R-1965-41 - Laserfiche WebLink

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I . . e RESOLUTION NO. 41 STATE OF TEXAS ) COUNTY OF HARRIS ) RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORRo\., THE SUM OF THIRTY THOUSAND AND NO/loo DOLLARS ($30,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1965 AND ElIDING JUNE 30, 1966. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of THIRTY THOUSAND AND NO/loo DOLLARS ($30,000.00), and that the anticipated current revenues from ad valorem taxes will amount to approximately THREE HUNDRED TWENTY EIGHT THOUSAND, EIGHT HUNDRED FORTY SIX AND NO/100 DOLLARS ($328,846.00), and WHEREAS, the Bayshore National Bank at La Porte, Texas, has agreed to make the Ci ty 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 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, 1965 and ending June 30, 1966, such note to be in the principal sum of THIRTY THOUSAND AND NO/loo DOLLARS ($30,000.00), 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 30th day of June, 1966, 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 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 set aside the sum of THIRTY THOUSAND AND NO/100 DOLLARS ($30,000.00) 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, 1965 by the City Commission.