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HomeMy WebLinkAboutR-1982-18 ... .. . . e e f 1, ,II) RESOLUTION g~ A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY THOUSAND EIGHT HUNDRED SIXTEEN DOLLARS AND TWENTY-NINE CENTS ($30,816.29), TO BE EVIDENCED BY A TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING OCTOBER 1, 1982, AND ENDING SEPTEMBER 30, 1983. 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 THIRTY THOUSAND EIGHT HUNDRED SIXTEEN DOLLARS AND TWENTY-NINE CENTS ($30,816.29), for payment of lawful expenses of the City, and that the anticipated current revenue from ad valorem taxes for fiscal year 1982-1983 will amount to far in excess of Thirty Thousand Eight Hundred Sixteen Dollars and Twenty- nine Cents ($30,816.29)~ and WHEREAS, Bayshore National Bank of La Porte, Texas, has agreed to make the City a loan in said sum, to be paid with seven and one- half per cent (7-1/2%) interest per annum thereon, on or before the 30th day of September, 1983; and WHEREAS, the City will have current revenue from the collection of said taxes, together with existing cash on deposit, available and sufficient to pay said obligation at maturity; NOW, THEREFORE, Bg IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, that the ~1ayor be authorized to issue a promissory note of 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, 1982, Ending September 30, 1983," such note to be in the principal sum of Thirty Thousand Eight Hundred Sixteen Dollars and Twenty-nine Cents ($30,816.29), to bear interest at the rate of seven and one-half per cent (7-1/2%) per annum until maturity, providing for ten per cent (10%) per annum interest on . . . . e e -2- matured unpaid principal and interest from date of maturi ty until paid, and ten per cent (10%) attorney's fees, such note to be due and payable on or before the 30th day of September, 1983 ~ and that said note be sold by the City to Bayshore National 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 evidenced shall be fully binding upon the City; and BE IT FURTHER RESOLVED that the Ci ty hereby appropriates and sets aside the sum of Thirty Thousand Eight Hundred Sixteen Dollars and Twenty-nine Cents ($30,8l6.29) out of the current revenues from the collection of ad valorem taxes, and cash on deposit, for the payment of such indebtedness. 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 Ci ty 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 Annotated~ 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 contents and posting thereof. AND IT IS SO ORDERED. . e -3- e PASSED AND APPROVED this the 20th day of October, 1982. ATTEST: . 41~r24i:~ . . CITY OF LA PORTE >~..~ By ~4P~ . gl.nl.a l.ne, Mayor .. ,::'.... 0,...;: - . . . . e e CITY OF LA PORTE La Porte, Texas TAX ANTICIPATION NOTE For the Fiscal Year Beginning October 1, 1982, Ending September 30, 1983. $30,816.29 La Porte, Harris County, Texas, October 1, 1982 For value rece ived, the CITY OF LA PORTE, a munic ipal corpora tion, Harris County, Texas, does hereby promise to pay to the order of BAYSHORE NATIONAL BANK OF LA PORTE, a national banking association, at its banking offices in the City of La porte, Harris County, Texas, not to exceed the sum of THIRTY THOUSAND EIGHT HUNDRED SIXTEEN DOLLARS AND TWENTY-NINE CENTS ($30,816.29), in legal and lawful money of the Uni ted States of America, with interest thereon from date hereof until maturity at the rate of seven and one-half per cent (7-1/2%) per annum; the interest payable with principal; matured unpaid prin- cipal and interest shall bear interest at the rate of ten per cent (10%) per annum from date of maturity until paid. This note is due and payable as follows, to-wit: The entire principal balance, plus interest thereon at the rate of seven and one-half per cent (7-1/2%) per annum on the unpaid balance of principal, shall be due and payable on or before September 30, 1983. 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 endorser 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. EXHIBIT IIAII page 1 of 2 . . . . e -2- . payment hereof is secured by an appropriation from current tax revenues and cash on deposit of the City of La Porte. A certi- fied copy of the Resolution authorizing the borrowing of the sum of THIRTY THOUSAND EIGHT HUNDRED SIXTEEN DOLLARS AND TWENTY-NINE CENTS ($30,816.29) and the issuance of this Tax Anticipation Note, is hereto attached. CITY OF LA PORTE By ATTEST: ~Jpw . C Y Secretary EXHIBIT IIAII page 2 of 2 Mayor /" . ..,......