Laserfiche WebLink
<br />.'> <br /> <br />. <br /> <br />. <br /> <br />COUNTY OF HARRIS <br /> <br />) <br />) <br />) <br /> <br />RESOLUTION NO. 6 ~ -~t5" <br /> <br />STATE OF TEXAS <br /> <br />e <br /> <br />RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FORTY THOUSAND <br />DOLLARS ($40,000.00), TO BE EVIDENCED BY TAX ANTICIPATION NOTE:, PAYABLE OUT OF <br />CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1966 AND ENDING <br />JUNE 30, 1967. <br /> <br />WHEREAS, it has been determined by the City Commission of the City <br /> <br />of La Porte that a necessity exists to borrow the sum of FORTY THOUSAND DOLLARS <br /> <br />($40,000.00), and that the anticipated current revenues from ad valorem taxes <br /> <br />will amount to approximately TWO HUNDRED NINETY-NINE THOUSAND, FIVE HUNDRED <br />NINETY-SIX AND NO/IOO DOLLARS ($299,596.00); and <br /> <br />WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed to <br />make the City a loan in said sum, to be paid with three per cent (3%) per <br />annum inteeest thereon, on or before the 30th day of June, 1967; and <br /> <br />WHEREAS, the City will have current revenues from the collection <br /> <br />4It of said taxes available and sufficient to pay said obligation at maturity: <br />NOW, THEREFORE, BE IT RESOLVES BY THE CITY COMMISSION OF THE CITY <br /> <br />OF LA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance) <br /> <br />be authorized to issue a promissory note of the City of La Porte, to be <br />designated ItTax Anticipation Note for the Fiscal Year Beginning July 1, 1966 and <br />ending June 30, 196~, such note to be in the principal sum of FORTY THOUSAND <br />DOLLARS ($40,000.00),10 bear interest at the rate of three per cent (3%) per <br /> <br />annum until maturity, with the usual provision for interest at the rate of six <br /> <br />per cent (6%) per annum on past due principal and interest and ten per cent <br />(10%) attorney's fees, such note to be due and payable on or before the 30th <br />day of June, 1967, that said note be sold by the Cityaf La Porte to the La Porte <br /> <br />e <br /> <br />State Bank at La Porte, Texas, at not less than par value. When such note has <br /> <br />been duly executed by the Mayor and City Clerk and cBlivered to said Bank, with <br /> <br />a copy of this resolution, such indebtedness thereby evidence, shall be fully <br /> <br />binding upon the City; and <br /> <br />BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates <br />and set aside the sum ot FORTY THOUSAND DOLLARS ($40,000.00) out of the current <br /> <br />revenues from the collection of ad valorem taxes for the payment of such <br /> <br />indebpedness. <br /> <br />AND IT IS SO ORDERED. <br /> <br />APPROVED AND PASSED THIS THE 11th day of July, 1966, by the City <br /> <br />e <br /> <br />Commission. <br /> <br /> <br />/6 <br />