HomeMy WebLinkAboutR-1963-23
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RESOLUTION NO. 23-63
STATE OF TEXAS )
COUNTY OF HARRIS )
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF TWELVE THOUSAND,
SIX HUNDRED THIRTY EIGHT AND 22/100 DOLLARS ($12,638.22), TO BE EVIDENCED BY TAX
ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR
BEGINNING JULY 1, 1963 AND ENDING JUNE 30, 1964.
WHEREAS, it has been determined by the City Commission of the City
of La Porte that a necessity exists to borrow the sum of TWELVE THOUSAND, SIX
HUNDRED THIRTY EIGHT AND 22/100 DOLLARS ($12,638.22), and that the anticipated
current revenues from ad valorem taxes will amount to approximately TWO HUNDRED
NINETY FIVE THOUSAND, EIGHT HUNDRED SIX AND NO/lOO DOLLARS ($295,806.00); 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 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 a promissory note of the City of La Porte, to be designated
"Tax Anticipation Note for the Fiscal Year beginning July 1, 1963 and ending
June 30, 1964", such note to be in the principal sum of TWELVE THOUSAND, SIX
HUNDRED THIRTY-EIGHT AND 22/100 DOLLARS ($12,638.22), 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 30th day of June, 1964, 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 TWELVE THOUSAND, SIX HUNDRED THIRTY-EIGHT and 22/100
DOLLARS ($12,638.22) out of the current revenues from the collection of ad valorem
taxes for the payment of such indebtedness.
AND IT IS SO ORDERED.
APPROVED AND PASSED this the
1st
day of July, 1963,
by the City Commission.
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Resolution No. 23-63
Page 2 of 2
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ATTEST:
&w; jp, 1n~
City Clerk of the City of La Porte, Texas
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TAl. ANTICIPATION NOTE
FOR THE YEAR 1963 · 1964
FISCAL YEAR BEGINNING
JULY 1. 1963. ENDING JUNE 30. 1964
$12.638.22
July 2. 1963
The City of La Porte, Texas, acting by $nd through:its duly
aUhorized officers, for value received, promises to pay to the order
of the La Porte State Bank at La Porte, 'texas, the sum of twELVE THOUSAND.
SIX HUNDlUID THlJlTY I!\IGBT AND a2/100 DOI.LARS ($12,638.22), with interestat
the rate of three per cent (31.) pet annum, ~ or before the 30th day of
June, 1964.
All past duClJ prinelpal and interest shall bear interest at the
rate of six per cent (6~) per annliD1.
It is hereby specially agreed that if this note is p laced in
the hands of an attorney for collection, or if collected by suit or through
Probate or Bankruptcy Court, we asree to pay ten per cent (10%) additional
on the principal and interest then due hereon,. as attorney's fees.
A copy of the Resolution authorbing the borrowing of the
sum of 'lWELVB THOUSAND,SIX HUNJ)RIJ) mUTY EIGHT AND 22/100 ($12,638.22)
Dollars and tbeisBuanc~ of this note is hereto attached.
CITY or LA POlm, TEXAS
By:
A'l'TBST:
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CityClerk of the City C>f LB, ,orte, Texas