HomeMy WebLinkAboutR-1966-56
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COUNTY OF HARRIS
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RESOLUTION NO. 6 ~ -~t5"
STATE OF TEXAS
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RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FORTY THOUSAND
DOLLARS ($40,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE:, PAYABLE OUT OF
CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1966 AND ENDING
JUNE 30, 1967.
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 DOLLARS
($40,000.00), and that the anticipated current revenues from ad valorem taxes
will amount to approximately TWO HUNDRED NINETY-NINE THOUSAND, FIVE HUNDRED
NINETY-SIX AND NO/IOO DOLLARS ($299,596.00); 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 per cent (3%) per
annum inteeest thereon, on or before the 30th day of June, 1967; and
WHEREAS, the City will have current revenues from the collection
4It of said taxes available and sufficient to pay said obligation at maturity:
NOW, THEREFORE, BE IT RESOLVES 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 ItTax Anticipation Note for the Fiscal Year Beginning July 1, 1966 and
ending June 30, 196~, such note to be in the principal sum of FORTY THOUSAND
DOLLARS ($40,000.00),10 bear interest at the rate of three per cent (3%) 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 note to be due and payable on or before the 30th
day of June, 1967, that said note be sold by the Cityaf La Porte to the La Porte
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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 cBlivered to said Bank, with
a copy of this resolution, such indebtedness thereby evidence, 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 ot FORTY THOUSAND DOLLARS ($40,000.00) out of the current
revenues from the collection of ad valorem taxes for the payment of such
indebpedness.
AND IT IS SO ORDERED.
APPROVED AND PASSED THIS THE 11th day of July, 1966, by the City
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Commission.
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RESOLUTION NO. 6 t -..5.6
Fiscal Year Beginning July 1, 1966 and ending June 30, 1967.
City of La Porte, Texas
Tax Anticipation Note for $40,000.00
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ATTEST:
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City C1e~e City of La-'-orte, Texas
This is to certify that the above and f~regoing is a true and
correct copyof a Resolution passes and approved by the City Commission at
its regular meeting held on the 11th day of July, 1966, as the same appears
on record in the minutes of said meeting, to certify which witness ~ hand
and seal of office.
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City Clerk of th City of La Por e, Texas
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TAX ANTICIPATION NOTE
FOR THE YEAR 1966 - 1967
FISCAL YEAR BEOnmING
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~y 1, 1966, BNDIUJ JUNE 30, 1967
~40,ooo.00
DATE I July 11, 1966
The City ot La Porte, Texas acting.by'and through its duly
authorized ottice~s, tor value received, promises to pay to the order
ot the ta Porte state Bank at La Porte, Texas, the sum or FORTY TllOUS.AND
DOJ.rJAR..~ ($40,000.00), with interest at the rate or, three per cent (3~)
per annum, on or betore the 30th day or June, 1967.
All pa. due principal and intereet shall bear interest
e at the rate of Si~i percent (6~) per annum.
It is'hereby specially agreed that it this note is placed
in the hands at anliattorney tor collection, or it collected by suit or
through the Proba~ or Bankruptcy Court, we agree to pay ten per cent
(10%) additional o. the principal and ,interest then due hereon, as
attorney's te.~.
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.A copy ot the Resolution authorizinr, the borrowing of the
sum of FORTY THOUS4ND DOLLARS, ($40,000.00) and the issuance ot
this note is hereto attached.
CITY OF LA PORTE, TEXAS
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By:
AT1'EST:
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