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HomeMy WebLinkAboutR-1968-69 e e RESOLUTION NO.68- 69 STATE OF TEXAS ) COUNTY OF HARRIS ) . RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FORTY THOUSAND AND NO/100 DOLLARS ($40,000.00), TO BE' EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1968 AND ENDING JUNE 30, 1969. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of FORTY THOUSAND AND NO/lOa DOLLARS ($40,000.00), and that the anticipated current revenues from ad valorem taxes will amount to approximately THREE HUNDRED TWENTY FIVE THOUSAND AND NO/lOa DOLLARS ($325,000.00); and WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed to make the City a loan in said sum, to be paid with three and one-halt per cent (3-1/2%) per annum interest thereon, on or before the 30th day of June, 1969; and WHEREAS, the City will have current revenues from the collection ot e 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 (Director of Finance) 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, 1968 and ending June 30, 1969, ~uch note to be in the principal sum ot FORTY THOUSAND AND NO/lOO DOLLARS ($40,000.00), to bear interest at the rate of three and one-half per cent (3-1/2%) 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 I and ten per cent (10%) attorney's fees, such note to be due and payable 'on or e before the 30th day of June, 1969, that said note be sold by the City of 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 by the Mayor and City Clerk and delivered to said Bank, with a copy of this resolution, such indebtedness thereby evidenced shall be fully binding upon the City; and BE IT FURTHER RES.OLVED that the City of La Porte hereby appropriates and set aside the sum of FORTY THOUSAND and NO/lOa DOLLARS ($40,000.00) out of the current revenues from the collection of ad valorem taxes for the payment of such indebtedness. AND IT IS SO ORDERED. APPROVED ~~ PASSED this the tit by the City Commission. 14th day of August, 1968 Porte, Texas e - - e Resolution No. 6'-~ Page 2 ot 2 e ATTEST: ~...)~~.. City Clerk of the City of La Port~, Texas This is to certity that the above and foregoing is a true and correct copy of a Resolution passedJand approved by the City Commission at a spec ial meeting held on the day of August 1~th , 1968, as the same appears on record. in the minutes ot said meeting, to vertify which witness my hand and seal of office. City Clerk of the City of La Porte, Texas ... ,. , ~ e . . . TAX ANTICIPATION NOTE FOR THE YEAR 1968 - 1969 FISCAL YEAR BEGINNING JULY 1.1968. ENDING JUNE )0. 1969 $40.000.00 ~ August 14~ 1968 The City Of La' Porte, ~exas, acting by and throUih its dul7 authorized ofticers,Lor value, received., promises to pay to the order of the La Porte State Bank .t La Porte, 'Texas, the sum ot Forty ThoWla,nd and no/100 Dollar. ($40,000.00) I with interest at the rate of three and onethalf per cent ~'(3-1/2%) per annum, 6n or betore the 30th daY' ot June, 1969. All past ctueprinclpal, and interest shall bear interest at the , . rate ot aix per c..rlt;(6%) per annum. , , It i.her1by specially agreed that if this note is placed in the hands ot an attorne,.:tor collection, or it collected bT suit or throuCh Probate ot Bankruptc,Cou:rt, we agree to paY' ten per cent (10%) additional , , on the pr1nc1paland1nterestthen due hereon, 88 attome;yls teea. A copy.o! ,;the Resolut1on authorizing t~e 'borrowing of the sum of Forty ThoWland a~ no/1OO ($40,000.00) Dollar8and the issuance ot this note is hereto a:t;tacn.d. CrTY OF LAPORTE, TEXAS By. Ii ~ . .lI8yor 0 ... ot La Porte, Texa. ATTEST I T "J]: ""'!,: '. .., ';i;::~!, ' ~_'.A6'fJ"';' )~'d~ Ci t7 Clerk ot the Cl, Qf" La pAYie;-- Texas . . '.~' ,I",' "." ,~,: :,:, I, M "i..~ : ill . ~I. . 't . ", 't," . . RESOLUTION NO. 68- 69 e RESOLUTION AND ORDER CANVASSING RETURNS AND DECLARING RESULTS OF SPECIAL ELECTION HELD IN THE CITY OF LA PORTE, TEXAS, ON SEPTEMBER 7, 1968, ON THE QUESTION OF ADOPTION OF A ONE PER CENT (1%) LOCAL SALES AND USE TAX WITHIN SAID CITY OF LA PORTE. WHEREAS, there was held in the City of La Porte, Texas, on the 7th day of September, 1968, an election at which there were submitted to the duly qualified resident electors of said City, for their action thereupon, the following propositions: FOR adoption of a one per cent (1%) local sales and use tax within the city. AGAINST adoption of a one per cent (1%) local sales and use tax within the city. and - WHEREAS, there were cast at said election 233 votes, of which number there were cast: FOR adoption of a one per cent (1%) local sales and use tax within the city 135 votes AGAINST adoption of a one per cent (1%) local sales and use tax within the city 98 votes Majority FOR adoption of a one per cent (1%) local sales and use tax within the city 37 votes as shown in the official election returns heretofore lawfully submitted to the City Commission of the City of La Porte, Texas, e and filed with the City Clerk of said City; and WHEREAS, only duly qualified resident electors of said City voted at said election, and said election was called and held in strict conformity with the laws of the State of Texas: now therefore BE IT RESOLVED AND ORDERED BY THE CITY COMMISSION OF THE CITY OF LA PORTE, TEXAS: Section 1. That the election described in the preamble to this resolution and order was duly called and notice thereof given in accordance with law; that said election was held in the manner required by law; that only duly qualified resident electors of the City of La Porte, Texas, voted at said election; that due e e e -2- returns of said election have been made by the proper office~; . that said election resulted favorably to the proposition: FOR ADOPTION OF A ONE PER CENT (1%) LOCAL SALES AND USE TAX WITHIN THE CITY: and that a majority of the qualified voters of said City of La Porte, Texas, voting at said election, have voted in favor of approving and adopting a One Per Cent (1%) Local Sales and Use Tax within the City. Section 2. That the City Commission of the City of . La Porte, Texas, hereby officially and affirmatively declares that said One Per Cent (1%) Local Sales and Use Tax within said City has been properly and lawfully adopted in accordance with the provisions of Argic1e 1066c, Vernon's Texas Civil Statutes (Acts 1967, .60th Legislature, Regular Session, Chapter 36, Page 62). Section 3. That the. City Clerk is hereby authorized and directed to transmit to the Comptroller of Public Accounts of the State of Texas, in Austin, Texas, by United States R~gistered Mail, or by United States Certified Mail, a certified copy of this Resolution and Order Canvassi~g the Returns of Special Election, under the official seal of the City of La Porte, Texas, showing the approval of said Local Sales and Use Tax by the qualified voters of said City, together with a map of said City, clearly showi~g the boundaries thereof as of the date of . said election. PASSED AND APPROVED, this 9th day of September, 1968. ATTEST: Texas 'J~ ctGC~ .