Loading...
HomeMy WebLinkAboutR-1983-09 . . e 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 .' 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. e tt e 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 . 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 . By '~ lnla ,_ lne, ~~or e 4t ~ Resolution No. 83-9, Page 3. ATTEST: ~~ /,hiT. Ci ty Secretary e APPROVED: ~yd~ e . . . .' . e 41 THE STATE OF TEXAS S S 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. ~~ ~ City Secretary (SEAL) e ~t . 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: . 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 . accrued interest hereon. EXHIBIT "A" Page 1 of 3 . . . . e 41 -2- 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 . . 41 -3- ATTEST: ~&dv A~~J City Secretary (jVJtfUt I . . . AP~~d City Attorney EHXIBIT "A" Page 3 of 3