HomeMy WebLinkAbout1957-11-07 Special Meeting• ~~~~
U~IlJUTES - SPECII'~L ~,~ETIPIG
' LA PORTS CITY COt~ISSION - NOVE[t~3~ 7TH, 1957
~.: 30 P. I~.
Special meeting of the City Commission was called to order by Mayor Pro-Tem
H. P. Pfeiffer, with the following present : Commissioner L. R. Rigby and
City Clerk Frank G . Baker .
Motion by Rigby, second by Pfeiffer, that the fo7l.owing Resolution be adopted:
RESOLUTION
STATE OF TEXAS
COUNTY OF I-L~IS ~
CITY CF LA PC~TE
A RESOLUTIOI'1 AUTHORIZING THE CITY OF LA PORT TO BORRQN THE SUTl OF SIX THOU-
ShND DOLLELRS 06,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE
OUT OF CUIZRF~iT T.4X'ES COLLECTID DURING T't~.E F.LS CAL BEGINNIiIG JU'?al' 1, 1957,
AND L'NDING JUNE 30, 1958.
. ?-~I~REAS, it has been determined by the City Commission of the City
of La Porte that a necessity exists to borrow the sum of Six Thousand Dollars
06,000.00), for general ,administrative purposed and that the anticipated cur-
rent revenue from ad valorem taxes will amount to approximately Sixty Thousand
Dollars 060, 000, 00) ; and
?!V1iPREAS, the First National Bank of La Porte, Texas has agreed to
make the City a loan in said sum, to be paid, ~nrith three per cent, (3~) per
annum interest thereon, on or before the 15th day of February, A. D, 1958;
and
ti"~~EAS, the City will have c~mrent revenues from the collection of
said tares av ailable 3.nd sufficier_t to pay said obligation at maturity:
NOT, THFREiURE, BE IT RESOLVED BY TFiE CITY COP~~.~SSION OF THE CITY
OF LA PORTS, T~1S, that the Mayor and City Clerk (Directar~ of Finance) be
authorized to issue a promissory note of the City of La Porte, to be desig-
nated 'Tax Anticipation Note far the fiscal Year. beginning July 1, 1957, and
ending June 30, 1.958", such Note to be in tT~ pri.neipal sum of Six thousand
Dollars 06,000.00), to bear interest at the rate of three per cent. (3~)
per annwn until maturity, with the usual provision for interest at the rate
of six per cent. (6~) per annum on past due principal and interest and ten
per cent. (10~) a'ctcrneyts fees, such note to be due and payable on cr before
the 15th day of February, A. D. 195, that said note be sold by the City to
the First National Bank of La Porte, Texas at not less than par value. 'Nhen
such note has been duly executed by the Ma~-or and City Clerk arxi delivered
to said Bank, vith a copy of this resolution, such indebtedness thereby
evidenced s ha3,.1. be fully birx~ing upon t1~e City; and
CJ
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B~ IT .FUR TH.ER R~SOLVID that the City of La Porte hereby
appropriates and sets aside the sum of Six Thousand Dollars (~6~000.00~)
out of the current revenues from the collection of ad valorem taxes fc~r
the paymetYt of s uch indebtedness.
!AND IT IS SO ORDERED.
Approved and passed this the __ 7th day of November, A.D.
1957, by the City Commission. --
Carried..
Motion by Rigby, second by Pfeiffer, that the meeting adjourn.
Carried.
ATTN.: --~
G.Baker, i y erk of the City
of La Porte, Texas
H. P. Pfeiffer, ay oBTem
of the City of a P , Tex.