HomeMy WebLinkAboutR-1965-42-B
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RESOLUTION NO. ~,Z~~.
STATE OF TEXAS )
COUNTY OF BARRIS )
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RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF TWO
THOUSAND AND NO/1oo DOLLARS ($2,000.00), TO BE EVIDENCED BY TAX ANTICI-
PATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL
YEAR BEGINNING 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 TWO THOUS-
AND AND NO/1oo DOLLARS ($2,000.00), 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/1oo DOLLARS
($328,846.00), and
WHEREAS, the Bayshore National 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 B.1 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 TWO THOUS-
AND AND NO/1oo DOLLARS ($2,000.00), 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 (l~) attorney's fees, such note to be due and payable on or
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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 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 TWO THOUSAND AND NO/100 DOLLARS ($2,000.00) out of
the current revenues from the collection of ad valorem taxes forthe payment
of such indebtedness.
AND IT IS SO ORDERED.
APPROVED..AND PASSED This the
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Day of October, 1965
~ by the City Commission.