HomeMy WebLinkAboutR-1981-16
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RESOLUTION
81-16
A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF
FORTY-TWO THOUSAND EIGHT HUNDRED DOLLARS ($42,800.00), TO BE EVIDENCED
BY A TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED
DURING THE FISCAL YEAR ~EGINNING OCTOBER 1, 1980, AND ENDING SEPTEMBER
30, 1981. ..
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WHEREAS, it has been determined by the City Council of the City
of La Porte (hereinafter "City"), that a necessity exists to borrow
not to exceed the sum of FORTY-'!WO THOUSAND EIGHT HUNDRED DOLLARS
($42,800.00), for payment of lawful expenses of the City, and that
the anticipated current revenue from ad valorem taxes for fiscal
c." . year 1980-1981 will amount to far in excess of Forty-two Thousand
Eight Hundred Dollars ($42,800.00); and
WHEREAS, Bayshore National Bank of La Porte, Texas, has agreed
to make the City a loan in, said sum, to be paid with nine per cent
(9%) interest per annum thereon,
on or before the 30th day of
September, 1981i and
WHEREAS, the City will have current revenue from the collection
of said taxes, together wi th existing cash on deposit, available
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and sufficient to pay said obligation at maturity;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF LA PORTE, that the Mayor be authorized to issue a promissory note
4Itf the City (a true and correct copy of which is attached hereto as
Exhibit "A", incorporated by reference herein, and made a part hereof
for all purposes), to be designated "Tax Anticipation Note for the
'Fiscal Year Beginning October 1, 1980, Ending September 30, 1981,"
such note to be in the principal sum of Forty-two Thousand Eight
Hundred Dollars ($42,800.00), to bear interest at the rate of nine
per cent (9%) per annum until maturity, providing for ten per cent
(10%) per annum interest on matured unpaid principal and interest
from date of maturity until paid, and ten per cent (10%) attorney's
fees, such note to be due and payable on or before the 30th day of
~ePtember, 1981i and that said note be sold by the City to Bayshore
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