HomeMy WebLinkAboutR-1961-1
STATE OF TEXAS 0
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COUNTY OF HARRIS 0
,-- -"""-. RESOLUTION AUTHORIZING THE CITY OF LA PORTE '10 BORROt-l THE SUM OF TEN THOUSAND
. '\.DOLLARS($lO,OOO.OO), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF
.. CURRENT TAlCES COLLECTED DURING THE FISCAL YEAR BIDINNING JULY 1, 1960 AND ENDING
'. JUNE 30, 1961.
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WHEREAS, it has been determined by the City Commission of the City
of La Porte that a necessity exists to borrow the sum of Ten Thousand Dollars
($10,000.00), for general administrative purposes and that the anticipated cur-
rent revenue from ad valorem taxes will amount to approximately ONE HUNDRED
THIRl'Y-FIVE THOUSAND DOLLARS ($135,000.00);
and
WHEREAS, the La Porte State Bank ot La Porte, Texas has agreed to
make the City a loan in said sum, to be paid with three per cent (3%) per
e- interest thereon, on or before the 30th da;y of JIDI8, 1961; and
WHEREAS, the City will have current revenues from the collection of
said taxes available and. suf'ficient to pas said obligation at maturity:
NOW, THEREFORE, BE IT RESOLVED BY 'mE CITY COMMISSION OF THE CITr OF
LA PORTE, TEXAS that the Mayor and the City Clerk (Director ot Finance) be auth-
orized to issue a promissory note of the City of La Porte, to be designated
"Tax Anticipation Note for the Fiscal. Year beginning July 1, 1960 and ending
June 30, 1961 n, such note to be in the principal sum of Ten Thousand Dollars
($10,000.00), to bear interest at the rate of three per cent (3%) per annum
~. until maturity, with the usu.al provision for interest at the rate of six per
,. ',cent (6%) per annum on past due principal and interest and ten per cent (10%)
attomeY" s tees, such note to be due and pa.vab1e on or before the 30th day of
June, 1961, that said note be sold bY' the CitY' td the La Porte State Bank of
La Porte, Texas,. at no 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 t.herebY' evid.enced shall be fully binding
upon the CitY'; and.
BE IT FURTHER RESOLVED that the Cit.y of La Porte herebY' appropriates
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~~:':",': ',' and sets aside the sum of Ten Thousand Dollars ($10,000.00) out of the current
~ revenuee from the collection of ad valorem taxee for the pa,yment of euch
.. ~ \ndebtedness.
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AND IT IS SO ORDERED.
Approved and. passed this the
City Commission.
19th
day of May, 1961 by the
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'..:. ty C er~: ofcthe ty of La Po e, ',L'exas
This is to certify that the above and foregoing is a true and correct copy of
a resolution passed and approved by the City Commission at its regular meeting
day of May, 1961, as the same ~pears on record in the
held on the 19th
minutes of said meeting, to certify which witness my hand and seal of off'ice.
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er of the J.tq 0 a Parle, Texa.
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TAX ANTICIPAT!ON NarE
FOR '!HE YEAR 1960-1961
FISCAL YEAR BmINNINO
JULY 1. 1960-., ENDING JUNE 30.. 1961
~lO.OOO.OO
La Porte, Texas, I.lay 19th, 1961
The City of La Parte, Texas, acting by and throueh its duly authorized
atficers, tar value received, promises to pay to. the order of the La Parte State
Eank at La Pot-te, Texas, the swn at 'len Thausand Dollars ($10..000.00), with
interest at the rate ot three per cent. (3~) per annum, on ar- betore the 30th
day ot ~ 19&1..
All past due principal and interest shall bear interest at the rate of
six per cent. (6'/,) per annum.
- ...-----~"\ · It 1s hereby specially agreed that it this note is placed in the hands
. . at 811 attomey tar collection, or 1t ca1lected by suit or through the Probate
. or Bankruptcy Co~, we agree to pay ten per cent. (lO~) additional an the
-.;::, principal and interest then due hereon, as attorney's tees.
if I'; A capy af the resolutian authorizing the 'borrowing at the swn at
Ten Thausand Dollars (310..000.00) and the issuance of this note is hereto.
attached.
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CIT!' OF LA PORTE, TEXAS
BY. /;f;,CY~~
r4a.v0r 0 the :r a Q e, exas
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1,..J ATTEST. \~. ~
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/' .. ~ tl1e City of La or e. exas
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