HomeMy WebLinkAboutR-1991-13
e
e
RESOLUTION NO. 91-13
A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF
SIXTY-FIVE THOUSAND ($65,000.00), TO BE EVIDENCED BY A TAX
ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE
FISCAL YEAR BEGINNING OCTOBER 1, 1991, AND ENDING SEPTEMBER 30,
1992; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING
AN EFFECTIVE DATE HEREOF.
WHEREAS, it has been determined by the City Council of the City
of La Porte that a necessity exists to borrow not to exceed the sum
of Sixty-five Thousand Dollars ($65,000.00), for payment of lawful
expenses of the City;
WHEREAS, Neal Hinson and wife, Selma Joyce Hinson, and Darrell
Warden and wife, Niki D'Layne Warden, have agreed to purchase the
City's bearer note in said sum, without interest, to be due and
payable in full on or before the 1st day of July, 1992;
WHEREAS, the City will have current revenue from the collection
of said taxes available and sufficient to pay said obligation at
maturity;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF LA PORTE
Section 1. The Mayor and the City Secretary shall be
authorized to issue a bearer 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, 1991, Ending September 30, 1992", such
note to be in the principal sum of Sixty-five Thousand Dollars
($65,000.00), without interest, providing for ten percent (10%) per
annum interest on matured unpaid principal and interest from date of
maturity until paid, and ten percent (10%) attorney's fees, such
note to be due and payable in full on or before July 1, 1992; and
that said note be sold by the City of La Porte to Neal Hinson and
wife, Selma Joyce Hinson, and Darrell Warden and wife, Niki D'Layne
Warden, at not less than par value. When such note has been duly
executed by the Mayor and City Secretary and delivered to said Neal
Hinson and wife, Selma Joyce Hinson, and Darrell Warden and wife,
Niki D'Layne Warden, with a certified copy of this Resolution, such
indebtedness thereby evidenced shall be fully binding upon the City.
Section 2.
The City of La Porte hereby appropriates and sets
aside the sum of Sixty-five Thousand Dollars ($65,000.00) out of the
current revenues from the collection of ad valorem taxes for the
payment of such indebtedness.
.
e
RESOLUTION NO. 91-13
Page 2
Section 3. The City Council 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 was
posted at a place convenient to the public at the City Hall of the
City of 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 further
ratifies, approves and confirms such written notice and the contents
and posting thereof.
Section 4. This Resolution shall be in effect from and after
its passage and approval.
PASSED AND APPROVED this the /4~ day of ~~
, 1991.
CITY OF LA PORTE
BY:~~~
'N ~man L. a one, Mayor
ATTEST:
~&ek-
Cherie Black, City Secretary
APPROVED: ~
~t)). ,
Knox W. Askins, City Attorney
.
e
City of La Porte
La Porte, Texas
TAX ANTICIPATION NOTE
For the Fiscal Year Beginning October 1, 1991
Ending September 30, 1992
$65,000.00
La Porte, Harris County, Texas
October 14, 1991
For the value received, the City of La Porte, a municipal
corporation, of La Porte, Harris County, Texas, does hereby promise
to pay to the order of NEAL HINSON and wife, SELMA JOYCE HINSON, and
DARRELL WARDEN and wife, NIKI D'LAYNE HINSON, not to exceed the sum
of SIXTY-FIVE THOUSAND DOLLARS ($65,000.00), in legal and lawful
money of the United States of America, without interest thereon from
date of advance or advances hereunder until maturity, 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 in full on or before July 1, 1992.
It is expressly provided that 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's fees.
Each maker, surety and endorser of this note expressly waives
all notices, demands for payment, presentations for payment, protest
and notice of protest, as to this note.
Payment hereof is secured by an appropriation from current tax
revenues of the City of La Porte. A certified copy of the
Resolution authorizing the borrowing of the sum of Sixty-five
Thousand Dollars ($65,000.00) and the issuance of this Tax
Anticipation Note, is hereto attached.
City of La Porte
BYI~b~~(
No . .-L. Mal n , Mayor
AT1ESTI. ~
~~~-'
Cher1e lack, C1ty Secretary