HomeMy WebLinkAboutR-1961-2
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STATE OF TEXAS 0
COUNTY OF HA.RRIS ~
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\RESOLtrl'ION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUl>I OF FORTY THOUSAND
DOLLARS ($40,000.00). TO BE EVIDENCED BY TAX Atn'ICIPATION NOTE, PAYABLE OUT OF
CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGIImING JULY 1, 1961 AND' ENDING
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 Forty Thousand Dollars
(Cl,JO,OOO.OO), .tor general administrative purposes and that the anticipated cur-
rent revenue troJll ad valorem taxes w1l1 amount to approximately' Tltro HUND~
THIRTY-ONE THOUSAND EIGHT HUNDRED SIXTY-FIVE DOLLARS (~231,865.00)J
and
\offlEREAS, the La Porte State Bank.J ot La Porte, Texas has 8lJreed to
//'~-",\make the City a loan in said swn, to be paid with three per cent (3~) per
, ..,., "annum interest thereon, on or betore the 15th day ot February, 1962. and
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tnfEREAS. the City will have current revenues trom the collection ot
said taxes available and sufficient to pay said oblisat10n at maturity,
NOli, THEREFORE, BE IT RESOLVJID BY THE CITY COiiJMISSION OF '!HE crT!' OF
LA POltTE, T.iCJtAS that the r.1ayor and the City Clerk (Director ot Finance) be auth-
orized to issue. promissory note of the City ot La Porte, to be designated
"Tax Anticipation Note tor the Fiscal Year beginning JuJq 1, 1961 and ending
June 30, 1962". such note to be in the principal sum ot Forty Thousand Dollars
/~, (:rltO,OOO.OO); to bear interest at the rate ot three per cent (.3%) per annum
. i~til maturity, with the usual provision for interest at the rate ot six per
~-..:::::-... . cent (6%> per annum on past due principal and interest and ten per cent (10~)
attorney's tees. such note to be due and. payable on or before the 15th day ot
Febrosry, 1962, that sa1u note be sold by the City to the La Porte State Bank~ot
La Porte, Texas, at no less than par va1ue. When such note has been duly
executed by tbe Mayor and City Clerk and delivered to said Bank, with a copy
or this resolution, such indebtedness thereby evidenced. shall be tully binding
upon the Ci tYI and
BE IT FUdTHER RESOLVED that the City or La Porte hereby appropriates
and sets aside the sum ot Forty Thousand Eight Hundred Dollars (t40,tiOO.00) out
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'.. _ _.. ',.ot the current r.venues trom 'the collection ot ad vaolrem taxes tor the payment
_ or such ind.ebtedness.
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AND IT I!3 SO ORDERED.
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Approved and passed this the . / day ot July, 1961 by
the 01 ty Commission.
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cO ,,' ATTEST., ~
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""",~ of .' a ort.,
Texas
This is to certify that the above and toregoing is a true' and correct copy ot
a resolution passed and approved by the City Commission at its Special r.feeting
held on the 1st day of July ,1961, as the same appears on record in the
,'~, m1nutes ot said Meting, to certify which witness D1.Y hand and seal of oft1ce.
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erk of a 0 e, Texas
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TAX ANTICIPATION NOTE
FOR THE YEAR 1961-1962
FISCAL YEAR BEGINNING
JULY 1. 1961. ENDING JUNE 30, 1962
140,000.00
La Porte, Texas, JulY' 1st. 1961
The C1 t.1 at La Porte, Texas, actJing bY' and through its duly authorized
officers, tor value received, promises to pay to the order of the La Porte State
Bank,ot La Porte, Texas, the awn of Forty Thousand DilUars ($40,000.00), with
interest at the rate of three per cent ()%) per annwn; on f:)r before the 15th
da.y at February, 1962.
All past due principal md interest shall bear interest at the rate of
six per cent. (6.) per annwn.
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It is hereby specially agreed that it this note is placed in the hands
~t an attomey tor collection, or if collected by suitor through the Probate
ltr Bankruptcy Court, we agree to pay ten per cent. (10%) additional on the
principal and interest then due bereon, as attorney's tees.
A copy ot the resolution authorizing the borrowing of the sum ot
Forty Thousand Dollars (e40,ooo.OO) and. the iasuance of this note is hereto
attached.
BY.
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'f' 0 of tile ~ . .0 0, Texa.
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