HomeMy WebLinkAboutR-1962-12
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RESOLUTION NO. 9-62
STATE OF TEXAS
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COUNTY OF HARRIS
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF TWENTY
THOUSAND DOLLARS ($20,000.00), 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.
WHEREAS, it has been determined by the City Commission
of the City of La Porte that a necessity exists to borrow the sum of
TWENTY THOUSAND DOLLARS ($20,000.00), 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 ($281,806.00); 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
per cent (3%) per annum interest thereon, on or before the 15th day
of February, 1963; and
WHEREAS, the City will have current revenues from the
collection of said taxes available and sufficient to pay said obli-
gation 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, 1962 and ending June 30, 1963",
such note to be in the principal sum of TWENTY THOUSAND DOLLARS
($20,000.00), to bear interest at 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 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
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RESOLUTION NO. 9,1-62
PAGE 2 of 2
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evidenced shall be fully binding upon the City; and
BE FURTHER RESOLVED THAT the City of La Porte hereby
appropriates and sets aside the sum of TWENTY THOUSAND TWO HUNDRED
FIFTY DOLLARS ($20,250.00) out of the current revenues from the
collection of ad valorem taxes for the payment of such indebted-
ness.
AND IT IS SO ORDERED.
Approved and passed this the 1st day 'of October, 1962,
by the City Commission.
-.-J
Texas
- , : ATTEST:
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City Clerk of the City of La Porte, Texas
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He: Resolution No. .
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TAX ANTICIPATION NOTI
rOl THI YIAl 1962 · 1963
PISCAL YIAl BIGINNING
JUtY 1. 1962. INDING 3mB 30, 196):
$ 20,000.00
La Porte, Teus
October / . 196;:~
'flit Clty of La Porte, Texa., .eting by and throuaD its
duly authorize. offtcer., for value received,pr..tse. to pay to the
orde~ of the Lf Porte State Bank at La Porte, Texas, the lUll of
Twenty Theus'" Dollars ($20,000.00), with iuter.st at the rate of
three percent (31) per annua, on or before the 15th day of February,
1963.
A1! past due prlncipal and interest shall bear interest
at the rate of six ,ereellt (61) per annum.
It'l. bereby specially agre.d that if this note 1.
place' iothe .a~8 ot an attorney for colleetton, or if collected
by ellit or thl1tulD the Probate or Bankruptcy Court, we asree to pay
ten percent (~) additional on the principal and lntereat th.. due
hereon, .8 att~rney' 8 fees..
A topy of the a.lolution autherlzioa the borrowlol of
the sua of tw"ty Thousand Dollarl ($20,000.00) and the tssuance of
tht, note is hereto attached.
cm or LA PO~TI.'l1XAS
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city Clerk of the CIty of La PoJ;'te.
Texas
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