HomeMy WebLinkAboutR-1969-05
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RESOLUTION
5TA TE OF TEXl'S )
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COUNTY OF HARRIS )
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO OORRor: 'fHE Stn4 OF SEV~T~
THOUSAND, FeUR HUNDRED fiFTY-THREE DOLLARS AND ~:'ENTY-oNEi CENTS (17 ,~2\-) to be
~"VIDENCI!;D BY TAX AN'fICIFATION NOTE, PAYABLE OUT OF' CURRENT TAXES COIJ..EC'mD
OOilING 1lIE FISCAL YEf,R BEGINI'lING JULY 1, 1969 AND J~DING JUNE 30, 1970, AND
FURTHER SECURED BY CNE CERTAIN FIRE TRUCK AND CATERPILLAR under provisions OF
SECURITY AGRE>>mNT EXECUTED IN FAVOR OF lJt. PCR TE STATE BANK.
ltJmdmAS, it has been determined by the City Comnission ot the City
of La Porte that a necessity exist. to borrow the sum of Seventeen-Thousand,
5oo,~o l'K>t.
Four Hundred Fitty-Three Dollars and Twenty-One Cents (17 ;JD3.~, tor payment ot balance
ot the purchase consideration ot that one certain Fire Truck, hereinafter described,
and that one certain Caterpillar, hereinafter described, and that the anticipated
current revenue tran ad valorem taxes will amount to approximately Three-Hundred.
Sixty-Thousand and no/1OO Dollars
and
($360,000.00) ;
l1H~AS, the La Porte State Bank ot La Porte, Texas, has agreed to
make the City a loan in said sum, to be paid with tour and one halt per cent (4i%)
per annum interest thereon, on or before the 30th day ot June 1970; and
1:,lffhREAS, the City will have current revenues tran the collection of
said taxes available and sufticient to P81' said obligation at maturity:
NOl'!, THEREFOR-E,BE IT IlESOLVEDBY '1'H't; CIn cOJ.a;:ISSION OF 'I'lG eIl'Y OF
LA PCRTE, 'l'EXAS, that the t.1ayor and the City Clerk be authorized to issue a
promissory note of the City ot La Porte, to be designated "Tax Anticiaption Note
tor the Fiscal Year Beginning July 1, 1969 and ending June 30, 1970", such note
to be in the princir:al SUlD of Seventeen-Thousand, Four Hundred Fitty-Three Dollar,.-
dj'd d ,00
and Twenty-One Cents ($17,4-5;;-..21), to bear interest at the rate ot tour and one halt
per cent (4~%) per annum unt.il maturity, tr.1th the usual provision tor interest at
the rate ot six per cent (6%) per annum on past due principal and interest and
ten per cent (10",() attorney's fees, such note to be due and pa~"able on or before
the 30th day' ot June 1970, that said note be sold by the City ot La i.;orte to
the La Porte State u.!.\Ok at La. Porte, Texas, at not less than par value. tlhen such
note has been duly executed b~' the Mayor and eit)' Clerk and delivered to said Bank,
with a cop,y ot this resolution; such indebtedness thereb,y evidenced shall be fully
binding upon the City J and
.. BE IT l<iJRl'HER RESCLVED that the City turther secure the payment ot
;~ .. "aaid note b~ folloldng equipnent under .:.iecurity f.greement and Financing Statement:
One (1) New Caterpillar, No. l2F ).!otor Grader, Serial No. 73-0-2625,
equipped.w.l.th electric start, steering booster, 12" Hyd. Sideshitt
blade; Hyd. S,stem tor blade and scaritier, pre-cleaner, rain cap,
l2x24 12-plytlres and scarifier; and
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One (1) 1967 Ford Chassis, No. c-aS- LUA 99933, equipped \-l1th
John Bean Fire Apparatus, together with all equipnent attached
to land located thereon
and that the )18yor and City Clerk be and they are hereby aut.horized and directed
e- to execute on behalf ot the City ot La Porte, a Security Agreement and Financing
Statement, on the foms and containing the provisions, agreements, conditions
and covenances required by said Bank.
BE IT FUR'.i'HER RESCLVED that City ot La Porte hereby appropriates
and sets aside the sum of Seventeen-Thousand, Four Hundred Fifty-Three Dollars
boe,co
and Twenty-One Cents ($17 ,~) out of the current revenues trom the collection ot
ad valorem taxes tor the pa;yment ot such indebtedness.
AND so rr IS ORDERED.
APPROVED and passed this the ,?th
by the City Commission.
day ot JpJ.y ~, 1969,
je
Texas
A1TEST:
Texas
This 1s to certify that the above and foregoing is a true and correct copy ot
a Resolution passed and approved by the City Commission at its reffUlar
meeting held on the
7th
day ot July, 1969, as the same appears on
record in the minutes ot said meeting, to certify which l'litness my hand and seal
. ot ottice.
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lerk ot the City ot La Porte, Texas
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TAX AN1'ICII.I'\'.tllm~ NOm
FOR 1'im lE!\R 1969-1970
F1scal Year Beginning
July 1. 1969. End1n~ June 30. 1970
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$17,. t
La FJorte, TeXAs J~ 7. 1969
Date
l'ho City or La Porte, ?axas, 8ct1ne, by and thro\&gh lts dulT
authorized ofticers, tor value received, promises to PAY t.o tho order of
La forte 3tate Bank at La. Porte, 'texas, tihe os ot 5eventeen-'lbouaand,
,-000.00
Fcur Hundred ntt.y,...'i'hree Dollars and. 'rwent)'-One Cent..($17,4S:h..u), with intereet
at the rate of tcu.r and one h8lt per cellt (4.>_ per o.nnum, on or betore
the 30th clay ot JIl'De 1970.
AU past due principal and interest shall bear int.erest at the
rate ot 8ix .'81' ce:nt. (6%) per annum.
It 1s hereby speo1all1 4&1'eed that it this no..te is placed in
the hands ot an at.to:rney tor collectIon, or it colleoted by suit cr
t.hrou'~h Lhe Probate o.t iJl1Dlcrupt.cy Court, we agree to. pay ten per cent (10$)
additional on the. Flnc1pal aDd interest, then due horeon, &8 attorney's teee.
1n addit.ion t.o.ttlo apprc)prlatlon from current. tax revenues, thi8
note is further secured under Security Agremnent dated October 11. 1967
and Financ1na .':it&temant. dated October U. 1967, showing the tollowing
d.escribedc
ane (1) New Caterpillar, No. 12' Mot.o.r Grader, Serial No.
73-0-2625, equ1ppec1ldth elect.ric start, steering boaster,
12" Hyd. S14eshitt blacleJ Hyd. system tar blade and scaritler,
pre-cleaner, rain cap, 13x24 12-ply tlre. and scultierJ and
One (1) 1967 Ford ChassIs No.. c-aS-LtJA 9993', equipped \11th
John Bean Fire Appara.t.us.
^ coW of. the Resolutlon authorizing the borrowing of the a..
s.even~~n~Thouaantl" Four 11uncSred Fitty-Three Dollare and 'f\llJnty-one Cent.,
($17,~3!) and the iSlunca ot this note 18 hereto. attached.
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CITY OF LA FCRTt, "f'IiXAS
Am:8Tz
87' 26 d(~~...
Rqor ot th Ci at LBP01"tc,
'texas