HomeMy WebLinkAboutR-1968-67
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RESOLUTION
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STATE OF TEXAS )
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COUNTY OF HARRIS )
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY-oNE
THOUSAND, FIVE HUNDRED SIXTY-FIVE.DOLLARS AND TWO CENTS ($31,565.02), to be
EVmENCED BY TAX ANTICIPATION _NOTE, PAlABLE OUT OF CURRENT TAXES COLLECTED
DURING THE FISCAL YEAR .Bl!J}INNING. JULY 1,1968 AND ENDING JUNE 30, 1969, AND
FURTHER SECURED BY ONE CERTAIN FIRE TRUCK AND CATERPILLAR under provisions OF
SECURITY AGREEMENT EXECUTED m FAVOR OF LA PORTE. STATE" BANK.
liHEBEAS, it has been determined by the City CoDlDission of the City
of La Porte that a necessity exists to borrow the sum of Th1rty-Qne Thousand,
Five Hundred Sixty-Five Dollars and Two Cents$(31, 565.02), for papent. of balance
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of the purchase consideration ot that one certain Fire Truck, hereinaf'ter described,
and that one certain Caterpillar, hereinatter described, and that the anticipated
current revenue from ad valorem taxes will amount to approx1matel1' Two Hundred E1td1ty-
E1scIlv Thousand and no/1OO Dollars
and
($288,000.00 );
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WHEREAS, the La Porte State Bank ot ..La Porte, Texas, has agreed to
make the City a loan in said swn, to be paid with three and one halt per cent. (31%)
per annum interest thereon, on Dr betore the 3Ot.h day ot June 1969; and
WHEREAS, the City 1d.ll have current revenues from the collection ot
said taxes available and sufficient to pay said obligation at maturity:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
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LA PORTE, TEXAS, that the Mqor and the City Clerk be authDrized to issue a
ProDd.s~o17. note of the City ot La Porte, to be designated "Tax Anticipation Note
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for the Fiscal Year Beginning July l~ 1968 and ending June 30, 1969", such note
to be in the principal sum of Thirty_One Thousand Five Hundred Sixty-Five Dollars
e and Two Cents ($.31,565~02), to bear interest at the rate of three and one halt
per cent (31%) per annum until maturity, with the usual provision tor interest at
the rate of six per cent (6%) per annum on past due principal and interest and
ten per cent (10%) attorDq's tees, such note to be due and payable on or betore
the 3Ot.h ~ of June 1969, that said note be sold by the City ot La Porte to
the La Porte State Bank at La Porte, Texas, at not less than par value. When such
note has been duly executed bl' the "Mqor and City Clerk and delivered to said Bank,
with a coW ot this resolution, such indebtedness thereby evidenced shall be .tuJ.l1'
binding upon the City; and
BE IT FURTHER RESOLVED that the City fUrther secure the pqment ot
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said note by tollowing equi.pment under Security Agreement and Financing Statement:
One (1) New Caterpillar, No. l2F Motor Grader, Serial No. 73-G-2625,
equipped with electric start, steering booster, _.12" fbrd. Sidesh1tt
blade;HYd. System for blade and scarifier, pre-cleaner, rain cap,
l2x24 12-plyt1res and scarifier; and
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One (1) 1967 Ford Chassis6 No. C-8S- LUA 99933, equipped with
John Bean Fire Apparatus, together with all equipment attached
to land located thereon
_ and that the Mqor and Cit;y Clerk be and the;y are hereby authorized and directed
to execute on behalt ot the Cit;y of La Porte, a Security Agreement and Financing
Statement, on the forms and conta1i1ing the provisions, agreements, conditions
and coven&nces required by said Bank.
BE IT FURTHER RESOLVED that City of La Porte hereby appropriates
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and sets aside the sum ot Thirt;y-one Thousand, Five Hundred S1xt;y-Five Dollars
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and Two Cents ($316565.02) out ot the current revenues from the collection of
ad valorem taxes for the pqment of such indebtedness.
AND SO IT IS ORDERED.
APPROVED and passed this the
by the City Commission.
1st
d.q of JulT 16 19686
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ATTEST:
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This is to certify that the above and foregoing is a true and correct coPT of
a ae.olut.1on passed _ approved by the City Com1s.ion at it. 12...-Q': 0.0-""
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meeting held on the dq of Jul1'6 19 86 as the same appears on
record in the minutes ot said meeting6 to certitywhich witness J1J3' hand and seal
of office.
a jj J j)~. I~>
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c:& it Cit;y Clerk of the City of La Porte 6 Texas ....
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TAX ANTICIPATION NOTE
FOR THE YEAR 1968-1969
Fisoal Year Beginning
J~,,111268.L Ending June 30. 1969
~1.,65.02
La Pol"te, Tau Jul.v 1.1?68
Date
The Cit.y ot La Porte, Texu I acting by and through its du~
authorized ottlcere, tor value received, promises to p-.v to tbe order ot
La Porte State Bank at La Porte, Texaa, the sum ot Tbirt,.-one Thousand;
Five Hundred Sixty-Five Dollars and Two Cents ($31,565.02), wlth interest
at tbe rate ot three and one--balt per cent (3.)% per annum, on or betore
the 30th dq ot June 1969.
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All put due principal and int.ereet shall bear interest at the
rate ot su per cent (6%) per annum.
It 18 hereby apec1.alq agreed that. it this note i. placed in
the hauds ot an attorney tor collection, or it collected by auit or
through the Probate of Banlcruptcy Court, we agree to pq ten per cent{lQ%)
additional on the principal and intere8t then due hereon, as attorney's tees.
In addition to the appropriation from current tax revenues, this
note 18 hrther ..cured under Security Asreemant dated Ootober 11.1967
and F1Dancing statement dated October 11..1967
described ;
, shcndng the tollowing
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One (1) New CaterpUlar, No. l2F }.{otor Orader, Serial No.
73-0-2625; equipped w1th elecrbric start, steering booster,
12" Hyd. Side.hift. blade; Hyd. 818tem. tor blade and 8caritier,
r~.:'<-cleaner, rain cap, 13X24 12-~ tiree and 8carifier; and
One (1) 1967 Ford Chasa1e No. C-85-LUA 99933, oquipped with
John Bean F1re Apparatus.
A :JOP7 at the Resolution authorid.ng the borrowing ot the aum
ot TM.rty-on& ThoUHDCl.. Five Hundred S1xt.7-F1ve Dollars and Two Cents,
($31,565.02) and the i.suance ot tbili note is hereto attached.
CITY OF LA PORTE, TEXAS
ATTEST.
By:
)!ay'or ot the City ot La Porte. Texu
. ,;:iZtt #,:0 it.. ~~
au:L City Clerk ot the City of La Porte, Texas