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<br />... <br /> <br />.. <br /> <br />. <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />f 1, ,II) <br /> <br />RESOLUTION <br /> <br />g~ <br /> <br />A RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF <br />THIRTY THOUSAND EIGHT HUNDRED SIXTEEN DOLLARS AND TWENTY-NINE CENTS <br />($30,816.29), TO BE EVIDENCED BY A TAX ANTICIPATION NOTE, PAYABLE <br />OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING <br />OCTOBER 1, 1982, AND ENDING SEPTEMBER 30, 1983. <br /> <br />WHEREAS, it has been determined by the City Council of the City <br /> <br />of La Porte (hereinafter "City"), that a necessity exists to borrow <br /> <br />not to exceed the sum of THIRTY THOUSAND EIGHT HUNDRED SIXTEEN <br /> <br />DOLLARS AND TWENTY-NINE CENTS ($30,816.29), for payment of lawful <br /> <br />expenses of the City, and that the anticipated current revenue from <br /> <br />ad valorem taxes for fiscal year 1982-1983 will amount to far in <br /> <br />excess of Thirty Thousand Eight Hundred Sixteen Dollars and Twenty- <br /> <br />nine Cents ($30,816.29)~ and <br /> <br />WHEREAS, Bayshore National Bank of La Porte, Texas, has agreed <br /> <br />to make the City a loan in said sum, to be paid with seven and one- <br /> <br />half per cent (7-1/2%) interest per annum thereon, on or before the <br /> <br />30th day of September, 1983; and <br /> <br />WHEREAS, the City will have current revenue from the collection <br /> <br />of said taxes, together with existing cash on deposit, <br /> <br />available <br /> <br />and sufficient to pay said obligation at maturity; <br /> <br />NOW, THEREFORE, Bg IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> <br />OF LA PORTE, that the ~1ayor be authorized to issue a promissory note <br /> <br />of the City (a true and correct copy of which is attached hereto as <br /> <br />Exhibit "A", incorporated by reference herein, and made a part hereof <br /> <br />for all purposes), to be designated "Tax Anticipation Note for the <br /> <br />Fiscal Year Beginning October 1, 1982, Ending September 30, 1983," <br />such note to be in the principal sum of Thirty Thousand Eight Hundred <br />Sixteen Dollars and Twenty-nine Cents ($30,816.29), to bear interest <br /> <br />at the rate of seven and one-half per cent (7-1/2%) per annum until <br /> <br />maturity, providing for ten per cent (10%) per annum interest on <br />