HomeMy WebLinkAboutR-1960-1
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COUNTY OF HARRIS
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STATE OF TEXAS
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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.
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WHEREAS, it has been determined by the Ci V Commission of the City
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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
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..'\"" 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
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($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
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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..
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AND IT IS SO ORDERED.
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Appro~ed and passed this the
Cit,r Commission.
2nd
dq of December, 1960 by the
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This is to certifY that the above and foregoing is a true and correct copy of
a resolution passed and ",proved by the City Commission at its regular meeting
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held on the 2nd dq of December, 1960, as the same appears on record
in the minutes of said meeting, to certify which witness my hand and seal of
office.
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TAX AIlJTICIP ATION NOTE
FOR THE YEAJ~ 1960-1961
FISCAL YRAR BEGINNING
JULY 1, 1960. ENDING JUNE 3l. 1961
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La Porte, Texas, December 2nd, 1960
The CitY' ot La Porte, Texas, acting by end through its dulY' authorized
otficers, for value received, prorn1ses to_j)q to the order ot the La Porte State
Bank ot La Porte, Texas, the SUlll. ot 'l'weD\Y~ Thousand Dollars (322,000.00),
W1th interest at the rate ot three per cent. (3%) per annum. on or 'Defore the
l~th day of February, 1961.
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All past due principal and in terest shall bear interest at the rate ot
six per cent. (6:C) per annum.
It is hereby specialq agreed that it this note is placed in the hands
~ o~ an attorney tor collection, or it collected by suitor through the Probate
or Bankruptcy Court, we agree to pq ten per cent. (10%) additional on the
.. principal an~ interest then due hereon, as attomey's tees. .
~ A copy ot the resolution authorising the borrowing of t.'1e sum ot
'l'wenty-Two Thousand Dollars (~22,OOO.00) and the issuance ot this note is hereto
attached. 10
CITY OF Lll PORrE, TEXAS
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WHEREAS, heretofore, the Mayor of the City of La Porte
prepared and submitted to the City Conmission, at its meeting held
on the 17th d~ of June, 1960, his proposed budget for the fiscal
year from the 1st day of July, 1960, to the 30th day of J1ll1e, 1961;
and
WHEREAS, the City Conuniss ion filed such proposed budget
with the Clerk of the City on the 17th day of J1ll1e, 1960, and
designated that a public hearing on suoh budget be held at the City
Hall at 7:00 P. M., on the 8th dEliY" of July, 1960, and caused public
notice of suoh hearing to be made; and
'WHEREAS, suoh public hearing has been held:
NOW, THEREFORE, it is Ordered by the City Commission that
the budget, as prepared and submitted by the Mayor, and as amended
by the City Commission, is hereby finally approved by the City
Commission, and it is hereby Ordered that a true copy of such approved
budget, together with a oop,y of this Order, shall bo filed in each of
the offices of tho Clerk of the City of La Porte, the County Clerk of
Harris County, Texas, and the state Comptroller, at :Austin, Texas.