HomeMy WebLinkAboutR-1983-09
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RESOLUTION NO. 83-9
A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF
THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY AND NO/IOO
DOLLARS ($341,790.00), FOR THE PURCHASE OF A SUTPHEN CORPORATION
AERIAL TOWER FIRE FIGHTING APPARATUS, 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 the City Council of the City of La Porte deems
it necessary, useful and appropriate to one or more of its purposes
to purchase a Sutphen Corporation aerial tower fire fighting apparatus,
~ for a price of THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY
AND NO/IOO DOLLARS ($341,790.00), and to finance the purchase and
acquisition of same 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 II A", incorporated by reference herein, and made a part
hereof for all purposes), dated May 18, 1983, in the principal sum
of THREE HUNDRED FORTY-ONE THOUSAND SEVEN HUNDRED NINETY AND NO/IOO
DOLLARS ($341,790.00), to bear interest at the rate of seven and one-
half per cent (7-1/2%) per annum until maturity, providing for ten
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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 if placed in the hands of an attorney for collection,
such note to be due and payable in 12 equal quarter-annual install-
ments of principal, plus interest as provided therein; said note to
retain for the City of La Porte the continuing right to terminate
said Promissory Note without penalty at the expiration of each City
of La Porte budget period, i.e., on September 30 of each year, by
the payment of the full principal balance and all accrued interest
thereon; and that said note be sold by the City of La Porte to
.. Bayshore National Bank of La Porte, at not less than par value.
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Resolution No. 83-9, Page 2.
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 of La Porte1 and
BE IT FURTHER RESOLVED that the City of L,a Porte hereby appro-
priates and sets aside sufficient sums to amort.ize the principal and
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interest on said promissory Note, as the same bec::omes due and payable,
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
Annotated 1 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.
PASSED AND APPROVED this the 18th day of May, 1983.
CITY OF LA POnTE
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By
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lnla ,_ lne, ~~or
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~ Resolution No. 83-9, Page 3.
ATTEST:
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/,hiT. Ci ty Secretary
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APPROVED:
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THE STATE OF TEXAS S
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COUNTY OF HARRIS S
I hereby certify that the above and foreSloing 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 18th day
of May, 1983, at which meeting a majority of the City Council was
present and voted in favor of the passage of Baid Resolution, and
notice of which meeting was properly posted accord ing to law, 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 this the 18th day of May, 1983.
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~ City Secretary
(SEAL)
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CITY OF LA PORTE
La Porte, Texas
PROMISSORY NOTE
$341,790.00
La Porte, Harris County, Texcls
May 18, 1983
For value received, the CITY OF LA PORTE, a municipal corporation,
Harris County, Texas, does hereby promise to pay to the order of
BAYSHORE NATIONAL BANK OF LA PORTE, at its bankinq offices in the City
of La Porte, Harris County, Texas, the sum of THItEE HUNDRED FORTY-ONE
. THOUSAND SEVEN HUNDRED NINETY AND NO/lOa DOLLAHS ($341,790.00), in
legal and lawful money of the United States of America, with interest
thereon from date hereof until maturity at the ra.te of seven and one-
half per cent (7-1/2%) per annumi the interest payable with principali
matured unpaid principal 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:
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In 12 equal quarter-annual installments of
principal in the sum of TWENTY-EIGHT THOUSAND
FOUR HUNDRED EIGHTY-TWO AND 50/100 DOLLARS
($28,482.50) each, plus interest at the rate
of seven and one-half per cent (7-1/2%) per
annum on the unpaid balance of principal,
the first of such quarter-annual installments
of principal, plus interest, to be due
and payable on or before October 1, 1983,
and a like quarter-annual installment of
principal, plus interest, being due and
payable on or before the 1st day of each
January, April, July, and October thereafter,
until the full principal balance, and all
interest due thereon, shall have been fully
and finally paid.
The City Council of the City of La Porte ret.ains the continuing
right to terminate this promissory Note without penalty at the expir-
ation of each City of La Porte budget period, i.e., on September 30
of each year, by the payment of the full principal balance and all
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accrued interest hereon.
EXHIBIT "A"
Page 1 of 3
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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, and as to each, every and all installments
hereof.
This promissory Note is issued under the authority of the Texas
Public Property Finance Act, Article 2368a.2, Re'i7ised Civil Statutes
of Texas. The proceeds of this note represents funds advanced by
Bayshore National Bank of La Porte, at the special instance and
request of the City of La Porte, a municipal corporation, to finance
the purchase by the City of La Porte of a Sutphen Corporation aerial
tower fire fighting apparatus.
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 tht~ Resolution author-
izing the borrowing of the sum of THREE HUNDRED FORTY-ONE THOUSAND
SEVEN HUNDRED NINETY AND NO/IOO DOLLARS ($341,79().OO), and the issu-
ance of this Promissory Note, is hereto attached.
CITY OF LA PORTE
By
EXHIBIT "A"
Page 2 of 3
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ATTEST:
~&dv
A~~J City Secretary
(jVJtfUt I
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AP~~d
City Attorney
EHXIBIT "A"
Page 3 of 3