R-1962-01 - Laserfiche WebLink

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e.' .. ;.... -' . .~ to :~ .P ........... .... -----~ ~---- . _f . STATE OF TEXAS ) ~.... ) COUNTY OF HARRIS ) . ) CITY OF LA PORTE ) -- - /~ ~' . /---- ., / \ . .~. A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FIFTY THOU- SAND DOLLARS ($50,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE QUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1961 AND END- ING JUNE 30, 1962. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of Fifty Thousand Dollars ($50,000.00), for general administrative purposes and that the anticipated cur- rent revenue from ad valorem taxes will amount to approximately TWO HUNDRED 'IHIRTY-TWO THOUSMID FIVE HUNDRED DOLLARS ; and WHEREAS, the La Porte State Bank 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, 1962; and WHEREAS, the City will have cufrent 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 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, 1961, and ending June 30, 1962", such note to be in the principal sum of Fifty Thousand Dollars ($50,000.00) , to bear interestat 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, 1962, that said note be sold by the City to La Porte State Bank, 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 indeptedness thereby evidenced shall be fully binding upon the City; amd BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates and sets aside the sum of Fifty Thousand Four Hundred Thirty-Seven and 50/100 Dollars ($50,437.50) out of the current revenues from the collection of ad valorem ~, taxes for the payment of such indebtedness. . AN!:). IT IS SO ORDERED.