R-1968-70 - Laserfiche WebLink

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';P e e RBSOLtJ'fiOB NO. tt'.P- ~o STATE 0"1 TEXAS COUBTY OF HARRIS ) ) .v~ BSOLU'fiOH AUTBDRIZING THE CITY OF LA PORrE TO ,BORROW TBI SUM 0'1 1....t1 TJl>WWIJ) AND NO,I:J.OO DOIURS (IZO,OOO.OO), '1'0 BE EVIDENCED BY TAX ANTICIPATION II)'S, PAYABU: 0U'r or C1JIc.taJ1'.l! TJXIS COIJ:.m'.rED DURING THE n8CAL BAR Bl!DIINING JULY 1, 1968 AND EltDIRG JtJNK 30, 1969. ~4S, it has bee. determined by the City Oo.-1SBion .f tM..,Ci'tJ' of La Porte that a ucesai t)' ex1ats to borrow the SUII of 'l'nnt1-'l'laoUlMUld. and. Ho/lOO Dollars (820,000.00), aDd. that the anticipated current revenues fro. a4 'ftlorem taxes will amount to approxillately THREE HUNDRED TdNfi nVB TlI>tJSAIO) AND NO/lOO OOLLABS (1325,000.00); ad 1II1B.REAS, the Bq8hore National Buk at 1& Porte, Texas, baa screed to make the Ci t,. a loan in said SUII, to b. paid with three and one-half per cent (3-l/Z') per unWl 1Dt8reet thereoll, 011 or before the 30th day of Juu, 1969; e.. ~ and WHEREAS, the c1 tJ will have current revenues fro. the collection of said taxes available and sufficient to ptQ' said obligation at _turit71 NO' TliI!iKI!iiORE, BE IT RESOLVED BY THE CITY COMMISSION CB DE CITY 07 LA PORTE, TDAS, that the ~r ad the City Clerk (Director of l'iDaJlce) be e.-- authorized to iSBUe a promssory DOte of the City of x.. Porte, to be uaipated uTa Azatioipatloll Note for the Fiscal Year besiDDiag July 1, 1968 aa4 ediDg Jwae 30, 1969," such DOte to be in the principalllUJl of 'J.'IBNTY THOUSAND AND NO/lOO DOLLAB8 (120,000.00), to bear interest at the rate of three and. one-bal.f per cent (3-l/Z') per annUlI until maturity, with the uaual prorlsion for interest I at the rate of Biz per cent (6~) per anaum of put due principal and interest ud ten per ce.t (~) attorney's fees, such BOte .to be due ..d payable .a or before the 30th U'3 of June, 1969, that said aote be sold by the City of Ia Porte to the Ba1ahore National Bank at La Porte, Texas, at not les8 thaJL par value, when suob DOte has been d~ executed by the MlQ'or and Cit)P Clerk 8D4 clel1.vered 'to said BaDk, with a con of this resolution, IlUch illdebtedne.. tIlereby evideJICea ahall be fully biadiD& upon the City; and BE IT :roRrHER RESOLVED that the 01 ty of X. Porte hereby appropriates and set aside the BUll of TWENTY THOUSAND AND NO/lOO DOLLARS (120,000.00> out of the current reveaues from the collection of ad valorem taxes for the ~Ilt of such indebtedneu. .. AND r.r IS SO ORDBRED. APPBO'YED AND PASSED this 'the . .-" ~.., /='n'" -.' day of Septellber, 1968 by the Ci t1 Oollllll188101l . Texr.w