R-1962-04 - Laserfiche WebLink

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i:" ... ~.-.. e . RESOLUTION NO. 1 - 62 " -........... ,.. \ e..: - STATE OF TEXAS ) ) COUNTY OF HARRIS ) ~,. -... W.o .------- . " e::'~. r--- .e. RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF EIGHTY-SEVEN HUNDRED DOLLARS ($8,700.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1962 AND ENDING JUNE 30, 1963, AND FURTHER SECURED BY A CHATTEL MORTGAGE ON ONE CERTAIN FIRE TRUCK. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of EIGHTY-SEVEN HUNDRED DOLLARS ($8,700.00), for payment of balance of ~he purchase consideration of that one certain Fire Truck, hereinafter described, and that the antici- pated.Lcurrent revenue from ad valorem taxes will amount to approximately Two hundred eighty-cme thousand, eight hundred six dollars and nO/1OO dollars ; and WHEREMS, the La Porte State Bank at La Porte, Texas has agreed to make the City a loan in said s~, to be paid with four percent (4%) per annum interest thereon, on or before the 30th day of June, 1963; 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, 1962 and ending June 30, 1963", such note to be in the principal sum of EIGHTY-SEVEN HUNDRED DOLLARS ($8,700.00), to bear interest at the rate of four percent (4%) per annum until maturity, with the usual provision for interest at the rate of six percent (6%) per annum on past due principal and interest and ten percent (10%) attorney's fees, such note to be due and payable on or before the 30th day of June, 1963, that said note 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 that one certain Fire Truck described as follows: One (1) certain 1960 Model International Fire Truck, bearing Identification No. VC 0-196-FA-6609 5-F, together with all equipment attached to and located thereon