R-1968-67 - Laserfiche WebLink

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e RESOLUTION ~ ~- ~'7 e e STATE OF TEXAS ) ) COUNTY OF HARRIS ) RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THIRTY-oNE THOUSAND, FIVE HUNDRED SIXTY-FIVE.DOLLARS AND TWO CENTS ($31,565.02), to be EVmENCED BY TAX ANTICIPATION _NOTE, PAlABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR .Bl!J}INNING. JULY 1,1968 AND ENDING JUNE 30, 1969, AND FURTHER SECURED BY ONE CERTAIN FIRE TRUCK AND CATERPILLAR under provisions OF SECURITY AGREEMENT EXECUTED m FAVOR OF LA PORTE. STATE" BANK. liHEBEAS, it has been determined by the City CoDlDission of the City of La Porte that a necessity exists to borrow the sum of Th1rty-Qne Thousand, Five Hundred Sixty-Five Dollars and Two Cents$(31, 565.02), for papent. of balance -... . . of the purchase consideration ot that one certain Fire Truck, hereinaf'ter described, and that one certain Caterpillar, hereinatter described, and that the anticipated current revenue from ad valorem taxes will amount to approx1matel1' Two Hundred E1td1ty- E1scIlv Thousand and no/1OO Dollars and ($288,000.00 ); e WHEREAS, the La Porte State Bank ot ..La Porte, Texas, has agreed to make the City a loan in said swn, to be paid with three and one halt per cent. (31%) per annum interest thereon, on Dr betore the 3Ot.h day ot June 1969; and WHEREAS, the City 1d.ll have current revenues from the collection ot said taxes available and sufficient to pay said obligation at maturity: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF .. .' LA PORTE, TEXAS, that the Mqor and the City Clerk be authDrized to issue a ProDd.s~o17. note of the City ot La Porte, to be designated "Tax Anticipation Note . . for the Fiscal Year Beginning July l~ 1968 and ending June 30, 1969", such note to be in the principal sum of Thirty_One Thousand Five Hundred Sixty-Five Dollars e and Two Cents ($.31,565~02), to bear interest at the rate of three and one halt per cent (31%) per annum until maturity, with the usual provision tor interest at the rate of six per cent (6%) per annum on past due principal and interest and ten per cent (10%) attorDq's tees, such note to be due and payable on or betore the 3Ot.h ~ of June 1969, that said note be sold by the City ot La Porte to the La Porte State Bank at La Porte, Texas, at not less than par value. When such note has been duly executed bl' the "Mqor and City Clerk and delivered to said Bank, with a coW ot this resolution, such indebtedness thereby evidenced shall be .tuJ.l1' binding upon the City; and BE IT FURTHER RESOLVED that the City fUrther secure the pqment ot . . . . said note by tollowing equi.pment under Security Agreement and Financing Statement: One (1) New Caterpillar, No. l2F Motor Grader, Serial No. 73-G-2625, equipped with electric start, steering booster, _.12" fbrd. Sidesh1tt blade;HYd. System for blade and scarifier, pre-cleaner, rain cap, l2x24 12-plyt1res and scarifier; and