HomeMy WebLinkAboutR-1964-28
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RESOLtrrION NO: :Lg,/, +-
STATE OF TEXAS
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COUNTY OF HARRIS
_ .... RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF NINE THOUSAND,
SEVEN HUNDRED SEVENTY-ONE AND 31/100 DOLLARS ($9,771.31), TO BE EVIDENCED BY TAX
ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR
BEGINNING JULY 1, 1964 AND ENDING JUNE 30, 1965.
WHEREAS, it has been determined by the City Commission of the City
of LaPorte tbat a necessity exists to bODew the sum of NINE THOUSAND, SEVEN
HUNDRED SEVENTY-ONE AND 31/100 DOLLARS ($9,771.31), 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
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
4It annum interest thereon, on or before the 30th day of June, 1965; 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, 1964 and ending
June 30, 1965", such note to be in the principal sum of NINE THOUSAND, SEVEN
HUNDRED SEVENTY-ONE AND 31/100 DOLLARS ($9,771.31), to bear interest at the
rate of three per cent (3%) per annum until maturity, with the usual provision
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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, 1965, that said note be sold by
the City of La Porte to the ~ 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 appropriates
and set 'aside the sum of Nine Thousand, Seven Hundred Seventy-One and 31/100
Dollars ($9,771.31) 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 6th day of July, 1964, by the City
Commission.
Texas
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RESOLUTION NO.
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Fiscal Year~Beginning July 1, 1964 and ending June 30, 1965.
City of La Porte, Texas
Tax Anticipation Note for $9~771.31
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ATTEST:
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C~tY.Clerkof the City of La Porte, Texas
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TAX ANTICIPATION NOTi
'OR THE YEAR 1964 .. 1965
F IICAL YS~ BBJINNING
JULY 1.. 1~~41l INDING [JtJHI ~Oii 1~~
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.1\11,6. J964
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The el~y of La Port., TeJra., acting by and through it. duly
8Utho~!atd o,fl..ra, for ..1,. received, promises to pay to the ord~
of tile La hl'tt .~.". Bank at La Port., reXI., the SWI of NIHE T~SAND,
SIYIN HUNDiUO $ay$IIJV ONe AND 31/100 DOLLARS ($9, 711.31>' with.,lnt.rtst at
the Jrat. of t~,peJ' cent (3"') per annum, on Gr before the 'othday of
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June, 1965.
All p..t due principal and inter..t ahall bear lnter~t -at th~
rlt. of .lx, ~'.l' 611\ (6J) pel' '.nnum.1t
It la ht..by "lo1al1y al:..d'tbat if, this note i.plaoed 1ft
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the bMlll. ,fan _,tomey for .Oll'c~ion, or if coll.cted by ,suit or tJurqugh
~bat. 01' B.~.Oy eeuri, ."agr.. ~o pay ~'n P'i" cent (1.0') atNltloMl
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on the pr1JlGlp.~ .... Inti..*" ttaen due h.-eon, .a attorney's f....
A OQpy cd the a'.lution .uthorbing the bol'1'OWi1\9 of the
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su. of NINa T....D, SIYIiN HUNDRED SEViHlY ONi AND 31/100 ($9.771.31)
OOl.1.ARS .and th.:i"~ .fthb not. 11 hereto attached.
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CITY OF LA PORTE, TEXAS
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