HomeMy WebLinkAboutR-1962-06
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RESOLUTION NO.
Page 1 0 f 2
3 - 62
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STATE OF TEXAS
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COllJNTY OF HARRIS
RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FOURTEEN
THOUSAND EIGHT HUNDRED FIFTY AND NO/lOO DOLLARS ($14,850.00) 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.
WHEREAS, it has been determined by the City Commission of the
City of La Porte that necessity exists to borrow the sum of F6URTEEN THOffi:AND
EIGHT HUNDRED FIFTY AND NO/lOO DOLLARS ($14,850.00) amd that the.anticipated
current revenue from ad valorem taxes will amount to approximately TWO HUNDRED
EIGHTY-ONE THOUSAND, EIGHT HUNDRED SIX AND NO/lOO DOLLARS($28l,806.00), 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 FOURTEEN THOUSAND EIGHT HUNDRED
,
FIFTY AND NO/lOO DOLLARS ($14,850.00), with interest at the rate of four
percent (4%) per annum, said note due and payable in eleven (11) monthly
instal1ments, the first ten (10) of which shall be in the sum of Two Hundred
Fifty and no/lOO Dollars ($250.00) each, including accrued interest on the
unpaid balance to the date of such payments, the first of such instal1ments
shall become due and payable on or before August 10, 1962, and like install-
ments in the sum of Two Hundred Fifty and no/IOO Dollars ($250.00) shall
become due and payable on or before the 10th day of the next nine (9)
succeeding calendar months, and the last and final instal1ment for the
balance then owing on said note shall become due and payable on or before
June 30, 1963; and 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%) attorneyrs 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 Mayor and City Clerk
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Resolution No. 3-62
Page 2 of 2
and delivered to said Benk, 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 FOURTEEN THOUSAND EIGHT HUNDRED
FIFTY AND NO/100 DOLLARS ($14,850.00) out of the current revenues from the
collection of ad valorem taxes for the payment of such indebtedness.
AND IT IS SO ORDERED.
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APPROVED and passed this the
1962, by the City Commission.
ATTEST:
...I!L- /f9f~
City Clerk of the City of La Porte, Texas
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Re: Resolution No. 3-62
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tAX ANtlCIPATI~ ,,01:1, .';.
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poi:. YBAI- IM2..i963~
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FISCAL YlA1BlntRKING
lULl 1. 196~. ENDIMG ~30. 1963
LA. 'oatl, TEXAS
Jul, U,19.1
1he C.t, of -:La 191!!te, Texas, acU.. by an.- thfouib ,!,t_d1illy
author.i.ect OfflC~'..' for va1u.: ree.h'eel, ,roal"es to ,.y toth. ;~..t .f
the La ,orte Stat .. 'a"k att.a,orte, Texa.,: tU. $_ of rouaTII, 'fttOtrSPD
BIGItt R1)MDJUtJ) 'II . AlfD llfoll00:IO~ ($14,8~.OO), 1rith intenst at u.
(~~) ::a::i;t::~ Jt..~:~~, P::~.:~:t ::cl.(i~j. o:\J:b::: ~:i~l:ei:a.~:e:..
of Two .."t.4!4 r1-' ~ad ao/lOO DoUars (f25~,.OO) .aoh, iacludl...ec1:ue4..
intel'e$t_ tJae. un' .W.,.lance' to the elate of .uch ,ayment., the f(r.t of
.ucoJ:a t~.t.l~a" ;81\1.U .ecem-: clue ana pa'8.101e on or '.f~re AUlUet .10,
1962,alli u. 1.., ~.Ua!!ats i8 th. SUIIl of Two hniredrifty aa4 80/100
Doll.r.($2S0..lf.,....1~b~c_e dbe 8ft4 pay.ble 00 or before the 10th..y
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, ""Ole en or beftJi'e -J_I1. 30, 1963; &ad
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All p~s~...: p~ind.pal and iaterest shall bear latere.t .t the
rate oflix p.r.e~' <$I) pel' ...8num.
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It i'~"1i'e:by .,eclally alreed t~t if thil aote i.pla.ed ln
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$14,850.00
Oe 'baa" of ~a. -t,erq.flY IOf ~olleetioll, er if' collected .y lult or
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throuab'the ,...ob.""erlaakrup'tey Court, we ai,ree to pay ten..p-er...t (101)
additional oa the'i:prlt\Cipal and iat.reet thea due hereon, .,,> &tto..y'.
fee..
It. c~.f the, .e,Olutioo .14~hori.1D.a,the bortowinaof the
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8_ ot POUllTI~lf~'.; IJG1tt IUMDUD rInY AND NO/lOO DOLWS ($14,150.00)
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aad the ie..ace .tthia aete 1. ILel'eto attached.
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CITY or Ll poan, 'rIXAI
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