HomeMy WebLinkAbout1954-07-30 Special Meeting235
i~:~uL'T~~S - SP~F,CI~ia iv~E,'T~~1G
Lr PCRTE CITY COTd~v~SSTCPd -JULY 30TH, 19~~
11: ~ 5 11. I! .
Special meeting of t~~.e City Ccmmissicn. ,eras called to order by l~~ayor '~l. D.Fur;in,
~xith the follo~^rin~; members and city officials present: Cor~~issioners L. R. ~~ighy
and H. P. Ffe; f f er ~ and City Cler. l: J.E. l:iuldoon.
The purpose of this meeting eras to pass a '~~esolution authorizsng the City of La-
Porte to borrff~r the sLtm of ~5~920.90, to be evidenced by a, tax ~~nticipation note
payable out of current ta.~es collected during the fiscal year beginning July 1st,
19~Zr, ar~i ending June 30, 1955.
The i~,iayor read the Resolution i n f ull. Upon. r:?otion by Ri`;by, second by Pfeiffer,
tiie Resolution vra.s unanimously adop Ued. The P.esoluti on thus adopted follo~~s
ST~~TE Gr T~,.,
COi.T~TY 0~' h~~~tl'i:S
CITY GF LA PORTE~
r~ Rr~OLUTI0T1 ~~UTHORI7INO 'Tli ~~~ CITY OF LA PCu TI~_; TO »ORR(~l~l THE SiJial Ur` t~'Ir lY-N~1E
HIJI~IDRED T'~'t~dTY 1~1D 901.00 DOLL.~r-~S (5920.90) TO BP. ~~TIDENCED BY TAX ~ ;a~l'ICIPATIGN
NOTE, P~''~_Y1~~BL~ GUT OF CU'_'I'~~3T T1~is~ COL.L.`.~TE~ LTTt1TrG THE i'ISCAL `~R 13~I~~T:~ING
JliLY l~ 1951 =^.ivD :~.~vDING JLT~1F 30, "1955.
':'HT~E,~?S, ~~.t rias bean deter:~,ined by the City Comr~,ission of the City of
La Porte, Texas, that a necessity exists to bona?,; the sum of Fi'ty-line Hundred
'~rrenty and 90100 Dollaxs 05,920.90), for the ~;urpose of paying .for that certa.~~
195. Chevrolet t<~ro ton ca:o ar!d chassis truc~.~ .•r_~ th 135 horsepoz~rer motor, bearing
T.,4otor No. 071l~.635F5l~t~ and Serial No, 'lT54J022l~~5, together ti~ritr~ beach Packmaster
packer -~,,rpe g~bage body affixed thereto ~~rhich the City has recently pur chased,
and that the anticipated currant revenue from ad valorem taxes ,tiri.'._l amount to
ax~proxima.tely Sixty-Six Thousand Dollars (°66,000.00}; and
i'tirti~RE,':5, the rust National Bank of La Porte, Texas, rlas agreed to make
the City a loan of said s~_u-n of -''fif'ty-Nine Hundred TTrren_ty and 90100 Dollcss
(0,920.90), to be p?id in rnontnly installments of not loss than Three Hundred
~' Dollars 0300.00} each, including five per cent (5~) per annum interest there-
on, the first oI' such instal7..ments to become due and payable on or before the
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1st day of September, A. II., 195., and alike installment to become due and
payable on ar before the lst day of each and every succeeding calendar month
thereafter, provided, ho~rrever, th at the full amount of said note, together
z^rith all i7~teres-~ therecn, shall be paid on or before the 30th da;,r of June,
.D., 1955, such note to b e secured by v z~.id Liens on the said Chevrolet
truck and garbage body; and
~'~F_~S, the City tyi~.l have current revenue from the collection of
said taxes available and sufficient to pay said ogli~ation at maturity;
NOa"f, Ti~?F~~ZE, BF IT ~rSOI,`~~ BY TH~~ CITY CO:~L+`1SSIO~J Or THL' CITY
OF LA PODTE, TF`~AS t~iat the 2~~ayor and City Clerk (Director o#' Finance) be,
and they are hereby, authorized to issue a pror+issory note of the City of
I~w Porte, to b e desi~ated "tax anticipation note _f or the fiscal year be-
ginning Jaly 1, 195. and ending June 30, 1955", such note to be in the
principal sum of Fifty-T1ine Hundred Tti^renty and 90100 Dollars 05920.90),
to bear interest at the rate of five per cent (5;o) per annum until maturity,
payable in monthly installments in the sum of not less than Three Hundred
Dollaxs (.~~300.00) eac.~, ineludi ng interest, the first of such i nstallrnents
to become due and payable on or before the 1st day of Septer.:ber, A.D., 195.,
and a like installment to become due arx? payable on or before tre lst day
of each and every sueceedi.ng calendar month therea~_ ter, provided that the
full principal of said note and all i merest due thereon shall. be paid on or
befar'e the 30th day of June, A. II. 1955, that said note contain the usual
provisions for interest at the rate of six per cent, (6~) pcr annum on past
due principal and interest, maturity accelerating clauses and ten per cent
(1~5) attorneyts fees; that such note be secured by valid liens on the said
Chevrolet truck and g?rbage body and that said note be sold by the City to
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the rirst IvTational Bank of La Porte, Texas at not less than par value; that the
IvIa;~TCr and City Clerk be, and they are hereby ~~athari_zed to execute a C hattel
I~,~ortgage and any and all other instruments necessary try fix valid liens in favor
of said Bank on said Chevrolet truck znd garb~~ge body. ',(hen such note, togeth•~r
ti°;ith aL. ot:~er necessary ~.nstrum~~nts, h~~ve 'oeer~ duly executed by the ?':4ayor a~`zd
City Clerk and delivered to said Wank, .^sith a copy of this resolution, such
indebtedness triereby evi derced and the liens securing the payment of scene, shall
be fully binding upon the City; and
BE IT FL~'TI';;~, i~L'SOLV~D that the City of La Porte hereby appropriates
and sets aside the sum of 1"if_ty-I~iine Hundred T:~ronty and 90/100 Do1.lars (~}~,~~20.9G)
opt of the current revenues frorr~ the collection of ad va1_orem tars, for the
payment of such indebtedness.
AIT, TT ZS 50~~'D~ED.
C arried.
Ivlotion by Rigby second by r feiffer, that t he meeting adjourn.
Carried.
AST ~S ^1
J.E. ?+,Ruldoon, City Clerk of the City of
La POrte, TEXaS
,/ h
/ .~~~ . ~
_ D. urgi n, T•:!!ayo l t:~re City •of
La Porte, Tex=as
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