R-1963-19 - Laserfiche WebLink

Browse Search

'# ,. .- 1- 1- ,- e e RESOLUTION NO. 19-63 STATE OF TEXIS ) ) COUNTY OF HARRIS ) RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF TWENTY-FIVE THOUSAND DOLLARS ($25,000.00), TO BE EVIDENCED BY A SPECIAL REVENUE NOTE, PAY- ABLE OUT OF CURRENT REVENUE& OTHER THA."'l 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 TWENTY-FIVE THOUSAND DOLLARS ($25,000.00), and that the anticipated current revenue, other than from ad valorem taxes, will amount to approximately THIRTY THOUSAND DOLLARS ($30,000.00); 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 special current revenues, other than from the collection of ad valorem 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 "Special Revenue Note for the Fiscal Year Beginning July 1, 1962 and Ending June 30, 1963", such note to be in the principal sum of TWENTY-FIVE THOUSAND DOLLARS ($25,000.00), 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 TWENTX-FIVE THOUSAND, SEVEN HUNDRED FIFTY AND NO/lOO DOLLARS ($25,750.00) out of special current revenues, other than from the collection of ad valorem taxes, for the payment of such indebtedness. AND IT IS SO ORDERED.