HomeMy WebLinkAboutR-1962-01
e.' .. ;....
-'
.
.~
to :~ .P
...........
....
-----~
~---- .
_f .
STATE OF TEXAS )
~.... )
COUNTY OF HARRIS )
. )
CITY OF LA PORTE )
-- -
/~
~'
. /---- .,
/ \
.
.~.
A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FIFTY THOU-
SAND DOLLARS ($50,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE QUT
OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1961 AND END-
ING JUNE 30, 1962.
WHEREAS, it has been determined by the City Commission of the City
of La Porte that a necessity exists to borrow the sum of Fifty Thousand Dollars
($50,000.00), for general administrative purposes and that the anticipated cur-
rent revenue from ad valorem taxes will amount to approximately TWO HUNDRED
'IHIRTY-TWO THOUSMID FIVE HUNDRED DOLLARS ; and
WHEREAS, the La Porte State Bank 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, 1962; and
WHEREAS, the City will have cufrent 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 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, 1961, and ending
June 30, 1962", such note to be in the principal sum of Fifty Thousand Dollars
($50,000.00) , to bear interestat 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, 1962, that said note be sold by the City to La Porte State Bank, 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
indeptedness thereby evidenced shall be fully binding upon the City; amd
BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates
and sets aside the sum of Fifty Thousand Four Hundred Thirty-Seven and 50/100
Dollars ($50,437.50) out of the current revenues from the collection of ad valorem
~, taxes for the payment of such indebtedness.
. AN!:). IT IS SO ORDERED.
~.
.
....-.. ---....:::, ~ .~
"-
.
/~
.'
~
/~
.
'-
... -.,.....
-.
'.
- 2 -
Approved and passed this the
1962, by the City Commission.
... "-'
~a
.";
c:9ZR
day of ;?//~
..A1TEST.: