HomeMy WebLinkAboutR-1962-09
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RESOLU'UON }ij). 6-62
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/'--......,_ STATE OF TEXAS
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RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY THOUSAND
DOLLARS ($30,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABE OUT OF
QJRRENT TAXES CX>LLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1962 AND ENDING
JUNE 30, 1963.
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 DOLLARS
($30,000.00), to pay current expenses of the City, and that the anticipated current
revenue from ad valorem taxes will amount to approximately TWO HUNDRED EIGHTY ONE
THOUSAND, EIGHT HUNDRED AND SIX DOLLARS ($281,806.00h and
WHEREAS, the La Porte State Bank at La Porte, Texas has agreed to make
/--....\ the City a loan in said sum, to be paid with three percent (3%) per annum interest
4It thereon, on or before the 15th day of February, 1963; and
WHEREAS, the City will have current revenues from the collection of
said taxes availabe and sufficent to pay said obligation at maturity:
NCl'i, 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 author-
ized 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 THIRTY THOUSAND DOLLARS ($30,000.00),
to bear interest at the rate of three percent (3%) per annum until maturity, with
the usual provision for interest at the rate of six percent (6%) per annum on past
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4It'\dUe principal and interest and ten percent (10%) attorney.s fees, such note to be
due and payable on or before the 15th day of February, 1963, that said note be sold
by the City of La Porte to the La Porte State Bank of 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 sets. aside the sum of THIRTY THOUSAND, FIVE HUNDRED AND TWENTY FIVE DOLLARS
($30,525.00) out of the current revenues from the collection of ad valorem taxes for
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the payment of such indebtedness.
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AND IT IS SO ORDERED.
APPROVED and passed this the 25th DAY of JULY, 1962, by the City
COmmission.
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" ATTEST:
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c~'C~ty Clerk of.: the City of La Porte, Texas
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Reso!~tion No. 5-62
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Re: ResoLution No. 6-62
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TAX 'ANTICI-PAT~ON:. NOTi.~' ~":' ~::'7~;::
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FOR THE YEAR 1962 -.1963
PI$tAL ViAR '~EGINNIIIi,
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~LYl.WJ2. ~X~ JU.Q ~O. ~96~
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LA . PORTe. TEXAS
DATI JULY 2&, 1962
$SO, 000.00
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: '. :_.:' . Th~ Clty,of &.ePonei'-Teus. acting by and ,~tmo\Jghits duly IUttu)J'iled
. .:,..,f:f,ri:rSt for' valu" :r'lelveclt.. ptolR~lSes to pay to the order of the LiPo~e State
~'i;M\k at La 'port..texa.... the .una of Thirty Thousand DoUars (530,000.00). wlth
I_~ latel'est at the rate of. tht.,e pel'C8M (3" per annum. on or before tne l~ij day
"'--_~ ofF.bnaary. 1963., ~ ,
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, ~i1 past:d.eftlRelpal and interest shall bear lnterest at 'the. late: of
i six peJl't:ent ("') per _"UII. '..
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, . : - It 11 h~by '~.-pecieU y: ~9,e.d that 1f this note 1. placed ,So thellends
:'.f,.tla",!,~y for cc>lE:.c:tlon,or if collected by.ultorthrough ~~ 'lOb.. or
"Rkruptcy.QIi~. we,."" tc) pay ten percent (10") additional on tIW pJJlndp,l
and inttl'e$t :"'11'1' due ,.)'.,Ji', .is attorney's fee..' ...
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, A Qlpy oi th,Re'Olu'ionauthoriz1ng the borrowing of the -iulD of 1\1trty
.1'hc)\a.and Dollars (S30.400.o0) arid the issuance of thie note 18 htX'eto .tt.ch~.
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CITY OF ~ PORTE, TEXAS
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