HomeMy WebLinkAboutR-1949-4 - $5,000 loan to run City until tax collected
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THE STAT:b: OF TEXAS D
COUNTY OF HARRIS D
CITY OF LA PORTE D
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A RESOLUTION AUTHORIZING THE CITY TO BORROW $5,000.00 BY THE ISSUANCE OF
ITS TA.< ANTICIPATION NOTE FOR THE BUDGE.T YEAR OF 1949-50 .
VffiEREAS, it has been made known to the City Commission of the
City of La Porte, Texas, that a necessity exists to borrow funds in the
amount of Five Thousand Dollars ($5,000.00) for general administrative
purposes and that such amount is consistent with the anticipated collec-
tion of property tax for such year;
WHEREAS, the First National Bank of La Porte, Texas, has examined
the financial status of the City and is willing to make such loan;
NOVi, THEREFORE, be it resolved by the City Commission of the City
of La Porte, Texas, that the City Clerk be authorized to issue the negotia-
ble note of the City to be designated "Tax Anticipation Note" for the budget
year of 19l19-?O ; such note to be in the principal amount of Five Thousand
Dollars ($5,000.00); to bear interest at the rate of
3 % per cent per
annum payable at maturity, and to be due and payable on or before the end of
the fiscal year; that said note be sold by the director of finance to the
said First NationaJ. Bank of La Porte, Texas, at not less than par value.
bhen such note has been signed by the director of finance and delivered to
said Bank with a duly authenticated copy of this resolution, the indebtedness
thereby evidenced shall be fully binding against the City.
and
PASSED this29 th day of July, A. D., 1949, by a vote of -1..._ AYES
NOES. APPROVED by the Mayor and attested by the City Clerk on
o
said date.
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