HomeMy WebLinkAboutR-1965-41
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RESOLUTION NO. 41
STATE OF TEXAS )
COUNTY OF HARRIS )
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORRo\., 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 BEGINNING
JULY 1, 1965 AND ElIDING 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 EIGHT
THOUSAND, EIGHT HUNDRED FORTY SIX AND NO/100 DOLLARS ($328,846.00), and
WHEREAS, the Bayshore National Bank at La Porte, Texas, has agreed
to make the Ci ty 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 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, 1965
and ending June 30, 1966, such note to be in the principal sum of THIRTY
THOUSAND AND NO/loo 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 Bayshore National Bank at La Porte, Texas at not
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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 appropriates
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.
AND IT IS SO ORDERED.
APPROVED AND PASSED This the
/ '?~ Day of July, 1965
by the City Commission.
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ATTEST:
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City Clerk ~~ the City of La Porte,
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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
I '9 ..at day of July 1965, as the same
appears on record in the minutes of said meeting, to certify which witness
my hand and seal of office.
~..e>o.A~./~....~)~d~S/
City Clerk of the City of La Porte, Texas