HomeMy WebLinkAboutR-1969-08
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RESOLUTION NO.
69-08
STATE OF TEXAS]
COUNTY OF HARRIS ]
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW A SUM NOT TO
EXCEED ONE HUNDRED THOUSAND AND NO/IOO DOLLARS ($100,000.00), TO BE
EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES
COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1969 AND ENDING
JUNE 30, 1970.
WHEREAS, it has been determined by the City Commission of the
City of La Porte that a necessity exists to borrow the sum of ONE
HUNDRED THOUSAND AND NO/IOO DOLLARS ($100,000.00), and that the
anticipated current revenues from ad valorem taxes will amount to
approximately THREE HUNDRED SIXTY THOUSAND AND NO/IOO DOLLARS
($360,000.00); and
WHEREAS, the La Porte State Bank at La Porte, Texas and the
Bayshore National Bank at La Porte, Texas, have agreed to make the
City a loan in said sum, to be paid with four and one-half per cent
(4-1/2%) per annum interest thereon, on or before the 30th day of
June, 1970; and
WHEREAS, the City will have current revenues from collection
of said taxes available and sufficient to pay said obligation at
maturity:
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF LA PORTE, TEXAS, that the Mayor and the City Clerk be
authorized to issue a promissory note of the City of La Porte, to be
designated "Tax Anticipation Note for the Fiscal Year beginning July 1,
1969 and ending June 30, 1970", such notes to total in the aggregate
of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($lOO,000.001 to bear
interest at the rate of four and one-half per cent (4-1/2%) per annum
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%) attorney's fees, such notes to be due and payable
on or before the 30th day of June, 1970, that said notes be sold by
the City of La Porte to the La Porte State Bank at La Porte, Texas,
and Bayshore National Bank at La Porte, Texas, at not less than par
value. When such notes have been duly executed by the Mayor and City
Clerk and delivered to said Banks, with a copy of this resolution,
such indebtedness thereby evidenced shall be fully binding upon the
City; and
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Resolution No .- 69-08
Page 2 of 2 pages.
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BE IT FURTHER RESOLVED that the City of La Porte hereby
appropriates and set aside the sum of ONE HUNDRED THOUSAND AND
NO/100 DOLLARS ($100,000.00) out of the current revenues from the
collection of ad valorem taxes for the payment of such indebtedness.
AND IT IS SO ORDERED.
APPROVED AND PASSED this the
8th day of September
1969, by the City Commission.
Porte, Texas
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ATTEST:
La Porte, Texas
This is to certify that the above and foregoing is a true and
correct copy of a Resolution passed and approved by the City Commission
at a
meeting held on the 8th day of
September
, 1969,
regular
as the same appears on record in the minutes of said meeting, to certify
which witness my hand and seal of office.
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Clerk of the City
Porte, Texas
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TAX ANTICIPATION NOTE
FOR THE YEAR 1969 - 1970
FISCAL YEAR BEGINNING
JULY 1, 1969, ENDING JUNE 30, 1970
$24.500.00
September 12. 1969
The City of La Porte, Texas, acting by and through its
duly authorized officers" for value received, promises to pay to
the order of ~he La Porte State Bank at La Porte, Texas, the
sum. of T'ITentY,i' FOU1~ Thousand Five Hundred and no/lOO Dollars
($24,500.00), with interest at the rate of four and one/half per cent
(4-1/2%) per annum, on or before the 30th day of June, 1970.
All ,past' due principal 'and interest shall 'bear in-
terest at the ',:'rate of six per cent (6%) per annum.
It is he~eby specially agreed that if this note is
placed in the i.hands o'f an attorney for collection, or if collect-
ed by suit or through Probate or Bankruptcy Court, we agree to
pay ten per c~t (10%) additional on the principal and interest
then due hereop, as attorney's fees.
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A copy of the Resolution authorizing the borrowing
of the sum of Twenty Four Thousand Five Hundred and no/IOO
($24,500.00) Dollars and the issuance of this note is hereto
attached.
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CITY OF LA PORTE, TEXAS
BY
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of La Porte,
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$17.500.00
TAX ANTICIPATION NOTE
rOR THE YEAR 1969 1970
FISCAL YEAR BEGINNING
JULY 1, 1969, ENDING JUNE 30, 1970
September 12. 1969
The City of La Porte, Texas, acting by and through
its duly authorized officers, for value received, promises to
pay to the order of the Bayshore National Bank at La Porte,
Texas, the sUm of Seventeen Thousand Five Hundred and no/100
Dollars ($17(500.00), with interest at the rate of four and
one/half percent (4-1/2%) per annum, on or before the 30th
day of June, 1970.
All~ past due principal and interest shall bear
interest at the rate of six per cent (6%) per annum.
It ~s hereby specially agreed that if this note is
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placed in the: hancLs of an attorney for collection, or if
collected by ~Uit or through Probate or Bankruptcy Court, we
agree to pay ten per cent (10%) additional on the principal
and intere.st then due hereon, as attorney's fees.
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A cqpy of the Resolution authorizing the borrowing
of the sum of~:SeventeenThousand Five Hundred and nO/lOO
($17,500.00) Dollars and the issuance of this note is hereto
attached.'
CITY OF LA PORTE, TEXAS
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