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<br />69-5
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<br />RESOLUTION
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<br />5TA TE OF TEXl'S )
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<br />COUNTY OF HARRIS )
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<br />RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO OORRor: 'fHE Stn4 OF SEV~T~
<br />THOUSAND, FeUR HUNDRED fiFTY-THREE DOLLARS AND ~:'ENTY-oNEi CENTS (17 ,~2\-) to be
<br />~"VIDENCI!;D BY TAX AN'fICIFATION NOTE, PAYABLE OUT OF' CURRENT TAXES COIJ..EC'mD
<br />OOilING 1lIE FISCAL YEf,R BEGINI'lING JULY 1, 1969 AND J~DING JUNE 30, 1970, AND
<br />FURTHER SECURED BY CNE CERTAIN FIRE TRUCK AND CATERPILLAR under provisions OF
<br />SECURITY AGRE>>mNT EXECUTED IN FAVOR OF lJt. PCR TE STATE BANK.
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<br />ltJmdmAS, it has been determined by the City Comnission ot the City
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<br />of La Porte that a necessity exist. to borrow the sum of Seventeen-Thousand,
<br />5oo,~o l'K>t.
<br />Four Hundred Fitty-Three Dollars and Twenty-One Cents (17 ;JD3.~, tor payment ot balance
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<br />ot the purchase consideration ot that one certain Fire Truck, hereinafter described,
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<br />and that one certain Caterpillar, hereinafter described, and that the anticipated
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<br />current revenue tran ad valorem taxes will amount to approximately Three-Hundred.
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<br />Sixty-Thousand and no/1OO Dollars
<br />and
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<br />($360,000.00) ;
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<br />l1H~AS, the La Porte State Bank ot La Porte, Texas, has agreed to
<br />make the City a loan in said sum, to be paid with tour and one halt per cent (4i%)
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<br />per annum interest thereon, on or before the 30th day ot June 1970; and
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<br />1:,lffhREAS, the City will have current revenues tran the collection of
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<br />said taxes available and sufticient to P81' said obligation at maturity:
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<br />NOl'!, THEREFOR-E,BE IT IlESOLVEDBY '1'H't; CIn cOJ.a;:ISSION OF 'I'lG eIl'Y OF
<br />LA PCRTE, 'l'EXAS, that the t.1ayor and the City Clerk be authorized to issue a
<br />promissory note of the City ot La Porte, to be designated "Tax Anticiaption Note
<br />tor the Fiscal Year Beginning July 1, 1969 and ending June 30, 1970", such note
<br />to be in the princir:al SUlD of Seventeen-Thousand, Four Hundred Fitty-Three Dollar,.-
<br />dj'd d ,00
<br />and Twenty-One Cents ($17,4-5;;-..21), to bear interest at the rate ot tour and one halt
<br />per cent (4~%) per annum unt.il maturity, tr.1th the usual provision tor interest at
<br />the rate ot six per cent (6%) per annum on past due principal and interest and
<br />ten per cent (10",() attorney's fees, such note to be due and pa~"able on or before
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<br />the 30th day' ot June 1970, that said note be sold by the City ot La i.;orte to
<br />the La Porte State u.!.\Ok at La. Porte, Texas, at not less than par value. tlhen such
<br />note has been duly executed b~' the Mayor and eit)' Clerk and delivered to said Bank,
<br />with a cop,y ot this resolution; such indebtedness thereb,y evidenced shall be fully
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<br />binding upon the City J and
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<br />.. BE IT l<iJRl'HER RESCLVED that the City turther secure the payment ot
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<br />;~ .. "aaid note b~ folloldng equipnent under .:.iecurity f.greement and Financing Statement:
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<br />One (1) New Caterpillar, No. l2F ).!otor Grader, Serial No. 73-0-2625,
<br />equipped.w.l.th electric start, steering booster, 12" Hyd. Sideshitt
<br />blade; Hyd. S,stem tor blade and scaritier, pre-cleaner, rain cap,
<br />l2x24 12-plytlres and scarifier; and
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