HomeMy WebLinkAboutR-1962-04
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RESOLUTION NO.
1 - 62
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COUNTY OF HARRIS )
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RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF EIGHTY-SEVEN
HUNDRED DOLLARS ($8,700.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE
OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1962
AND ENDING JUNE 30, 1963, AND FURTHER SECURED BY A CHATTEL MORTGAGE ON ONE
CERTAIN FIRE TRUCK.
WHEREAS, it has been determined by the City Commission of the City
of La Porte that a necessity exists to borrow the sum of EIGHTY-SEVEN HUNDRED
DOLLARS ($8,700.00), for payment of balance of ~he purchase consideration
of that one certain Fire Truck, hereinafter described, and that the antici-
pated.Lcurrent revenue from ad valorem taxes will amount to approximately
Two hundred eighty-cme thousand, eight hundred six dollars and nO/1OO dollars
; and
WHEREMS, the La Porte State Bank at La Porte, Texas has agreed to
make the City a loan in said s~, to be paid with four percent (4%) per annum
interest thereon, on or before the 30th day of June, 1963; 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, 1962 and ending June 30, 1963", such note to be in the principal sum
of EIGHTY-SEVEN HUNDRED DOLLARS ($8,700.00), to bear interest at the rate of
four percent (4%) per annum until maturity, with the usual provision for
interest at the rate of six percent (6%) per annum on past due principal and
interest and ten percent (10%) attorney's fees, such note to be due and payable
on or before the 30th day of June, 1963, that said note be sold by the City of
La Porte to the La 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
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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 further secure the payment
~ of said note by a Chattel Mortgage on that one certain Fire Truck described
as follows:
One (1) certain 1960 Model International Fire Truck,
bearing Identification No. VC 0-196-FA-6609 5-F,
together with all equipment attached to and located
thereon
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Resolution No. 1-62
Page 2 of 2
and that the Mayor and City Clerk be and they are hereby authorized and directed
to execute on behalf of the City of La Porte, a Chattel Mortgage covering such
Fire Truck, on the form and containing the provisions, agreements, conditions
and covenances required by said Bank.
BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates
and sets aside the sum of EIGHTY-SEVEN HUNDRED DOLLARS ($8,700.00) 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
6th
day of
July
, 1962, by the City Commission.
ATTEST:
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City Clerk of the City of La Porte, Texas
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TAX ANTICIPATION NOTE
FOR THE YEAR 1962 - 1963
FISCAL YEAll BBGINNING
JULY 1. 1962. ENDING JUNK 30. l~
$8,700.00
1A POUE, TEXAS
Date
J~ 6, 1962
The City of La P01:te. TeUB, actlna by and through l~s duly
authorized officers, for value received, prom1ses to pay to the order of the
La Porte State Bank at La Porte, TeuI, the sum of Eighty-Seven Hundred Dollars
($8,700.00), with intereet at the rate of four percent (4'1.) per .mUlt, on or
before the 30th day of June, 1963.
.,.,11 past due principal and lnterest shall bear interest at the rate
of six percent (6'1.) pel' anlWlD.
It 18 hereby specially agreed that if this note is placed in the
bau.ds of an Attomey for collection, or if collected by suit or through the
Probate or Bankruptcy Court, we aaree to pay ten percent (lM.) additional 011
the principal and Interest then due hereon, as attomey's fees.
In addition to the appropX'lation from current tax revenuea, this
note is furtber secured by . Chattel Hottsaae on that OUe certain 1960
International Fire Truck, bearing Identification No. VC 0-196-FA-6609 5-P,
together with all equipment attached to and located thereon.
JI. copy of the aBsolution authorlzlna the bon'owlO1 of the sum of
lilhty-Seven Hundred Dollars ($8,700.00) and the lsauaace of thle note is
hereto attached.
CITY OF LA PORTI, TEXAS
ArrEST =,
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City Clerk oil the Clty of La Porte, Texas
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