HomeMy WebLinkAboutR-1965-39
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TAX ANTICIPATION NOTE
FOR THE YEAR 1965 - 1966
FISCAL YEAR BEGINNING
JULY 1, 1965, ENDING JUNE 30, 1966
$6,201.99
DATE: JULY 19, 1965
The City of La Porte, Texas acting by and through its duly
authorized officers, for value received, promises to pay to the order of
the La Porte State Bank at La Porte, Texas, the sum of SIX THOUSAND,
TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99) with interest
. at the rate of three per cent (3%) per annum, on or before the 30th day of
June, 1966.
All past due principal and interest shall bear interest at the
rate of six per cent (6%) per annum.
It is hereby specially agreed that if this note is placed in the
hands of an attorney for collection, or if collected by suit or through the
Probate or Bankruptcy Court, we agree to pay ten per cent (10%) additional
on the principal and interest then due hereon, as attorney's fees.
In addition to the appropriation from current tax revenues, this
note is further secured by a Chattel Mortgage of even date herewith on those
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certain cars, truck and equipment, as described therein.
A copy of the Resolution authorizing the borrowing of the sum of
SIX THOUSAND, TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99) and the
issuance of this note is her-eto attached.
CITY OF LA PeR TE, TEXAS
BY:
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RESOLUTION NO.4
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STATE OF TEXAS )
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COUNTY OF HARRIS )
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF SIX THOUSAND,
TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99), TO BE EVIDENCED BY TAX
ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL
YEAR BEGINNING JULY 1, 1965 AND ENDING JUNE 30, 1966, AND FURTHER SECURED
BY A CHATTEL MORTGAGE OF EVEN DATE HEREWITH ON THOSE CERTAIN CARS, TRUCKS
AND EQUIPMENT, AS DESCRIBED THEREIN.
WHEREAS, it has been determined by the City Commission of the
,
City of La Porte, that a necessity exists to borrow the sum of SIX THOUSAND,
TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99), and that the anticipated
current revenue from ad valorem taxes will amount to approximately THREE
HUNDRED TWENTY-FIVE THOUSAND, SIX HUNDRED THIRTY-THREE AND NO/IOO DOLLARS
($325,633.00); and
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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 interest thereon, on or before the 30th day of June, 1966; 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 CJI:TY 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, 1965 and ending June 30, 196611, such note to be in the principal sum
.
of SIX THOUSAND, TWO HUNDRED AND ONE AND 99/100 DOLLARS ($6,201.99), 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 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 RESOLVED THAT the City further secure the payment of
said note by a Chattel Mortgage on those certain trucks, cars and equipment,
~ as follows:
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Resolution No.
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One (1) - Used Demonstrator Huber-Warco Model 10-D Motor
Grader with GMC 4-71 diesel engine, including 11-tooth
"V-Type II Scarifier, Machine Serial No. lODG-119364,
Eng. No. 4A-85451, plus other standard equipment;
One (1) - International Fire Truck, 1960 Model,
Motor No. VCO-196-FA-66095F, 5 Tons
One (1) - B275 International Diesel Tractor, with Peco
60L Cutter and Anderson 6' Hydraulic side mount mowers
and other standard equipment attached;
One (1) - 1963 Ford Pickup, 1/2 Ton 6-Cy1., Mo. No. F10JR 362880;
One (1) - 1963 Ford 'Pickup, 1/2 Ton 6-Cy1., Mo. No. F10JR 362881;
One (1) - 1963 Ford 4-Door v-8, Mo. No. 3J54p 13114;
One (1) - 1963 Chevrolet Truck 6-Cy1. Tilt Cab & Chassis,
Model T 6803-H, Mo. No. H3T683 P103280 equipped with 2 -
Cubic Yard PAK-}iOR GARBAGE Collection Body, Model AF 20; and
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that the Mayor and City Clerk be and they are hereby authorized and directed
to execute on behalf of the City of La Porte, a Chattel Mortgage of even
date herewith, on those certain cars, trucks and equipment, on the form
and containing the provisions, agreements, conditions and convenances
required by said Bank.
BE IT FURTHER RESOLVED THAT THE City of La Porte Hereby appro-
priates and set aside the sum of SIX THOUSAND, TWO HUNDRED AND ONE AND
99/100 DOLLARS ($6,201.99) 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
~ by the City Commission.
19th day of July, 1965,
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