R-1978-02 - Laserfiche WebLink

Browse Search

.. .. ~:::.... ,... '-' e . " , e e ~SOLUTION NO. 78-2 THE STATE OF TEXAS X X COUNTY OF HARRIS X RESOLUTION AUTHORIZING THE CITY OF LaPORTE TO BORROW THE SUM OF THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING OCTOBER 1, 1977 AND ENDING SEPTEMBER 30, 1978. WHEREAS, it has been determined by the City Commission of the City of LaPorte that a necessity exists to borrow the sum of THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000.00), and that the anticipated current revenue from ad valorem taxes (including such revenues as have been used to purchase Certificates of Deposits by the City) will exceed NINE HUNDRED THOUSAND DOLLARS ($900,000.00); and WHEREAS, the First City Bank of LaPorte, Texas has agreed to make the City a loan in said sum, to be paid with Five per cent (5%) per annum interest thereon, or or before sixty (60) days from the date thereon; 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 LaPORTE, TEXAS, that the Mayor, City Administrator, and the City Clerk be authorized to issue a promissory note of the City of La~orte to be designated "Tax Anticipation Note for the Fiscal Year Beginning October l, 1977 and ending September 30, 1978", such note to be in the principal sum of TH~E HUNDRED FIFTY THOUSAND DOLLARS ($350,000.00), to bear interest at the rate of Five per cent (5%) per annum until maturity, with the usual provision for interest at the rate of Six per cent (6%) per annum on past due principal and interest and Ten per cent (10%) attorney's fees, such