HomeMy WebLinkAboutR-1962-02
~
_It
.
Ie> .A/
..
~
.' ,. "-STATE OF TEXAS
'. ;OUNTY OF HARRIS
CITY OF LA PORTE
)
)
)
)
)
A RESOLUTION AUTHORIZING THE CITY OF LA. PORTE TO BORROW THE SUM OF FIVE THOUSAND
DOLLARS ($5,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF
CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1961 AND ENDING
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 Five Thousand Dollars
($5,000.00), for general administrative purposes and that the anticipated
current revenue from ad valorem taxes will amount to approximately Nineteen
..~--......." thousand nine hundred eightY-I1.ine dollars and 98/100 ($ 19,989.98)
. and
.
,
WHEREAS, the La_forte 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 7th day of June, 1962; 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 City Clerk (Director of Finance) be authorized
to issue a promissory note of the City of La Porte, to be designated '~Tax Antici-
~-,
/ "
pation Note for the Fiscal Year beginning July 1, 1961, and ending June 30, 1962",
..
such note to be in the principal sum of Five Thousand Dollars ($5,000.00), 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 (10%) attorney's fees, such note
to be due and payable on or before the 7th day of June, 1962, that said note be
sold by the City of La Porte 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 indebtedness thereby evidenced
shall be fully binding upon the City; and
~'"
.
BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates
and sets aside the sum of Five Thousand Dollars ($5,000.00) out of the current
revenues from the collection of ad valorem taxes for the payment of such indebtedness.
AND IT IS SO BRDERED.
.------
./ .......
.,/ ~
..
,.~
I
~.............
'\
.e
~'"
.' ,
.,
.
~.
.
e
4th
day of lofaJr
Approved and passed this the
1962, by the City Commission.
~ ~ ;....
~.......
-
~f1:~> ~~. -
~ -
~ ~l_ -,
~.... .-
ATTEST::'
-
- r
,.~<.<,;.
---;::'
. .
r.
.""
... :........
r .
/........ r
.,
(IL/l%J
~ity Clerk of the City of La Porte, Texas
Texas
t.:~, I
Pf ~
~
I~.' .
, \
\, .~.Ji
. ""- .../
--,.. .'
$50.000.00
.....~
...
i,
;.
'~.
t' ,...- .~/ ;~~,
.'
",'J.
ii
~ ,
;i
. .,. .1='
~.
e '.
. 'l;AXAlfT;tCIPATION NOTE lOR
t. ,~~1961 · 1962
FtsC:ALYEAR BEGINNING
JULY L. 1961.endina JUNE 30. 1962
.!.
~.
, . .'M .."
~ .'ort.. Tl!ius,'Ma.Gh 15{ ~962
~ti
.~: .
I,:". :"
:. jJ
~ ~
'lhe *:ty of' ~' Porte, Texas,' acting by and throushitl duly
authorized oIUe,,_, for value received, on. or before the 30th day of
June, 1962, proqafl-ee ~o' ,a, tQ th;,eorder, of Lia J~c$rte State Bau, at he
office in LaPor., Texa",'tbe sub. of Ftfty Thoul&aftd Dollars ($50,000.00).
wlthintere.t fr*- dat8unt:U. ID8tudty at the rate of three per cant (3'%.)
per annum.
All ..at due, principal and interest Ihall bear interast at the
rate :of six ~er a*'nt (6t) per aa.num.
It i~h.r.byspecially agreed that if this note i8 '1.... in
the hand. of an .torneyfor collecUon. or if eollected by suit or tthrOulh
the Probate or B.l'wp:tey Court. we agree to pay ten per cent (lOl) additional
on the principal .nd interest then due hereon, asattorney's fees.
, . .
. .
A co~ of the resolution authortz~n8 the borrowlna of the S~ of
rifty Thousand D~l.rs ($50.000.00) and the t~luaDCe of this note is hereto
attached.
ATTEST:
'f
CITY OF LA PORTE, TEXAS
"j.
~i
,.
I
'.
; .
/~../-."\
l ,: i
\ .',/
" /
..... /
- ~..... .
~ ::.. r'
'!' .Ji"
"
",f'
., .
.,:
~;:
oi:
. '.,
i." .
J:; -L',
.'
" "
.!'J
..
'. .
.',
J~
!-~
":. ~I . ,"
. ::~.
,Mi., ,. ~'."_'_ ...........:.
. ~;