HomeMy WebLinkAboutR-1962-05
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RESOLUTION NO.
2 - 62
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STATE OF TEXAS
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2..
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COUNTY OF HARRIS
RESOLUTION AUTHORIZING THE CITY OF IA PORTE TO BORROW THE SUM OF ONE THOUSAND
SIX HUNDRED ONE AND 13/100 DOLLARS ($1,601.13) TO BE EVIDENCED BY TAX ANTICI-
PATION 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 DIESEL TRACTOR, AND EQUIPMENT.
WHEREAS, it has been determined by the City Commission of the City
of La Porte that a necessity exists to borrow the sum of One Thousand Six
Hundred One and 13/100 Dollars ($1,601.13), for payment of balance of the
purchase consideration of that one certain Diesel Tractor, hereinafter
described, and that the anticipated current revenue from ad valorem taxes
will amount to approximately Two hundred eighty-one thousand, eight
hundred six dollars and no/1OO dollars and;
WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed
to make the City a loan in said sum, to be paid with four percent (4%) per
annum interest thereon, as hereinafter described; 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", in the sum of One Thousand Six Hundred One and 13/100 Dollars
($1,601.13) , said note due and payable in eight (8) monthly installments,
the first seven (7) of which shall be in the sum of Two Hundred Six and 25/100
Dollars ($206.25) each, including accrued interest on the unpaid balance to the
date of such payments, the first of such installments shall become due and
payable on or before August 10, 1962, and like installments in the sum of Two
Hundred Six and 25/100 Dollars ($206.25) shall become due and payable on or
before the 10th day of the next six (6) succeeding calendar months, and the
last and final installment for the balance then owing on said note shall
become due and payable on or before March 29, 1963; with the usual provision
for interest at the rate of six percent (6%) per annum on past due principal
and interest and then ten percent (10%) attorney's fees, 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
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~eSolution No. 2-62
Page 2 of 2
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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 further secure the
payment of said note by a Chattel Mortgage on that one certain Diesel
....
Tractor described as follows:
One (1) certain 1961 International Diesel Tractor, B257,
with that certain Peco 60L Cutter attached to said
tractor, together with all other equipment as described
in the Chattel Mortgage of even date herewith,
~-- and that the Mayor and City Clerk be and they are hereby authorized and
-- directed to execute on beha If of the City of La Porte, a Chattel Mortgage
covering such Diesel Tractor, on the form and containing the provisions,
agreements, conditions and convenances required by said Bank.
BE IT FURTHER RESOLVED that the City of La Porte hereby
appropriates and sets aside the sum of One Thousand Six Hundred One and
13/100 Dollars ($1,601.13) 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
JUb"
1962, by the City Commission.
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City Clerk of the City of La Porte, Texas
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TAX ANTICIPATION NOTE
rOR THE YEAR 1962-1963
FISCAL YBAa BEGINNING
JULY 1. 1962. ENDING JUNE 30. 1963
$1,601.13
LA PORTE, TEXAS
July...j( tit. ,1962
The City of La Porte, Texas, acting by and throush its duly
authorized. officers, for value received, promises to pay to the order of
t'ile La Porte State Bank at La Porte, Texas, the sum of ONE THOUSAND SIX
8UNDRED ONI AND 13/100 DOLLARS ($1,601.13), with interest at the rate of
four percent (4~) per annum, .aid note due and payable in eisht (8) monthly
installments, the first seven (7) of which shall be in the sum of Tuo
Hundred Six and'25/100 Dollars ($206.25) each, including accrued interest
on the unpaid balance to the date of such payments, the first of sucb
instalLments shall become due and payable on or beforc Ausust 10, 1962,
and like installments in the sum of Two Hundred Six and 25/100 Dollars
($206.25) shall become due and payable on or before tbe 10th day of the
next six (6) succeed ins calendar months, and the last and final instalbDent
for tbe balance then owing on said note shall become due and payable on or
before March 29, 1963. and
All past due principal and interest shall bear interest at the
rate of six percent (61) per annum.
It is bereby specially agreed that if this note 1s placed in
tbe hands of an attorney for collection, or if collected by suit or through
the Probace or Bankruptcy Court, we asree to pay ten percent (101) additional
on the principal and inter('~.t then due hereon, as attorney's fees.
In addition to the appropriation from current tax rdvenues, this
note 1s f'Jrther secured 'by a Chattel Mortsase on that one certain 1961
Model B275 Intemational Diesel Tractor with standard equipment, and that
cne certain Peco 60L Cutter attached to Tractor, tosether with all other
equipment attached to and located thereoD as described in the Chattel
Mortsase (>f even date herewith.
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Re:., Reso l~u t i on No. 2-62
"Tax Anticipation Note
Page 2 of 2
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A copy of the .e.ol,ution auth~.tlzift&'h" borrowiu8 of the IUID
of ORB TIIOUSMD SIX HURDUD ONE and 13/100 DOLUltS ($1,601.13) aM the
i...allo. of this note b hereto attached.
CIn or LA roftS, TIBS
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Cit)' Clerk of the tit)' of J..a Porte, 'feus
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