R-1960-2 - Laserfiche WebLink

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, . /".---......... I '", :........ :tESoLurIml AUTHORIZDro Till CITY OF LA PORTE TO DORRffiI THE SUE OF TUELVE THOUSOO ~ 'l'miE.r.: i~U!'!DRZD DOJ.JJ"..A...11S ($12,300.00), TO lE EVm ENCED BY T~~ ANTICIPATION NOTE, PAYABLE OUT OF CU!~NT TAXES COLLZCTI:D DTJ'RING THE FISCAL YEAR B.l!.'GL:l1INJ JULY 1, 1960 AND 3!'1DD::G JUNE 30, 1961, AND FURTIGR SECUI'lED BY A CHATTEL MORTGAGE ON Ol~ CEP.Tf.IN FIRE T3.UCK. STATE OF TIDlAS I COUNTY OF BARRIS ~ '.1IEREAS, it ha s been determined b~T the City Commission of the City of La Porte that a. necessity exists to borroli' the sum of '.i'~lelve Thousand Three Hundred :::lollars WL2,300.00), for PB.u~nt of bal.ance of the purchese consider- ation of that one certain Vire Truck, hereinafter described, and tl1at the anticipa ted current revenue from ad valorem taxes l\'ill amount to appro:x:i.mately 7i1TC H{JlI!DRED FIFTEE~! THOUSM'D ONE HUNDRED DOL1..l'.r.s eS215,100.00); am //---........." . ~:'HER3AS, the La Porte State Bank at La Porte, Texas, has agreed to make the ~ity a loan in said sum, to be paid 1.ti.th four percent (4%) per annum interest thereon, on or before the 28th day of JUne, 1961; and f / ~J:mR~.I\.S, the City 1':1.11 have current revenues from the coLLection of se.id ta xes ava.iJ.ao1e a."1d sUfficiept to pay said obligation at ma turi ty: :~OH, THEPEFORE, B:!:: IT RESOLVED BY TIm CITY C01ir'IrSSION OF T~ qITY OF LA PORTE, TEVS, t':1a t the l-Iayor a.nd the City Clerk (Director of Finance) be authorized to issue a promissory note of the City of La Porte, to be designated "Tax l\hticipation !.Tote for the Fiscal Year beginning July 1, 1960 and ending June 30, 1961", such note to be in the principal. sum of Tl-relve Thousand Three /~'" Hundred Dollars ($12,300.00), to bear interest at the rate of four percent . (4%) per armum until maturity, l-ti.th the usuaJ. provision for interest at the rate of six !)e.rcent (6%) per annum on past due principal and interest and ten percent (10%) attorney's fees, such note to be due and payable on o~ before the 28th day of June, 1961, thp,t said note be sold by the City to the La Porte State Bank at La .l:"orte, 'i'exas, at not less than par value. 1\ben such note has been d~ exem:.ted by the Hayor and City Clerk and delivered to said Bank, ll'ith a copy of this resolution, such indebtedness thereby evidenced shall. be fUL.L.y binding upon the city; and BE IT FUr: Tm.'P. RESOL\TED that the City fur ther secure the payment of said note by a Chattel Uortgage on that one certain fire truck described as ./'"-........ . follo't-1s: One (1) certain 1960 Model International "Fire Truck, bearing IdentificRtion No. VC 0-196-F A-6609 5-F, together In th a.LL equipment attached to a."1d lOCated thereon and that t11e lIayor and City Clerk be and they arc hereby authorized and directed