THE CITY OF LA. PORTE TO BORROW THE SUM OF SEVEN THOUSAND, <br />TWO HUNDRED AND TWO AND 59/100 DOLLARS ($7,202.59), TO BE EVIDENCED BY TAX <br />ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR <br />BEGINNING JULY 1, 1965 AND ENDING JUNE 30, 1966. <br /> <br />WHEREAS, it has been determined by the City Commission of the City <br /> <br />of La Porte that a necessity exists to borrow the sum of SEVEN THOUSAND, TWO <br /> <br />HUNDRED AND TWO AND 59/100 DOLLARS ($7,202.59), and that the anticipated <br /> <br />current revenues from ad valorem taxes will amount to approximately THREE HUNDRED <br /> <br />TWENTY-FIVE THOUSAND, SIX HUNDRED THIRTY-THREE AND NO/100 DOI,LARS ($325,633.00); <br /> <br />and <br /> <br />WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed to <br />make the City a loan in said sum, to be paid with three per cent 0%) per <br /> <br />annum interest thereon, on or before the 30th day of June, 1966; and <br /> <br />WHEREAS, the City will have current revenues from the collection <br /> <br />of said taxes available and sufficient to pay said obligation at maturity: <br /> <br />NaN, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY <br />OF LA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance) <br /> <br />be authorized to issue a promissor,y note of the City of La Porte, to be designated <br /> <br />"Tax Anticipation Note for the Fiscal Year Beginning July 1, 1965 and ending <br />June 30, 1966", such note to be in the principal sum of SEVEN THOUSAND, TWO <br /> <br />HUNDRED AND TWO AND 59/100 DOLLARS ($7,202.59), to bear interest at the <br />rate of three per cent (3%) per annum until maturity, with the usual provision <br />for interest at the rate of six per cent (6%) per annum on past due principal <br />. and interest and ten per cent (10%) attorney's fees, such note to be due and <br />payable on or before the 30th day of June, 1966, that said note be sold by <br /> <br />. <br /> <br />the City of La Porte to the La Porte State Bank at La Porte, Texas, at not <br /> <br />less than par value. When such note has been duly executed by the Mayor and <br /> <br />City Clerk and delivered to said Bank, with a copy of this resolution, such <br /> <br />indebtedness thereby evidenced, shall be fully binding upon the City; and <br /> <br />BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates <br />and set aside the sum of SEVEN THOUSAND, TWO HUNDRED AND TWO AND 59/100 <br />DOLLARS ($7,202.59) our of the current revenues from the collection of ad valorem <br /> <br />taxes for the payment of such indebtedness. <br /> <br />AND IT IS SO ORDERED. <br />APPROVED AND PASSED THIS THE 19th day of July, 1965, by the City <br /> <br />Commission. <br /> <br />
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