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<br />., .. <br /> <br />,..,. <br /> <br />/---""', <br /> <br />e <br /> <br />../~ <br /> <br />'e <br /> <br />,~-......... <br /> <br />e' <br /> <br />.--............ <br /> <br />,.> <br /> <br />e <br /> <br />e <br /> <br />RESOLUTION NO. 9-62 <br /> <br />STATE OF TEXAS <br /> <br />) <br />) <br />) <br /> <br />COUNTY OF HARRIS <br /> <br />RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF TWENTY <br />THOUSAND DOLLARS ($20,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, <br />PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING <br />JULY 1, 1962 AND ENDING JUNE 30, 1963. <br /> <br />WHEREAS, it has been determined by the City Commission <br /> <br />of the City of La Porte that a necessity exists to borrow the sum of <br /> <br />TWENTY THOUSAND DOLLARS ($20,000.00), to pay current expenses of the <br /> <br />City, and that the anticipated current revenue from ad valorem taxes <br /> <br />will amount to approximately TWO HUNDRED EIGHTY ONE THOUSAND, EIGHT <br /> <br />HUNDRED AND SIX DOLLARS ($281,806.00); and <br /> <br />WHEREAS, the La Porte State Bank at La Porte, Texas, has <br /> <br />agreed to make the City a loan in said sum, to be paid with three <br /> <br />per cent (3%) per annum interest thereon, on or before the 15th day <br /> <br />of February, 1963; and <br /> <br />WHEREAS, the City will have current revenues from the <br /> <br />collection of said taxes available and sufficient to pay said obli- <br /> <br />gation at maturity: <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION <br /> <br />OF THE CITY OF LA PORTE, TEXAS, THAT THE MAYOR AND CITY CLERK <br /> <br />(Director of Finance) be authorized to issue a promissory note of <br /> <br />the City of La Porte, to be designated "Tax Anticipation Note for <br /> <br />the Fiscal Year Beginning July 1, 1962 and ending June 30, 1963", <br /> <br />such note to be in the principal sum of TWENTY THOUSAND DOLLARS <br /> <br />($20,000.00), to bear interest at the rate of three per cent (3%) <br /> <br />per annum until maturity, with the usual provision for interest at <br /> <br />the rate of six per cent (6%) per annum on past due principal and <br /> <br />interest and ten per cent (10%) attorney's fees, such note to be <br /> <br />due and payable on or before the 15th day of February, 1963, that <br /> <br />said note be sold by the City of La Porte to the La Porte State Bank <br /> <br />of La Porte, Texas, at not less than par value. When such note has <br /> <br />been duly executed by the Mayor and City Clerk and delivered to said <br /> <br />Bank, with a copy of this resolution, such indebtedness thereby <br />