HomeMy WebLinkAboutR-1968-70
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RBSOLtJ'fiOB NO. tt'.P- ~o
STATE 0"1 TEXAS
COUBTY OF HARRIS
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BSOLU'fiOH AUTBDRIZING THE CITY OF LA PORrE TO ,BORROW TBI SUM 0'1 1....t1 TJl>WWIJ)
AND NO,I:J.OO DOIURS (IZO,OOO.OO), '1'0 BE EVIDENCED BY TAX ANTICIPATION II)'S,
PAYABU: 0U'r or C1JIc.taJ1'.l! TJXIS COIJ:.m'.rED DURING THE n8CAL BAR Bl!DIINING JULY 1,
1968 AND EltDIRG JtJNK 30, 1969.
~4S, it has bee. determined by the City Oo.-1SBion .f tM..,Ci'tJ' of
La Porte that a ucesai t)' ex1ats to borrow the SUII of 'l'nnt1-'l'laoUlMUld. and. Ho/lOO
Dollars (820,000.00), aDd. that the anticipated current revenues fro. a4 'ftlorem
taxes will amount to approxillately THREE HUNDRED TdNfi nVB TlI>tJSAIO) AND NO/lOO
OOLLABS (1325,000.00); ad
1II1B.REAS, the Bq8hore National Buk at 1& Porte, Texas, baa screed to
make the Ci t,. a loan in said SUII, to b. paid with three and one-half per cent
(3-l/Z') per unWl 1Dt8reet thereoll, 011 or before the 30th day of Juu, 1969;
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and
WHEREAS, the c1 tJ will have current revenues fro. the collection of
said taxes available and sufficient to ptQ' said obligation at _turit71
NO' TliI!iKI!iiORE, BE IT RESOLVED BY THE CITY COMMISSION CB DE CITY 07
LA PORTE, TDAS, that the ~r ad the City Clerk (Director of l'iDaJlce) be
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authorized to iSBUe a promssory DOte of the City of x.. Porte, to be uaipated
uTa Azatioipatloll Note for the Fiscal Year besiDDiag July 1, 1968 aa4 ediDg
Jwae 30, 1969," such DOte to be in the principalllUJl of 'J.'IBNTY THOUSAND AND
NO/lOO DOLLAB8 (120,000.00), to bear interest at the rate of three and. one-bal.f
per cent (3-l/Z') per annUlI until maturity, with the uaual prorlsion for interest
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at the rate of Biz per cent (6~) per anaum of put due principal and interest
ud ten per ce.t (~) attorney's fees, such BOte .to be due ..d payable .a or
before the 30th U'3 of June, 1969, that said aote be sold by the City of Ia Porte
to the Ba1ahore National Bank at La Porte, Texas, at not les8 thaJL par value, when
suob DOte has been d~ executed by the MlQ'or and Cit)P Clerk 8D4 clel1.vered 'to said
BaDk, with a con of this resolution, IlUch illdebtedne.. tIlereby evideJICea ahall
be fully biadiD& upon the City; and
BE IT :roRrHER RESOLVED that the 01 ty of X. Porte hereby appropriates
and set aside the BUll of TWENTY THOUSAND AND NO/lOO DOLLARS (120,000.00> out of the
current reveaues from the collection of ad valorem taxes for the ~Ilt of such
indebtedneu.
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AND r.r IS SO ORDBRED.
APPBO'YED AND PASSED this 'the
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day of Septellber, 1968
by the Ci t1 Oollllll188101l .
Texr.w
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Resolution No.
Pap 2 of 2
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ATTEST:
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-"""""?--'c ....~Lc C;t-_: ____...::..t.~ c t-,:;
Cit~ Clerk of , e Cit,. of La rte,. '!'ex:as
This is to certif) that the above od fore80ill8 i8 a true u.d
correct coW of a Resolution pused ad approved b1 the Cit,. Co...as1oll at a
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..etiDg held Oil the
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as the &aile appears on record ill the minute. of said _etiq, to certif1 which
wi tDeS8 rq hand ud seal of office.
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City Cler' of t~ tit,. 0 ~, Texas
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TAX ANTICIPATION NOTE
FOR THE YEAR 1968 - 1969
FISCAL YEAR BmINNING
JULY 1, 1968, ENDING JUNE 30, 1969
120,000.00
1'he Cit1 of Ia Porte, Te:xu, acting b7 ad through its dul.1
authorized officers, tor value received, proll1ses to pay to the order of the
~ahore NatioDAl BaDk at I.a Porte, Texu, the aWl of Twent7 Thousaad anc1
No/lOO Dollars (120,000.00), with interest at the rate of three and onejbalt
per cent ("'l/~) per &mlum, in or before the 30th dJQ" of J1DI8, 1969.
All past due principal and interest ahall bear interest at the
rate of six per cent (6~) per 8DJ1WD.
It is hereb,. specially agreed that if this DOte is placed in the
hands of an at tone,. for collection, or if collected b1 suit or through
Probate of Bukruptc1 Court, we agree to JNV ten per cent (l~) additioDal
on the principal and interest then due hereon, as attorne1's fees.
A coW of the Resolution authoriziJ18 the borrowing ot the SWl
of Twent,. Thousand and Nolloo (120,000.00> Dollars and the iuuuce of this
DOte is hereto attached.
era OF LA PORTE, TEXAS
By:
ATTEST:
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Cit7 Clerk of the City of U Porte, Texas