HomeMy WebLinkAboutR-1964-30
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RESOLUTION NO. 30-64
STATE OF TEXAS
COUNTY OF HARRIS
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RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY
THOUSAND AND NO/lea DOLLARS ($30,000.00), ro BE EVIDENCED BY TAX Ar!TICIPATION
NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING
JULY 1, 1964 Al!D ENDING JU}TE 30, 1965.
WHEREAS, it has been determined by the City Commission of the City
of La Porte the. t a neoessi ty exists to borrow the sum of THmTY THOUSAlID AND
NO/loo DOLLARS ($30,000.00), and that the anticipated current revenues from
ad valorem taxes llill amount to approxin:ately THREE BUNDRED T\-1ENTY EIGh"T
THOUSAND, EIGHT HUNDBED FORTY SIX AND NO/IOO DOLLARS ($328,846.00); and
1:1HERF.AS, the La Porte State Bank at La Porte, Texas, has agreed
to make the Cit" a loan in said sum, to be paid ~dth three per oent (~)
per annum interest thereon, on or before the 30th ~ of June, 1965; and
"1HEREAS, the City will have current revenues from the collection
of said taxes available and sufficient to p~ said obligation at maturityr
NOW 'lEEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF LA PORTE, TEXAS, that the ~or and the City Clerk (Direotor of Finanoe)
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"1, suoh 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 ma turi ty, with the usual provision for
interest at the rate of six per cent (~) per annum on past due principal
and interest and ten per oent (l~ attorney's fees, such note to be due and
~ble on or before the 30th day of June, 1965, that said note be sold by
the C1 ty of La Porte to the La Porte Ste. te 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 THmTY THOUSAND AND NO/IOO DOLLARS (330,000.00) 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 AU8\lst, 1964
3rd
by the City Commission.
Texas
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Page 2 of 2, Resolution 30-64
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ATTEST:
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City Clerk of the City of La Porte, Texas
!]hie is to certify' that the above and foregoing is a true and
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correct copy of a Resolution passed and approved by the City Commission at
a regular meeting held on the 3rd
day of August, 1964, ae the same
appears on record in the minutes of said meeting, to oertify' which witness
~ hand and seal of office.
~ /tl 'h-,~
City Clerk of the CitY' of Is. Porte, Texas
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Resol'ution No. '3Q-64
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~AX OftCIPATIOir 11>5
JOR m YJ:AR 1964'. 1,65
J'ISCAL tEAi_MII~
JU~y lo. ~~6,. I1!DIIG".m~ 30.19'.5.
130.Q90.00:
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AUA8' 4. l~
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".0'.. of La Pot'te, Texas, aoting 'b1 eel throup :Lts dul7
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_tilsl'1.., .ft~.'l".,ror ft11:18 reo.1..... protei.e. to P8l' to the .rdtr
.':':' ; .t ~~~. La ~...r.tate .But at La Porte, Texas, the IfWa ot TB1R.ft THOUSAJQ)
. AID .,)100 )o.~ (,0,000.00), With intereat at the rate or tilre. per
....., ; j
oent <_> per ....., on or ~rore the 30th cI&,1 of June, 19".
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Ail!,... d~e p"ino:1Pal and intere.t shall bear intenlt at the
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'Rtee" .12;::,__ ;~8I1t(~)'per ~.
It 1~ '..-lv' B~~01all1 asr.'" that 1t this note ia pla"d 11l
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the baa'" 01 .. ....,Gft1ey tor caollec't1oD, or 11 oolleoted b7 su111 or thl'oush
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'hGll~t.or ~~t.::G~F" ,we ...... .to P&T ten per oent (l~) alliiUOMl
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OD .th. ."..n.l>>tl~t 'i.t.reat llhen due hereon, aa attorney'_ 'f....
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,.4' OQJ7','ot 6'Reaolutiol'l authol'1s1Dg the borrowing of the
... .ot 'lIttR'l! ~ID AID 10/100 DOLURS ,0"0,000.00) u4 the laauuce
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ot this not. 't-Wereto attached.
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'CITY 07 LA FORTI, !'Ius
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