HomeMy WebLinkAbout1952-05-28 Special Meeting•
I~~ZII`dUT"LS - SPECIAL I'~IEETING
LA PORTS CITY COIL~~~ffSSION - I~AY 2B, 1952
5:00 P. Ib'i.
Special. meeting of the City Commission raas called to order by Mayor IaS. D, Burgin,
tiuith the follovaing members and city officials present: Corrmv.ssioner L. R. Rigby,
City Attorney Edward J. Cade, and City Clerk J. B. I1luldoon.
The follrnraing ~-'raiver was read:
To the City Commission
City of La Porte, Texas
I, the undersigned Commissioner of the City of La Porte, Texas, do hereby
ti~aive any and all notice, ~eahether prescribed by lava or by the Charter or Ordinances
of regulations of said City, of a special meeting of the City Commission to b e
held on the 28th day of 1:'Iay, A. D. 1952, for the purpose of considering and
taking action upon the follarv~.ng matter:
Consideration of the necessity to borrow funds in the sum
of x$10,000.00 for general administrative purposes; the passage
of a resolution authorizing the issuance of a s pedal revenue
and/or tax anticipation not e; appropriating and setting aside
the sum of X10,000.00 out of current revenue to pay said note;
and the sale of said note to the First National Bank of La-
Porte, Texas.
I am of the opinion that it is necessary for the City to borrow such sum of
X10,000.00 and I hereby consent for the City Commission to authorize the
proper City officials to issue, execute and deliver all instruments, and
do all other things, necessary to negotiating such a loan from the said Bank.
=litness my hand this the 27th day of I'.Iay, A, D, 1952.
S. Robert A. ;'lhite
Commissioner
The purpose of this meeting was to pass a Resolution authorizing the City to
borrow X10,000.00 by the issuance of a Special and Tax Anticipation note for
the budget year 1951-1952.
The City clerk read the Resolution in full, and upon motion by Rigby, second
by Burgin, Vaas passed and approved, to--wit:
RESOLUTION
TIC STATE OF TEX_~S
COUPdTY OF Ht'~I~P~IS:
CITY OF LA PORTS:
A R~OLUTIOT? ~SUTHORIZIIIG TI ~ CI'TY TO BOI~t'20~~'1 X10, 000.0~~ .BY .~~~ JIS~U.QNCE OF _A
SPECIAL ~~ A1~tD ~ ~~ Aar TICIPATIOTJ NOTE F OR T ~'~ BUDGET ~Y`rIAR OF 1951-52.
l~.
CJ
ti~TI~E.~;, it has been made knovrn to the City Commission of the City of
La Porte, Texas, that a necessity exists to borrow funds in the amount of
Ten Thousand Dollars 010,000.00) for general administrative purposes and
that such amount is consistent with the anticipated collection of special
revenue and taxes far' such year as follarrs: property tax, Six Thousand dive
Hundred Dollars (b,500.00); other revenue, Three Thousand Five Hundred Dollars
( X3,500.00);
Z"tH:1~EAS, the First National Bank of La Porte, Texas, has examined the
financial status of the City and is willing to make such loan;
i7HER.EAS, the City will have current revenues in the amount of Ten
Thousar~l. Dollars (.;$10,000.00) to pay such note at maturity and the sum of
Ten Thousand Dollars 010,000.00) is hereby set aside ,-rith Tsrhsch to pay said.
note at maturity;
Td01'f TIICRE~RF, be it resolved by the City Commission of the City of La-
Porte, Texas, that the City Clerk be authorized to issue the negotiable note
of the City to be designated "Special Revenue ark. Tax Anticipait~ion Note" for
the year 1952, (Budget year 1951, ending June 30, 1952); such note to be i.n
the principal. amount of Ten Thousand Dollars 010,000.00); to bear interest
at the rate of 3~ per annum payable at maturity, and to be due and payable
onor before the end of the fiscal yeas; that said note be sold by the Der actor
of Finance to the said First National yank of La Porte, Texas, at not less than
par value. tithen such note has been signed by the Director of Finance and deliv-
ered to said Bank with a duly authenticated copy of this resolution, the indebt-
edness thereby evidenced shall be f ~~.ly binding against the City.
PASSL, this 23th day of ?~,Zay A. D. 1952, by a vote of 2
AYES and 0 NO.~. A~~'20V~ by the Iayor and attested by the City Clerk
on said date.
• •
ATT~'~T :
S. J.E. I~~~uldoon
J. ' , LTuldoon, City Jerk
City of Za Porte, Texas
~~
S . ~t~. D. Burma
T~4, Burgin, T4ayor
City of I,a Porte, Texas
This is to certify that the above and foregoing is a true and correct copy
of a Pesolution passed and approved by the City Commission at its meeting
held on the 2c~ day of P,~a~r A,D. 1952, as the same appears of
reccmd an tre minutes of sai~e~ing, to certify ~rhich, zfiri.tness my hand
and seal of office.
S. J.E, Iaiuldoon
J. ~~.Iuldoon, ity Clerk
~a2otion by P:i.gby~ second by Burgin, that the meeting adjourn.
Carried.
SST:
La Porte, Texas
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I~,4. urgin, ~dlayor . i e City of
~~,a Porte, Texas