R-1965-39 - Laserfiche WebLink

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~ ,. , e e RESOLUTION NO.4 . STATE OF TEXAS ) ) COUNTY OF HARRIS ) RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF SIX THOUSAND, TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1965 AND ENDING JUNE 30, 1966, AND FURTHER SECURED BY A CHATTEL MORTGAGE OF EVEN DATE HEREWITH ON THOSE CERTAIN CARS, TRUCKS AND EQUIPMENT, AS DESCRIBED THEREIN. 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, TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99), and that the anticipated current revenue from ad valorem taxes will amount to approximately THREE HUNDRED TWENTY-FIVE THOUSAND, SIX HUNDRED THIRTY-THREE AND NO/IOO DOLLARS ($325,633.00); and . WHEREAS, the La Porte State Bank at 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 30th day of June, 1966; 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 CJI:TY 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, 1965 and ending June 30, 196611, such note to be in the principal sum . of SIX THOUSAND, TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99), 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 sold by the City of La Porte to the La Porte State Bank at 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 further secure the payment of said note by a Chattel Mortgage on those certain trucks, cars and equipment, ~ as follows: