HomeMy WebLinkAboutR-1964-33
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STATE OF TEXAS
COUNTY OF HARRlS
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~OLUTION NO. 33..64:
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RESOLUTION AUTHORIZING THE CITY OF IA PORTE TO BOBROW THE SUM OF THmTI
THOUSAND AND NO/lOO DOLIARS ($30,000.00), TO BE EVIDENCED BY TAX ANl'ICIPATION
NOl'E, PA IABLE OUT OF CURRENI' TAXES COlLECTED DURING THE FISCAL YEAR BEGINNING
JULY 1, 1964 AND ENDING JUNE 30, 1965.
WHERE! S, it has been determined by the City Commission of the City
of La. Porte that a necessity exists to borrow the sum of THmTY THOUSAND AND
NO/lOO DOLIARS ($30,000.00), and that the anticiplted current revenues f'Xtom
ad valorem taxes wUl amount to approximately THREE HUNDRED TWENTY EIGHT
THOUSAND, EIGHT HUNDRED FORTY SIx: AND NO/lOO DOLlARS ($328,846.00); aDd
WHEREAS, the Is. 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
a nnum interest thereon, on or before the 30th day of June, 1965; aDd
WHEREAS, the City will have current revenues f'Xtom the collection of
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said taxes available and sufficient to pay said obligation at maturity:
NOlol THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CrrI
OF IA PORTE, TEXAS, that the Mi.yor and the City Clerk (Director of Finance)
be authorized to issue a promissory note of the City of La. Porte, to be
designated "Tax A nticipation Note for the Fiscal Year beginning July 1, 1964
and ending June 30, 1965-, such note to be in the principal sum. of THmTY
THOUSAND AND NO/100 DOLIARS ($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 principl1 and interest
and ten per cent (10%) attorney's fees, such note to be due and payable on or
e before the 30th day of June, 1965, that said note be sold by the City of 1& Porte
to the Is. Porte State Bank at Is. Porte, Tems, at not less than par value. When
such note has been duly executed by the Mi.yor and City Clerk and delivered to
said Ba,*, with a copy of this resolution, such indebtedness thereby evidenced
shaJ.l be fully binding upon the C1 tY'i and
BE IT FURTHER RESOLVED THAT the City of Ia Porte hereby appropriates
and set aside the sum of THmTY THOUSAND AND NO/lOO 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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A ND IT IS SO ORDERED.
APPROVED AND PASSES THIS the
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day of September, 1964
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J bi-the City ;bpimnission.
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