R-1961-2 - Laserfiche WebLink

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,. .( 4i.'. .. :;. e e.. ~ STATE OF TEXAS 0 COUNTY OF HA.RRIS ~ .,.----.., "'" . -.-" \RESOLtrl'ION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUl>I OF FORTY THOUSAND DOLLARS ($40,000.00). TO BE EVIDENCED BY TAX Atn'ICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGIImING JULY 1, 1961 AND' ENDING JUNE 30, 1962_ WHEREAS, it has been determined by the City Commission of the CitY' of La Porte that a necessity exists to borrow the sum of Forty Thousand Dollars (Cl,JO,OOO.OO), .tor general administrative purposes and that the anticipated cur- rent revenue troJll ad valorem taxes w1l1 amount to approximately' Tltro HUND~ THIRTY-ONE THOUSAND EIGHT HUNDRED SIXTY-FIVE DOLLARS (~231,865.00)J and \offlEREAS, the La Porte State Bank.J ot La Porte, Texas has 8lJreed to //'~-",\make the City a loan in said swn, to be paid with three per cent (3~) per , ..,., "annum interest thereon, on or betore the 15th day ot February, 1962. and -..-.' tnfEREAS. the City will have current revenues trom the collection ot said taxes available and sufficient to pay said oblisat10n at maturity, NOli, THEREFORE, BE IT RESOLVJID BY THE CITY COiiJMISSION OF '!HE crT!' OF LA POltTE, T.iCJtAS that the r.1ayor and the City Clerk (Director ot Finance) be auth- orized to issue. promissory note of the City ot La Porte, to be designated "Tax Anticipation Note tor the Fiscal Year beginning JuJq 1, 1961 and ending June 30, 1962". such note to be in the principal sum ot Forty Thousand Dollars /~, (:rltO,OOO.OO); to bear interest at the rate ot three per cent (.3%) per annum . i~til maturity, with the usual provision for interest at the rate ot six per ~-..:::::-... . cent (6%> per annum on past due principal and interest and ten per cent (10~) attorney's tees. such note to be due and. payable on or before the 15th day ot Febrosry, 1962, that sa1u note be sold by the City to the La Porte State Bank~ot La Porte, Texas, at no less than par va1ue. When such note has been duly executed by tbe Mayor and City Clerk and delivered to said Bank, with a copy or this resolution, such indebtedness thereby evidenced. shall be tully binding upon the Ci tYI and BE IT FUdTHER RESOLVED that the City or La Porte hereby appropriates and sets aside the sum ot Forty Thousand Eight Hundred Dollars (t40,tiOO.00) out .~ , '.. _ _.. ',.ot the current r.venues trom 'the collection ot ad vaolrem taxes tor the payment _ or such ind.ebtedness.