HomeMy WebLinkAboutR-1963-14
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RESOLUTION NO. 14-63
STATE OF TEXAS
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COUNTY OF HARRIS
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY-THREE
THOUSAND, FIVE HUNDRED SIXTY-EIGHT AND 25/100 DOLLARS ($33,568.25), TO BE
EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED
DURING THE FISCAL YEAR. BEGINNING July 1, 1962 AND ENDING June 30, 1963, AND
FURTHER SECURED BY A. CHATTEL MORTGAGE OF EVEN DATE HEREWITH ON THOSE CERTAIN
CARS, TRUCKS ANDEQUIPMENT AS DESCRIBED THEREIN.
WHEREAS, it has been determined by the City Commission of the
City of La Porte that a necessity exists to borrow the sum of THIRTY-THREE
THOUSAND, FIVE HUNDRED SIXTY~EIGHT AND 25/100 ($33,568.25), fpr payment
of balance of the purchase consideration of these certain cars, trucks
and quipment, hereinafter described, and that the anticipated current
revenue from ad valorem taxes will amount to approximately ONE HUNDRED
SIXTY-FIVE THOUSAND DOLLARS ($165,000.00); and
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 per cemt (4%) per annum
interest thereon, on or before the 30th day of June, 1963; 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 pr~missory note of the City of La Porte,
to be designated "Tax Anticipation Note for the Fiscal Year beginning
July 1, 1962 and ending June 30, 1963", such note to be in the principal sum
of THIRTY-THREE THOUSAND, FIVE HUNDRED SIXTY-EIGHT AND 25/100 ~OL~S' ($3~,568.25),
to bear interest at the rate of four per cent (4%) per annum until maturity, with
the usual provision for interest at the rate of six per cent (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 30th day of June, 1963, 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 Cler and delivered to said Bank, with a copy of this
resolution, such indebtedness thereby evidenced shall be fully binding upon
the City; and
BE IT FURTHER RESOLVED THAT the City further secure the payment of
said note by a Chattel Mortgage on those certain trucks, cars and equipment
as follows:
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Res. 14;;;63
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One (1) certain 1960 Model International Fire Truck, bearing
indentification No. VC 0-196-FA-6609 5-F, together with all
equipment .attached to and located thereon;
One (1) certain 1961 International Diesel Tractor, B275, with
that certain Peco 60L Cu ter attached to said tractor, together
with all other quipment 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 of
even date herewith, on those certain cars, trucks and quipment, 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 set aside the sum of THIRTY-THREE THOUSAND, FIVE HUNDRED SIXTY-EIGHT AND
25/100 DOLLARS ($33,568.25) out of the current revenues from the collection of
ad valorem taxes for the payment of such indebtedness.
AND IT IS SO ORDERED.
Itd daYOf~'
APPROVED and passed this the
1963, by the City Commission.
Texas
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ATTEST:
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City Clerk of the City of La Porte, Texas
Resolution No. 14-63
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Re: ResoLution No. 14-63
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TAX M1'lICIPATION NOTI
lOa TH:B YEAR 1962...1963
FISCAL YEAR BEGINNING
/PLY 1" 196~* ENDING JUNE 30. 1963
$33.568.25
LA PORTE, TEXAS
January 1963.
The City of La Porte, Texas, ACUna 'by A.d through its duly authorized
officers, foJ' value recetved, ~n:ODlise8 to pay to the order of the La Porte State
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Bank at La porte, Teu.,. the .um of Thirty-Three '1'bousand, rlve Hutldred Sixty
Eight and 25/100 Dollars ($33,~68.25), with interest at the rate of four per cent
(41) per annum, OG or bet'ore the 30th day of JU1lE!I, 1963.
All ,.at d. prin(1)al aud tntera.t shall bear lnterest at the rate
of six per cent. (61) per. .nnUlD.
It 1. hereby specially agreed that if this note 18 placed in the
hands of an .ttomsy fol;' co1lectton, or if collectecl by suit or through the
Probate or Bauft,tptcy Court, we. agree to pay ten per cent (lcn) acldlt10nal on
the principal _d iDtere~t tben clue heraoD, a8 attorney.s fees.
In addit'ion to the appropriation frcm current tax revenues, thls
note is further secured by & Chattel Mortpae of even date"herewlth on those
certain cars, trucks aad e41u1paent as descrlbecl the~eln.
A copy of the le.olution autb.odali\g the borrowlna of tbe sum of
__ Thl~ty Three Thousand, rive Run~red Sisty-Sight ad 25/100 Dollars ($33,568.25)
and the i88uan~e of this note i. bereto attached.
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em OF LA POITE, TEXAS
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Cit, Clerk of theC:f..ty of La porte, TeXAS