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<br />RESOLUTION NO. 4- 3,9
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<br />STATE OF TEXAS )
<br />COUNTY OF HAlRIS )
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<br />RESOLUTION AUTHORIZING THE CITY OF I.A PORTE TO BORROW THE SUM OF FIFTY-FIVE
<br />HUNDRED DOLLARS ($5,500.00) TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE
<br />OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1965
<br />AND ENDING JUNE 30, 1966, AND FURTHER SECURED BY A CHATTEL MORTGAGE OF EVEN
<br />DATE HEREWITH ON CERTAIN EQUIPMENT AS DESCRIBED THEREIN.
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<br />WHEREAS, it has been determined ,by the, City Commission of the
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<br />City of La Porte, that a necessity exists to borrow the sum of FIFTY-FIVE
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<br />HUNDRED DOLLARS ($5,500.00), and that the anticipated current revenue from
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<br />ad valorem taxes will amount to approximately THREE HUNDRED TWENTY-FIVE. ,
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<br />THOUSAND, SIX HUNDRED THIRTY-THREE AND NO/100 DOLLARS ($325,633.00); And
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<br />WHEREAS, the La Porte state Bank at La Porte, Texas has agreed to
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<br />make the City a loan in said sum, to be paid with three per cent (3%) per
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<br />annum interest thereon, on or before the 30th day of June, 1966; And
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<br />WHEREAS, the City will have current revenues from the collection
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<br />of said taxes available and sufficient to pay said obligation at maturity;
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<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF ~E CITY
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<br />OF I.A PORTE, TEXAS, that the Mayor and the Ci~y Clerk (Director of Finance)
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<br />be authorized to issue a promissory note of the City of 'La Porte, to be
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<br />designated "Tax Anticipation Note for the Fiscal Year Beginning July 1, 1965
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<br />and Ending June 30, 1966", such note to be in the principal sum of FIFTY-FIVE
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<br />HUNDRED DOLLARS ($5,500.00), to bear interest at the rate of three per cent
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<br />(3%) per annum until maturity, with the usual provision for interest at the
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<br />rate of six Fer cent (6%) per annum on past due principal and interest, and
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<br />tit ten per cent (10%) attorney's fees, such note to be sold by the City of La Porte
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<br />to the La Porte State Bank at La Porte, Texas, at not less than par value. When
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<br />such note has been duly executed by the Mayor and City Clerk and delivered to said
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<br />Bank, with a copy of this resolution, such indebtedness thereby evidenced shall
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<br />be fully binding upon the City; And
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<br />BE IT FURTHER RESOLVED THAT THE CITY further secure the payment of
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<br />said note by a Chattel Mortgage on certain equipment described as follows:
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<br />'one (1) John Deere Tractor, Model 2010, Serial No. 68169,
<br />Diesel Wheel;
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<br />With Hydraulic Loader, Model 720, Serial No. 6060, and
<br />John Deere Hydraulic Back Hoe, Model 93, Serial No. 5418; And
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<br />that the Mayor and City Clerk be and they are hereby authorized and directed to
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<br />execute on behalf of the City of La Porte, a Chattel Mortgage of even date herewith
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<br />on that certain equipment, on the form and containing the provisions, agreements,
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<br />conditions and convenances required by said Bank.
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