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<br />STATE OF TEXAS 0 <br />o <br />COUNTY OF HARRIS 0 <br /> <br />,-- -"""-. RESOLUTION AUTHORIZING THE CITY OF LA PORTE '10 BORROt-l THE SUM OF TEN THOUSAND <br />. '\.DOLLARS($lO,OOO.OO), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF <br />.. CURRENT TAlCES COLLECTED DURING THE FISCAL YEAR BIDINNING JULY 1, 1960 AND ENDING <br />'. JUNE 30, 1961. <br /> <br />. <br /> <br />. <br /> <br />WHEREAS, it has been determined by the City Commission of the City <br /> <br />of La Porte that a necessity exists to borrow the sum of Ten Thousand Dollars <br />($10,000.00), for general administrative purposes and that the anticipated cur- <br /> <br />rent revenue from ad valorem taxes will amount to approximately ONE HUNDRED <br /> <br />THIRl'Y-FIVE THOUSAND DOLLARS ($135,000.00); <br /> <br />and <br /> <br />WHEREAS, the La Porte State Bank ot La Porte, Texas has agreed to <br />make the City a loan in said sum, to be paid with three per cent (3%) per <br />e- interest thereon, on or before the 30th da;y of JIDI8, 1961; and <br /> <br /> <br />WHEREAS, the City will have current revenues from the collection of <br /> <br />said taxes available and. suf'ficient to pas said obligation at maturity: <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY 'mE CITY COMMISSION OF THE CITr OF <br />LA PORTE, TEXAS that the Mayor and the City Clerk (Director ot Finance) be auth- <br /> <br />orized to issue a promissory note of the City of La Porte, to be designated <br />"Tax Anticipation Note for the Fiscal. Year beginning July 1, 1960 and ending <br />June 30, 1961 n, such note to be in the principal sum of Ten Thousand Dollars <br />($10,000.00), to bear interest at the rate of three per cent (3%) per annum <br />~. until maturity, with the usu.al provision for interest at the rate of six per <br />,. ',cent (6%) per annum on past due principal and interest and ten per cent (10%) <br />attomeY" s tees, such note to be due and pa.vab1e on or before the 30th day of <br />June, 1961, that said note be sold bY' the CitY' td the La Porte State Bank of <br /> <br />La Porte, Texas,. at no less than par value. . When such note has been duly <br /> <br />executed bY' the Mayor and City Clerk and delivered to said Bank, with a copy <br />of this resolution, such indebtedness t.herebY' evid.enced shall be fully binding <br /> <br />upon the CitY'; and. <br /> <br />BE IT FURTHER RESOLVED that the Cit.y of La Porte herebY' appropriates <br /> <br />; ! <br />~~:':",': ',' and sets aside the sum of Ten Thousand Dollars ($10,000.00) out of the current <br />~ revenuee from the collection of ad valorem taxee for the pa,yment of euch <br />.. ~ \ndebtedness. <br />if, . <br />\, <br />~- <br />