HomeMy WebLinkAboutR-1982-07
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RESOLUTION NO. 82- 'I
A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF
THIRTY FIVE THOUSAND AND NO/lOO DOLLARS ($35,000.00), FOR THE PUR-
CHASE OF AN EMERGENCY AMBULANCE, WHICH PROMISSORY NOTE SHALL BE ISSUED
UNDER THE AUTHORITY OF THE TEXAS PUBLIC PROPERTY FINANCE ACT, AND SHALL
BE SECURED BY THE FULL FAITH AND CREDIT OF THE CITY OF LA PORTE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
Section 1. That an emergency and imperative public necessity
requires the purchase by the City of La Porte of a replacement emergen-
cy ambulance, to replace an emergency ambulance which was destroyed
in a collision on or about May 1, 1982, and that the purchase of
. said emergency ambulance will be financed under the provisions of
the Texas Public Property Finance Act, Article 2368a.2, Revised
Civil Statutes.
Section 2. That the Mayor be authorized to issue a promissory
Note of the City (a true and correct copy of which is attached here-
to as Exhibit "A", incorporated by reference herein, made a part here-
of for all purposes), dated May lO, 1982, in the principal sum of
THIRTY-FIVE THOUSAND AND NO/lOO DOLLARS ($35,000.00), to bear interest
at the rate of eight and one-fourth per cent (8 1/4%) per annum until
maturity, providing for ten per cent (10%) per annum interest on
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matured unpaid principal and interest from date of maturity until paid,
and ten per cent (10%) attorney's fees if placed in the hands of an
attorney for collection, such note to be due and payable in 36 monthly
installments as provided therein; and that said note be sold by the
City of La Porte to First City Bank of La Porte, Texas, at not less
than par value. When such note has been duly executed by the Mayor,
and attested by the City Secretary, and delivered to said bank, with
a certified copy of this Resolution, such indebtedness thereby evi-
denced shall be fully binding upon the city; and
BE IT FURTHER RESOLVED that the City of La Porte hereby appropri-
ates and sets aside sufficient sums to amortize the principal and in-
4It terest on said Promissory Note, as the same becomes due and payable,
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and that said Promissory Note shall be secured by the full faith and
credit of the City of La Porte.
BE IT FURTHER RESOLVED, the City Council of the City of La Porte
officially finds, determines, recites and declares that a sufficient
written notice of the date, hour, place and subject of this meeting
of the City Council of the City of La Porte was posted at a place
convenient to the public at the City Hall, City of La Porte, La Porte,
Texas, for the time required by law preceding this meeting, as required
by the Open Meetings Law, Article 6252-17, Texas Revised Civil Statutes
Annotatedi and that this meeting has been open to the public as
required by law at all times during which this resolution and the
subject matter thereof has been discussed, considered and formally
acted upon. The City Council of the City of La Porte further ratifies,
approves and confirms such written notice and the content~ and posting
thereof.
AND IT IS SO ORDERED.
PASSED AND APPROVED this the 5th day of May, 1982.
CITY OF LA PORTE
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Vl l.nla l.ne, Mayor
ATTEST:
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/ ty Secretary
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APPROVED:
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City Attorney
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THE STATE OF TEXAS S
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COUNTY OF HARRIS S
I hereby certify that the above and foregoing is a true and
correct copy of a Resolution, passed and approved by the City Council
of the City of La porte, at its regular meeting held on the 5th
day of May, 1982, at which meeting a majority of the City Council
was present and voted in favor of the passage of said Resolution,
and notice of which meeting was properly posted according to law,
as an emergency item, prior to the date of such meeting, as said
Resolution appears on record in the minutes of said meeting, to
certify which witness my hand and seal of office.
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~ l.ty Secretary
(SEAL)
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CITY OF LA PORTE
La Porte, Texas
PROMISSORY NOTE
$35,000.00
La Porte, Harris County, Texas,
May 10, 1982
For value received, the CITY OF LA PORTE, a municipal corporation,
Harris Coun.ty, Texas, does hereby promise to pay to the order of
FIRST CITY BANK OF LA PORTE, at its banking off ices in the City of
La Porte, Harris County, Texas, not to exceed the sum of THIRTY FIVE
THOUSAND AND NO/IOO DOLLARS ($35,000.00), in legal and lawful money
of the Uni ted States of America, with interest thereon from date
hereof until maturity at the rate of eight and one-fourth per cent
(8 l/4%) per annum; the interest payable with principal; matured
unpaid principal and interest shall bear interest at the rate of
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ten per cent (10%) p"er annum from date of maturi ty until paid.
This note is due and payable as follows, to-wit:
In 36 equal monthly installments of ONE THOUSAND
ONE HUNDRED AND 82/100 DOLLARS ($1,100.82) each,
including interest at the rate of eight and one-
fourth per cent (8 1/4%) per annum on the unpaid
balance of principal, the first of such monthly
installments to be due and payable on or before
June 10, 1982, and a like monthly installment
being due and payable on the same day of each
succeeding calendar month, until the full prin-
cipal balance, and all interest due thereon,
shall have been fully and finally paid.
In the event default is made in the prompt payment of this note
when due or declared due, and the same is placed in the hands of an
attorney for collection, or suit is brought on same, or the same is
collected through Bankruptcy or other judicial proceedings, then the
makers agree and promise to pay ten per cent (10%) additional on the
amount of principal and interest. then owing, as attorney's fees.
Each maker, surety and endor~er of this note expressly waives
all notices, demands for payment, presentations for payment, notices
of intention to accelerate the maturity, protest and notice of pro-
test, as to this note, as to this note and as to each, every and all
installments hereof.
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This Promissory Note is issued under the authority of the Texas
public Property Finance Act, Article 2368a.2, Revised Civil Statutes
of Texas.
The proceeds of this note represent funds advanced by
First City Bank of La Porte, at the special instance and request of
the City of La Porter a municipal corporation, to finance the purchase
by the City of La Porte of an emergency ambulance.
Payment hereof is secured by funds and taxes available to the
City of La Porte for its public purposes, and this promissory Note is
further secured by the full faith and credit of the City of La porte,
a municipal corporation. A certified copy of the Resolution author-
izing the borrowing of the sum of THIRTY FIVE THOUSAND AND NO/lOO
DOLLARS ($35,000.00), in the issuance of this Promissory Note, is
hereto attached.
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CITY OF LA PORTE
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By ~4-' '1b
V~l.nl.a C l.ne, Mayor
ATTEST:
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APPROVED: ~
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C"ty Attorney