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Home My WebLink AboutR-1961-6 ,It / f. / (.41 ~,'- I ; ,"i.' ~t" /< . , '. .. --. ./ / ,I' ,,/ , , I , ,.0 . STAtE OF TEXAS ) '- . ) COUNTY OF HARRIS ) -.--........ /-- _ ~SOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THREE THOUSAND ,. ~E HUNDRED SEVENTY-EIGHT AND 38/100 DOLLARS ($3,378.38), TO BE EVIDENCED BY ~. Ax ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL -... fEAR BEGINNING JULY 1, 1961 AND ENDING JUNE 30, 1962, AND FURTHER SECURED BY A CHATTEL MORTGAGE ON ONE CERTAIN DIESEL TRACTOR, AND EQUIPMENT. ..i.. _ WHEREAS, it has been de~ermined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of Three Thousand Three Hundred Seventy-Eight and 38/100 Dollars ($3,378.38), for payment of b1ance of the purchase consideration of that one certain Diesel Tractor, hereinafter described, and that the anticipated current revenue from ad valorem taxes will amount to approximately TWO HUNDRED THIRTY-ONE THOUSAND EIGHT HUNDRED SIXTY-FIVE DOLLARS ($231,865.00); and WHEREAS, the La Porte State Bank at La Porte, T~xas, has agreed to make the City a loan in said sum, to be paid with four percent (4%) per annum ~.'-~nterest thereon, as hereinafter described; and '~ WHEREAS, the City will have current revenues from 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 1, 1961 and ending June 30, 1962", in the sum of Three Thousand Three Hundred Seventy-Eight and 38/100 Dollars ($3,378.38), said note due and payable in nine (9) monthly installments, the first eight (8) of which shall be in the sum of Two Hundred Six and 25/100 Dollars ($206.25) each, including .1.......---.........., , ..... \ccrued interest on the unpaid balance to the date of such payments, the first of .e ~ch installments shall become due and payable on or before November 10., 1961, and like installments in the sum of Two Hundred Six and 25/100 Dollars ($206.25) shall become due and payable on or before the 10th day of the next seven (7) succeeding calendar months, and the last and final installment for the balance then owing on said note shall become due and payable on or before June 29, 1962; with the usual provision for interest at the rate of six percent (6%) per annum on past due princi- pal and interest and ten percent (10%) attorney's fees, that said note be sold by the City of La Porte to the La Porte State Bank at La Porte, Texas, at not less than par value. When such note has been duly executed by the Mayor and City Clerk ~ . I \~nd delivered to said Bank, with a copy of this resolution, such indebtedness thereby ~ evidenced shall be fully binding upon the City; aud '" BE IT FURTHER RESOLVED that the City furbher secure the payment of said note by a Chattel Mortgage on that one certain Diesel Tractor described as follows: "'-..... . ,- . ... .... -~ ~\ '. One (1) certain 1961 International Diesel Tractor, B275, with that certain Peco 60L Cutter attached to said tractor, together with all other equipment as described in the Chattel Mortgage of even date herewith 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 Diesel Tractor, on the form and containing the provisions, agreements, conditions and covenances required by said Bank. BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates and sets aside the sum of Three Thousand Three Hundred SeventY-Eight and 38/100 Dollars ($3,378.38) out of the current revenues from the collection of ad valorem taxes for the payment of such indebtedness. /-........ 'I AND IT IS SO :ORDERED. APPROVED and passed this the ~-dJ day of October, 1961, by the City Commission. ~::' ; ~~--'MAA~ Mayor of the City of La Porte, Pe,,-rp,4f Texas -.~' "- -..' --! ',j-....,- , ,/ ......;.:' - ~- - ~=... _.~ ... .--/ AT1EST: I \..e: ~his 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 L'dJ held on the CJ day of October, 1961, as the same appears on record in the minutes of said meeting, to certify which witness my hand and seal of office. ~-, .' '\ e .1 . . ,~t C !I, ,'L.t..'r.'a .~ ~ J'_ o'..~ ~ \. / .'''-:....----- .' TAX ANTICIPATION NOTE FOR THE YEAR 1961~1962 FISCAL YEAR BECINNING JULY 1. 1961. ENDING JONB 30. 1962 $3,378.38 La Porte, Texas 1'7 'fA/ October Li:::....1961 The Oity ef La Porte, Texas, acting by and tbrougb its duly autborized officers, for value received, promises to pay to tbe order of tbe La Porte State Bank ~La Porte. Texas, t.. sum of TRRBE THOUSAND TRlBI HUNDRED SBVINTY.IIGRTAND 38/100 . \ . , . ,ras ($3.378.38), w1tb interest at tbe rate of four percent (41.) per aanum. said , ) due and payable tn nine (9) IIlOIltbly instal_pu, tbe first eigbt (8) of wbicb ',- ./ sball be in tbe sum of Two Hundred Six and 25/100 Dollars ($206.25) eacb, including accrued interest on t~ unpaid balance to tbe date o.f sucb payments., the first of such iD,stallm.ents shall. become due and payable Oil er before November 10, 1961, and like in~tallments ia the sum of Two Hundred Six and 25/100 Dollars ($206.25), shall become due and payable OD or before the 10th day of the next seven (7) succeeding calendar months, and t~e last and final installment for tbe balance then owiag on . ., '. .' .1 ,,,.. , said note shall becOll':~~~' ,nd ,ayab;1e .on or before Juee 29, 1962. All past'al. pr:bicipal and Interest sball bear interest at tbe rate of /".. ~ercent (6'&) ,er "1IUID1. ~) It is here" specially agree4 that if this note is placed ia the hands ~--o.-..:"""~ attorney for coltection, or if collected by suit or through the Probate or Baakruptcy Court, we alrea to pay ten percent (101) additional on tbe pril\Cipal and interest tben due -'reon. as attorney's fees. : ',. In addit1.(~..i' to the appropriation from curl'eut tax revenuas, th:l.snote is furhhe~ secured by. Chattel Mortgage on that ona certain 1961 Model B275 lateraational Dtes.lt__ctor with standard equipment, and tbat one .ertain peeo 60L Cutter attacbed to ~ractor, together with all otber equipment attached to ;. ~locat.d btereon as ....r1bed -} . in the Chattel Hortgale of even d.,. ~rewitb. .......- '.\ ,.,,_J .' __ ~... .~ -. .......- . A copy of th. Resolution authorizing the borrowing of the lum of .1' THO! THOUSAND TIIlltI HUNDBlD SIVEN'rY.~EIGHT AND 38/100 DOLLARS ($3,378.38) and the issuance of thl. Dote is hereto attached. CITY OF LA PORTE, TEXAS ._~....:.. ... ':;I -;~/~.~ ~~~~:.,:~'~< -' !.~~~ ~ , ..~ w _ :: t:"'.~~ .....-- .~. ...:." ~ OJ. ..... ~ '" ; ~~ ~ ...~ ;~ J '" BY ~fAM~ Mayor of the City of La Porte, D /- Texas I R.o 7il1 : ~~.: ;,,~.., .: ~.) .~..~ d; . . Clerk of Che<< Porte, Texas' . ."v ....a -- -- ~