R-1964-30 - Laserfiche WebLink

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I .' . .- .~ .- " . - e e RESOLUTION NO. 30-64 STATE OF TEXAS COUNTY OF HARRIS ~ RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY THOUSAND AND NO/lea DOLLARS ($30,000.00), ro BE EVIDENCED BY TAX Ar!TICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1964 Al!D ENDING JU}TE 30, 1965. WHEREAS, it has been determined by the City Commission of the City of La Porte the. t a neoessi ty exists to borrow the sum of THmTY THOUSAlID AND NO/loo DOLLARS ($30,000.00), and that the anticipated current revenues from ad valorem taxes llill amount to approxin:ately THREE BUNDRED T\-1ENTY EIGh"T THOUSAND, EIGHT HUNDBED FORTY SIX AND NO/IOO DOLLARS ($328,846.00); and 1:1HERF.AS, the La Porte State Bank at La Porte, Texas, has agreed to make the Cit" a loan in said sum, to be paid ~dth three per oent (~) per annum interest thereon, on or before the 30th ~ of June, 1965; and "1HEREAS, the City will have current revenues from the collection of said taxes available and sufficient to p~ said obligation at maturityr NOW 'lEEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LA PORTE, TEXAS, that the ~or and the City Clerk (Direotor of Finanoe) 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, 1964 and ending June 30, 1965"1, suoh 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 ma turi ty, with the usual provision for interest at the rate of six per cent (~) per annum on past due principal and interest and ten per oent (l~ attorney's fees, such note to be due and ~ble on or before the 30th day of June, 1965, that said note be sold by the C1 ty of La Porte to the La Porte Ste. te 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 THmTY THOUSAND AND NO/IOO DOLLARS (330,000.00) 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 AU8\lst, 1964 3rd by the City Commission. Texas