Laserfiche WebLink
<br />.~ <br /> <br />.. <br /> <br />. <br /> <br />.' <br /> <br />e <br /> <br />- <br /> <br />RESOLUTION NO. <br /> <br />69-08 <br /> <br />STATE OF TEXAS] <br />COUNTY OF HARRIS ] <br /> <br />RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW A SUM NOT TO <br />EXCEED ONE HUNDRED THOUSAND AND NO/IOO DOLLARS ($100,000.00), TO BE <br />EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES <br />COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1969 AND ENDING <br />JUNE 30, 1970. <br /> <br />WHEREAS, it has been determined by the City Commission of the <br /> <br />City of La Porte that a necessity exists to borrow the sum of ONE <br /> <br />HUNDRED THOUSAND AND NO/IOO DOLLARS ($100,000.00), and that the <br /> <br />anticipated current revenues from ad valorem taxes will amount to <br /> <br />approximately THREE HUNDRED SIXTY THOUSAND AND NO/IOO DOLLARS <br /> <br />($360,000.00); and <br /> <br />WHEREAS, the La Porte State Bank at La Porte, Texas and the <br /> <br />Bayshore National Bank at La Porte, Texas, have agreed to make the <br /> <br />City a loan in said sum, to be paid with four and one-half per cent <br /> <br />(4-1/2%) per annum interest thereon, on or before the 30th day of <br /> <br />June, 1970; and <br /> <br />WHEREAS, the City will have current revenues from collection <br /> <br />of said taxes available and sufficient to pay said obligation at <br /> <br />maturity: <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br /> <br />CITY OF LA PORTE, TEXAS, that the Mayor and the City Clerk be <br /> <br />authorized to issue a promissory note of the City of La Porte, to be <br /> <br />designated "Tax Anticipation Note for the Fiscal Year beginning July 1, <br /> <br />1969 and ending June 30, 1970", such notes to total in the aggregate <br /> <br />of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($lOO,000.001 to bear <br /> <br />interest at the rate of four and one-half per cent (4-1/2%) per annum <br /> <br />until maturity, with the usual provision for interest at the rate of <br /> <br />six per cent (6%) per annum on past due principal and interest and <br /> <br />ten per cent (10%) attorney's fees, such notes to be due and payable <br /> <br />on or before the 30th day of June, 1970, that said notes be sold by <br /> <br />the City of La Porte to the La Porte State Bank at La Porte, Texas, <br /> <br />and Bayshore National Bank at La Porte, Texas, at not less than par <br /> <br />value. When such notes have been duly executed by the Mayor and City <br /> <br />Clerk and delivered to said Banks, with a copy of this resolution, <br /> <br />such indebtedness thereby evidenced shall be fully binding upon the <br /> <br />City; and <br />