R-1960-1 - Laserfiche WebLink

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. (.;.ltl :"";'1 { e COUNTY OF HARRIS o o o t. " STATE OF TEXAS ---- RESOLUTION AUTHOjlI'2ING mE CITY OF LA PORTE 10 BORIDW THE SUM OF TWENTY-TWO THOUSAND DOLLARS ('$22,006.00), TO BE EVIDENCED BY TAX ANl'ICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1960 AND ENDING . JUNE 30, 1961. ..' "-...' . WHEREAS, it has been determined by the Ci V Commission of the City .....}" of La Porte that a necessity exists to borrow the sum of Twenty-Two Thousand Dollars ($22,000.00), for general administrative purposes and that the anticipated cur- rent revenue from. ad valorem taxes will amount to II> proximately 'lWO HUNDRED TWENTY-THREE THOUSAND TkTO HUNDRED DOLLARS ($223,200.00); and WHEREAS, the La Porte State Bank of La Porte, Texas has agreed to make the City a loan in said sum, to be paid with three per cent (3%) per ./".-- . ..'\"" interest thereon, on or before the 15th day of February, 1961; 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 CI'l'I COMMISSION OF THE CI'li" OF LA PORTE, TEXAS that the Mayor and the City Clerk (Director of Finance) be auth- ori_ed to issue a promissory note of the City. of La Porte, to be designated "Tax Anticipation Note for the Fiscal Year beginning J~ 1, 1960 and ending June 30, 1961", such note to be in the principal sum of Twenty-Two Thousand Dollars I ($22,000.00), to bear interest at the rate of three per cent" (3%) per annum ",---... until maturity, 1d th the usual provision for interest at the rate of six per ~t.. (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 dq of February, 1961, that said note be sold by the City' 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 Mqar and City Clerk and delivered to said Bank, 'with a copy of this resolution, such indebtedness thereby evidenced shall be tully binding upon the City; and BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates l.c and sets aside the sum of Twenty-Two Thousand Dollars ($22,000.00) out of the ----. current revenues from the collection of ad valorem taxes for the p~nt of such .~ebtedDee..