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HomeMy WebLinkAboutR-1961-3 e . STATE OF TEXAS I --------- I / "..'.COUNTY OF HARRIS I . ~ESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF ELEVEN THOUSAND ONE HUNDRED DOLLARS ($11, lOO. 00), TO BE EVI- DENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY l, 1961 AND END- ING JUNE 30, 1962, AND FURTHER SECURED BY A CHATTEL MORTGAGE ON ONE CERTAIN FIRE TRUCK. WHEREAS, it has been deter.mined by the City Com,mission of the City of La Porte that a necessity exists to borrow the sum of Eleven Thousand One Hundred Dollars ($ll, lOO. 00), for payment of balance of the purchase consider- ation of that one certain Fire Truck, hereinafter described, and that the antici- ,.-' -, /r '., : . ..' HUNDRED THIRTY-ONE THOUSAND EIGHT HUNDRED SIXTY-FIVE DOLLARS ($23l, 865. 00); and pated current revenue from ad valorem taxes will amount to approximately TWO WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed to make the City a loan in said sum, to be paid with four percent (4%) per annum interest thereon, on or before the 30th day of June, 1962; and WHEREAS, the City will have current revenues fro.m the collection of said taxes available and sufficient to pay said obligation at maturity: NOW. THEREFORE. BE IT RESOLVED BY THE CITY COMMISSION ,//~ OF THE CITY OF LA PORTE. TEXAS. that the Mayor and the City Clerk . ~Director of Finance) be authorized to issue a promissory note of the City of La Porte. to be designated "Tax Anticipation Note for the Fiscal Year beginning July l, 1961 and ending June 30, 1962", such note to be in the principal sum of Eleven Thousand One Hundred Dollars ($ll, 100.00), 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 (lO%) attorney's fees, such note to be due and payable on or before the 30th day of June, 1962, that said note be sold by the City of La Porte to the La Porte State, Bank at La Porte, Texas, at not les s 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 indehtedness thereby evidenced shall be fully binding upon the City; and e . BE IT FUR THER RESOLVED that the City further secure the pay.ment ,/~"'-~ ,. '. "'of said note by a Chattel Mortgage on that one certain Fire Truck described as . follows: One (l) certain 1960 Model International Fire Truck, bearing Identification No. VC O-196-FA-6609 5-F, together with all equipment attached to and located thereon and that the Mayor and City Clerk be and they are hereby authorized and directed to execute on behalf of the City of La Porte, a Chattel Mortgage covering such Fire Truck, on the for.m and containing the provisions, agreements, conditions and covenances required by said Bank. BE IT FUR THER RESOLVED that the City of La Porte here by appro- out of the current revenues from the collection of ad valorem taxes for the payment of such indebtedness. AND IT IS SO ORDERED. '"'~ APPROVED and passed this the r:::;;;A1 day of July, 1961, by the City Commission. .- .~~~~~ t"~. .~~........, ~.'-J: ';::'" eo ::.... '. ........ t.;::' ~... {.. ~~ . ~ ~ ~ . - ~ ..~ ". :: _.-'~: ,; ,. ~ : . ;-,ATTEST: " . .\ ~ 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 held on the ~s-Rday of July, 1961, as the same appears on record in the minutes of said meeting, to certify which witness my hand and seal of office. . ., ~. s..;,. ..... ';:;l:"" .... /._-..~ ~-,,- . ..... ,..~~ " .... ;, 'J 1'-.- '<"-- " .. < :.0... ". . . . -- TAX ANTICIPATION NOTE FOR THE !EAR 1961-1962 FISCAL YEAR BEGINNn;o. JULY 1. 1961. ENDING JUNE 30. 1962 e40,ooo.oo La Porte, Texas, July 1st, 1961 The City of La Porte, Texas; actdDg by and through its duly authorized Officers, tor value received, promises to pay' to the order of the La Porte State B~of La Porte, Texas, the awn of Forty Thousand Dit11ars (e4o,ooo.oO), with interest at the rate of three per cent (3%) per annum; on 9r before the 15th dq of Februar.v, 1962. .All past due principal and interest shall bear interest at the rate of six per cent. (6%) per annum. It is hereby specially agreed that if' this note is placod in. the hands of an attorney for collection, or if' collected by suitor thl'Oue;h the Probate ~r Bankruptcy Court, we agree to pay ten per cent. (10%) additional on the principal and interest then due bereon, as attorney's fees. A cOPT of the resolution authorizing the borrowing of the sum of Forty Thousand Dollars (~40,ooo.oo) and tho ilJsuance of this note is hereto attached. BY. ATTEST. . ~~~'T_ .