HomeMy WebLinkAboutR-1966-57
.
e
e
e
.
.
, c:
RESOLUTION NO.
6~-S-7
STATE OF TEXAS )
COUNTY OF HARRIS )
RESOLUTION AUTHORIZ ING THE CITY OF LA PORTE TO BORROW THE SUM OF FORTY
THOUSAND AND NO/1oo DOLLARS ($40,000.00), TO BE EVEIDNCED BY TAX ANTIC IPATION
NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING
JUL Y 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~m of Fourty Thousand and
No/100 Dollars ($40,000.00), and that the anticipated current revenues from
allva lorem taxes wi II amount to approximat ley TWO HUNDRED NINETY NINE THOUSAND,
FIVE HUNDRED NINETY SIX DOLLARS AND No/1oo DOLLARS (8299,596.00), and
WHEREAS, the Bayshore National Bank of La Porte, Texas, has agreed
to make theCity a loan in said sum, to be paid with three per cent (3%)
per annum interest thereon, on or before the 30th day of June, 1967, and
WHEREAS, the City will have current revenues from the collection
of 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, 1966
and ending June 30, 1967, such note to be in the principal sum of Forty
Thousand and No/100 Dollars ($40,000.00), to 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 30tl day of June, 1967, that said note be sold by
the City of La Porte to the Bayshore National Bank at La Porte, Texas at not
less than par value. When such note has been duly executed by the Mayor and
City Ckerk and delviered to siad Bank, witha 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 Forty Thousand and No/100 Daollare (840,000.00) out
of the current revenues from the collection of ad valorem taxes for the
payment of such indebtedness.
AND IT IS SO ORDERED.
APPROVED AND PASSED This the
//~
day of July, 1966,
by the City Commission.
,/
e
e
e
e
.
~
ATTEST:
~a....A~'t7~~~y ~
City CLerk of the City of La Porte, Texas
This is to certify that the above and foregoing is a true and
correct copy of the Resolution passed and approved by the City Commission
at a regular meeting held on the
// ~ day of July 1966, as the same
appears on record in the minutes of said meeting, to certify which witness
()
my hand and seaL of office.
y-,--.. =-- .J'--'____ ~-) \ ~ ~/~r
City Clerk of the City of La Port , ~exas
. . ,
.
~
.
MINUTES OF THE MEETING OF THE
MAYOR AND CITY COMMISSION
OF THE CITY OF LA PORTE, TEXAS,
HELD ON THE 3rd DAY OF
OCTOBER, 1966.
On the 3rd
day of October
, 1966 , at
7
o'clockP. M.,
the Mayor and City Commission
of the Ci ty
of La Porte,
T e x as ,
met atthe City Hall Building
in
said City
in Regular session. The meeting was called to order
and on roll call the fOllowing members of the body were present:
Messrs: Mayor Harold P. Pfeiffer, Commissioners Lois J. Compton,
W. A. Stabs, Jr., Charles D. Boyle
Absent were Messrs: Russell Shepperd
e
There being a quorum present, the following business was
transacted.
*
*
*
*
*
*
*
*
*
*
The following Resolution was introduced by Lois J. Compton
read in full and considered by the City Commission.
e
e