HomeMy WebLinkAboutR-1965-40
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TAX ANTICIPATION NOTE
FOR THE YEAR 1965 - 1966
FISCAL YEAR BEGINNING
JULY 1, 1965, ENDING JUNE 30, 1966
$30,000.00
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 THffiTY THOUSAND,
AND NO/100 DOLLARS ($30,000.00), 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
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.
A copy of the Resolution authorizing the borrowing of the
sum of THIRTY THOUSAND, AND NO/100 DOLLARS ($00,000.00) and the issuance
of this note is hereto attached.
CITY OF L.A. PORTE, TEXAS
By:
exas
ATTEST:
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c.~~ty Clerk o~~, _."e City of Porte,
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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 LAPORTE TO BORROW THE SUM OF THIRTY
THOUSAND AND NO/lOO DOLLARS ($30,000.00) TO BE EVIDENCED BY TAX ANTICIPATION
NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR
BIDINNING JULY 1, 1965 AND ENDING JUNE 30, 1966.
WHEREAS, it has been determined by the City Commission of the City
of La Porte that a necessity exists to borrow the sum of THIRTY THOUSAND,
AND NO/lOO DOLLARS ($30,000.00), and that the anticipated current revenues
from ad valorem taxes will amount to approximately THREE HUNDRED TWENTY-FIVE
THOUSAND, SIX HUNDRED THIRTY-THREE AND NO/lOO DOLLARS ($325,633.00); and
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WHERE&S, the La Porte State Bank at La Porte, Texas, has agreed to
make the City a loan in said sum, to 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 CITY COMKI:SSION 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 ~'isca1 Year Beginning July 1, 1965 and ending
June 30, 1966", such note to be in the principal sum of THIRTY THOUSAND, AND
NO/100 DOLLARS ($30,000.00), 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 30th day of June, 1966, 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. 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 of La Porte hereby cppropriates
and set aside the sum of THIRTY THOUSAND, AND NO/100 DOLLARS ($30,000.00)
out of the current revenues from the collection of ad valorem taxes for the
payment of such indebtedness.
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AND IT IS SO ORDERED.
APPROVED AND PASSED THIS THE 19th day of July, 1965, by the City
Conunission.
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RESOLUTION NO.
Fiscal Year Beginning July 1, 1965 and ending June 30, 1966.
City of La Porte, Texas
Tax Anticipation Note for $30,000.00
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ATTEST:
0i~rk~i1k~~diy~,e~rt.e, Texas
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