HomeMy WebLinkAboutR-1963-17
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RESOLUTION NO. 17-63
STATE OF TEXAS
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COUNTY OF HARRIS
RESOLUTION AUTHORIZING THE CITY OF IA PORTE TO BORROW THE SUM OF FOUR
THOUSAND DOLIARS ($4,000.00), 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.
WHEREAS, it has been determined by the City Commission of the
City of La Porte that a necessity exists to borrow the sum of FOUR THOUSAND
DOLLARS ($4,000.00), and that the anticipated current revenue from ad valorem
taxes will amount to approximately THIRTY-SIX THOUSAND AND NO/100 -------
-------------------- Dollars
($36,000.00)
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 three per cent (3%) per
annum interest thereon, on or before the 28th 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 promissory note of the City of La Porte,
to be designated tlTax Anticipation Note for the Fiscal Year Beginning
July 1, 1962 and ending June 30, 1963", such note to be in the principal
sum of FOUR THOUSAND DOLLARS ($4,000.00), to bear interest at the rate of
three per cent (3%) 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 28th 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 Clerk 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 of La Porte hereby
appropriates and set. aside the sum of FOUR THOUSAND TWENTY-FIVE DOLLARS
($4,025.00) out of the current revenues from the collection of ad valorem
taxes for the payment of such indebtedness.
AND IT IS SO ORDERED.
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RESOLUTION NO. 17-63
Page 2 0 f 2
/71X
APPROVED AND PASSED this the
1963, by the City Commission.
ATTEST:
~'If.~
day of April,
City Clerk of the City of La Porte, Texas
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Re: ResoLution No. 17-63
'TAX ANTICIPATICIt NOTE
'01. THE YIAR 1962 -1963
FISCAL YUB. BBOINNING
JULY 1~ 1962. ENDINC.JUD 30.. 1963
$4,000.00
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/ ,1963
APB.IL
'lbe Clty of LR pOl'te. Texae, _eel.. by aad throup lta duly
8uthorlzed.offleer8. for value received, promises to pay to tbe order
of the La 'orte State Bank at X. Porte, Texa., the 8W1l of Four Thousand
:Ool1ar8 ($4.000.00). 'with t"terast at the rate of three per cerat (32.)
per anD", Oil or befoft tbe, 28th .y of JUDe, 1963.
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All p.et due pdt\Clp.l and loterelt ,hall bear tater..t at
the rate of. 8ix p.r ceat (61) per aMUID.
It f.. _1'0")' .peeull,. ear..d that if this Dote I. placed tll
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the baad, of.aa atCQrQ8)' for collectloD, or if cOllected" .ult or tbrouab
. the h'o1:tate or Bankruptcy Court, we 8lre. to p..y ten per cellt (10'&) addi-
t10nal on the principal 'Dd ,inter-eDt then due hereon. a. .ttomey', fee..
A copy of tbe a.,olution authol'iI:1.Q8 the borrowi. of the
aum of Four thousand 1)oUar8 ($4,000.00) .Lies the t..uanee of this Dote
:I.. hereto attachod.
CITY or LA PORTE. TUAS
By:
A'l'TIS1':
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City CleTk of tuCf.t1of La'o~t.. T.....
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