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HomeMy WebLinkAboutR-1984-07 . e e RESOLUTION NO. 84-n A RESOLUTION AUTHORI ZING THE CITY OF LA PORTE TO BORROW THE SUM OF EIGHTY-FIVE THOUSAND AND NO/IOO DOLLARS ($85,000.00), FOR THE PURCHASE OF THREE AMBULANCES, 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 three ambulances, for a price of EIGHTY-FIVE THOUSAND e AND NO/IOO DOLLARS ($85,000.00), 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 hereto as Exhibit "A", incorporated by reference herein, made a part hereof for all purposes), dated July 18, 1984, in the principal sum of EIGHTY-FIVE THOUSAND AND NO/lOO DOLLARS ($85,000.00), to bear interest at the rate of eight and six-tenths percent (8.6%) per annum until maturi ty, providing for ten percent (10%) per annum interest on e matured unpaid principal and interest from date of maturity until paid, and ten percent (lO%) 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 evidenced shall be fully binding upon the City; and BE IT FURTHER RESOLVED that the City of La Porte hereby appro- .11I priates and sets aside sufficient sums to amortize the principal and interest on said Promissory Note, as the same becomes due and payable, . e e Resolution No. 84- ,?, Page 2 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, 4It 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. . PASSED AND APPROVED this the 18th day of July, 1984. CITY OF LA PORTE By: ATTEST: ~~ City Secretary APPROVED: .~~~ City Attorney . . . . e e Resolution No. 84-.7, Page 3. THE STATE OF TEXAS ~ ~ COUNTY OF HARRIS ~ 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 18th day of July, 1984, 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, prior to the date of such meeting, as Resolution appears on record in the minutes of said meeting, to certify which witness my hand and seal of office this l8th day of July, 1984. , , I I ',C SEAL) I ~Uu.i&-b City Secretary . ,e I.. . e e CITY OF LA PORTE La Porte, Texas PROMISSORY NOTE $85,000.00 La Porte, Harris County, Texas July 18, 1984 For value received, the CITY OF LA PORTE, a municipal corporation, Harris County, Texas, does hereby promise to pay to the order of FIRST CITY BANK OF LA PORTE, at its banking offices in the City of La Porte, Harris County, Texas, not to execeed the sum of EIGHTY-FIVE THOUSAND AND NO/IOO DOLLARS ($85,000.00), in legal and lawful money of the United States of America, with interest thereon from date hereof until maturity at the rate of eight and six-tenths percent (8.6%) per annum1 the interest payable with principal; matured unpaid principal and interest shall bear interest at the rate of ten percent (10%) per annum from date of maturity until paid. This note is due and payable as follows, to-wit: In 36 equal monthly installments of TWO THOUSAND SIX HUNDRED FORTY-SEVEN DOLLARS AND NINETY-THREE CENTS ($2,647.93) each, including interest at the rate of eight and six-tenths percent (8.6%) per annum on the unpaid balance of principal, the first of such monthly installments to be due and payable on or before September 1, 1984, and a like installment being due and payable on the 1st day of each succeeding calendar month, until the full principal 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 percent (10%) additional on the . amount of principal and interest then owing, as attorney I s fees. . e e -2- 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 protest, 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, 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 4It the City of La Porte, a municipal corporation, to finance the purchase by the City of La Porte of three ambulances. 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 EIGHTY-FIVE THOUSAND AND NO/IOO DOLLARS ($85,000.00), in the issuance of this Promissory Note, is hereto attched. e , . CITY OF LA PORTE , I I, I '" 'I By: ATTEST: ~~ City Secretary A:;:~ ~ City Attorney .