HomeMy WebLinkAboutR-1968-71
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RESOLUTION NO. ~"P. ::>:/
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STA TE OF l'EXAS )
COUNTY OF HARRIS )
RESOLUTICI~ AUTHORIZn1G THE CITY OF LA PCR TE TO BORRm! THE 3UM OF Tl!ENTY THOUSAND
AND NO/100 DOLLARS ($20,000.00), TO BE IWIDENC3D BY TAX ANTICIPATICN NCTE,
PAYABLi:: GUT OF CURRENT TAXES COLLECTED DURING TIili FISCAL YEAR BEGIN~JING JULY 1, 1968
AND 3NDING JUNE 30, 1969.
~~S, it has been determined by the City Commission of the City of
La Porte that a necessity exists to borro\'l the sum ot 'rwenty Thousand and NO/100
Dollars ($20,000.00), and that the anticipated current revenues from ad valorem taxes
will amount to approximately THREE HUNDRED T:f.ENTY FIVE THOUSAND AND NO/1oo OOLLARS
($325,000.00); and
1'~~S, the La Porte State Bank at La Porte, Texas, has agreed to
make the City a loan in said sum, to be paid "Ii. th three and one-half per cent
(3-1/2%) per annum interest thereon, on or before the 30th day of June, 1969; and
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1.lHEREAS, the Oity will have current revenues trom the collection ot
said taxes available and sufficient to pay said obligation at maturity:
NmJ THEREFCRE, BE IT RESOLVED BY THE CITY COMJI.U:SSION OF rHE CITY OF
LA PORTZ, TEXAS, that. the :f.Iayor and the City Clerk (Diree.cor of Finance) be
authorized. to issue a promissory note of the City ot La Porte, to be designated
"Tax Anticipation Note for the Fiscal Year beginning July 1, 1968 and ending
June 30, 196911, such note to be in the principal swn of TlJENTY THOUSAND AND
NO/100 DOLLARS ($20,000.00), to bear interest at the rate ot three and one-halt
per cent (3-1/2%) per annum until maturity, with the usual provision for interest
at the rate ot six per cent (6%) per annum on past due principal and interest
e-- and ten per cent (10%) attorney's fees, such note to be due and payable on or
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, tlhen
such note has been du~ executed by the l1ayor and City C1erk 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 RESOLVED that the City of La Porte hereby appropriates
and set aside the sum of T\'JENTY THCUSAND AND NO/100 DOLLARS ($20,000.00) out of the
current revenues from the collection of ad valorem taxes for the payment of such
indebtedness.
AND IT IS SO OREERED.
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APPROVED AND PASSED this the -r~~ day of Septetlber, 1968
by the City Commission.
exas
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Resolution No. <6 rI../ /
Page 2 of 2
ATTEST:
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City Clerk of the City of La Po e, Texas
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This is to certify that the above and toregoing is a true and
correct copy of a Resolution passed and approved by the City Commission at
a ~9.n/~.j meeting held on the q"'J 4IaV day ot ....J; tYJ'17 ...-A__) / .9tfJ
as the same appears on record in the minutes of said meeting, to .certify which
lo.ritness my hand and seal ot otfice.
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City Clerk of the City of La Porte, Texas
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.~.\.I~ f,iri'IClr,~ ~'I:.l: :k.tr;
FOR 1'!;.-~ y[. ./I..~ 1'}6a -1 ')69
rIS~I'L y :.},~. ~;...:.ili\:a:1a
JULY 1.. 196~J I'.:II:DDG JUN! :30, 1969
$20..000.00
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~'he Cit:t or La Porte~ l'exas, :Lc-:..in;~ 1')' ;li1U t.hl'vqh its ,h.Ll~'
authorized officers:, fat' value reoi:!'ivt:.i~. 1'1'L~~i3e.Q Lc r.,~.=" i:.o ;'}.12 tH'(kr ~f the
e,;- " L~\ r orte ...it ~l C:3 '~!\nk at L.r1. torte, :'f:X?.S, t,(ie sun or 11':';:l1:,~' !'hOll;):].n~i and no/1 00
Doll.~s (:;;20,000.00), ..;:with interest (l.r. ..h~,! ;'~V: (:1" '..)ll'e,~ ~nci one/half r,t;r cent
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(3-1/ .2;:) p~r nn'lurn, on or l,efore :itP. ~:O;.1i .:b;.: dJ'Ul!lJ ".169..
Jill past dUll prin'.:ipa1 A.nJ intEJrt!.:;t. :.>113.11 >';M' in~,r~r~;;;~. :1.'_
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r"tc tor sL: ptlr c:..:nt. (6:t) per anmDl'J.
It is htlre~" speciE,lly ~ ~l'C)t1d th:-.;.t, it' Ulis liO+,e in pl,:,.cr>'i .in !~he
. .
h:lJ1:1s cf :'.n ".f tCj1'n~y fo!' collecticn, 01' if ;~ollcnt.cd · ;-. s'u t. or 1.{lrolt~h
l'ro!Jr.tc of ~~~nk.L...1Pt.c;y ~Ollrt, we Hi:P(llJ t,o r.:'.~ Lon }:t:l' ccn:. (10,:'") ad.,i.!.ional
on .::.:.f' fJzoincii.,".l -;w: Int.al'us~ then \lac I:G~'(~(m, .".:5 .!it,. :;l1"'"=:.o,15 r..:~::i.
j~ c0f'~' of ~..jld .Resolution .'\:l"';.JrJl'i'~in.; ;;'lI':. ~ 0. ":'o\~:tn,~ of '..1).- SJI!
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of l\frlnt.;r:itcAS~,1.l and no/l0\> ($20,000.0')) !laHars lHl~~ the; ia9U"1"r.O cf '~hiu
note is herec.o a.:..t.?.ched.
1;1-:'::: O? L!a ~ljiiI'.~, '.L'l~'{. I u
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Mayor of the City of La Porte, 're..."{"1:i
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City Clerk of
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the. Ci'~y .o.('Ui. Porte, -T~
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