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<br />. <br /> <br />e <br /> <br />e <br /> <br />RESOLUTION NO. 84-n <br /> <br />A RESOLUTION AUTHORI ZING THE CITY OF LA PORTE TO BORROW THE SUM OF <br />EIGHTY-FIVE THOUSAND AND NO/IOO DOLLARS ($85,000.00), FOR THE PURCHASE <br />OF THREE AMBULANCES, WHICH PROMISSORY NOTE SHALL BE ISSUED UNDER THE <br />AUTHORITY OF THE TEXAS PUBLIC PROPERTY FINANCE ACT, AND SHALL BE <br />SECURED BY THE FULL FAITH AND CREDIT OF THE CITY OF LA PORTE. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: <br /> <br />Section 1. That the City Council of the City of La Porte deems <br /> <br />it necessary, useful and appropriate to one or more of its purposes <br /> <br />to purchase three ambulances, for a price of EIGHTY-FIVE THOUSAND <br /> <br />e AND NO/IOO DOLLARS ($85,000.00), and to finance the purchase and <br />acquisition of same under the provisions of the Texas Public Property <br /> <br />Finance Act, Article 2368a.2, Revised Civil Statutes. <br /> <br />Section 2. That the Mayor be authorized to issue a Promissory <br /> <br />Note of the City (a true and correct copy of which is attached hereto <br /> <br />as Exhibit "A", incorporated by reference herein, made a part hereof <br /> <br />for all purposes), dated July 18, 1984, in the principal sum of <br /> <br />EIGHTY-FIVE THOUSAND AND NO/lOO DOLLARS ($85,000.00), to bear interest <br /> <br />at the rate of eight and six-tenths percent (8.6%) per annum until <br /> <br />maturi ty, providing for ten percent (10%) per annum interest on <br />e matured unpaid principal and interest from date of maturity until <br />paid, and ten percent (lO%) attorney's fees if placed in the hands <br /> <br />of an attorney for collection, such note to be due and payable in 36 <br /> <br />monthly installments as provided therein; and that said note be sold <br /> <br />by the City of La Porte to First City Bank of La Porte, Texas, at <br /> <br />not less than par value. When such note has been duly executed by <br /> <br />the Mayor, and attested by the City Secretary, and delivered to said <br /> <br />Bank, with a certified copy of this Resolution, such indebtedness <br /> <br />thereby evidenced shall be fully binding upon the City; and <br /> <br />BE IT FURTHER RESOLVED that the City of La Porte hereby appro- <br /> <br />.11I priates and sets aside sufficient sums to amortize the principal and <br /> <br />interest on said Promissory Note, as the same becomes due and payable, <br />