R-1964-29 - Laserfiche WebLink

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e . RESOLUTION NO: ~1-61 e STATE OF TEXAS ) ) ) COUNTY OF HARRIS RESOLUTION AUTHORIZING THE CITY OF IA PORTE TO BORROW THE SUM OF SEVENTEEN THOUSAND, EIGHT HUNDRED FORTY-THREE AND 08/100 DOLIARS ($17,843.08), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1964 AND ENDING JUNE 30, 1965, AND FURTHER SECURED BY A CHATTEL MORTGAGE OF EVEN DATE HEREWITH ON THOSE CERTAIN CARS, TRUCKS AND EQUIPMENT, AS DESCRIBED THEREIN. WHEREAS, it has been determined by the City Commission of the City of La Porte, that a necessity exists to borrow the sum of SEVENTEEN THOUSAND, EIGHT HUNDRED FORTY-THREE AND 08/100 DO LIARS ($17,843.08), and that the anticipated current revenue from ad valorem taxes will amount to -- approximately THREE""HUNDREDJ:TWEN'J:Y3:FlVEj-lTHOgS~D, :.:SIX HUNDRED THIRTY~THREE AND NO/IOO DOLIARS ($325,666.00); and WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed to make the City a loan in said sum, to be paid with three per cent (3%) per annum interest thereon, on or before the 30th day of June, 1965; and WHEREAS, the City will have current revenues from the collection of said taxes available and sufficient to pay said obligation at maturity; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF IA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance) be authorized to issue a promissory note of the City of La Porte, to be designated "Tax Anticipation Note for the Fiscal Year beginning _ July 1, 1964 and ending June 30, 1965", such note to be in the principal sum of SEVENTEEN THOUSAND, EIGHT HUNDRED FORTY-THREE AND 08/100 DOLIARS ($17,843.08), to bear interest at the rate of three per cent (3%) per annum until maturity, with the usual provision for interestat the rate of six percent (6%) per annum on past due principal and interes~ and ten per 'cent (10%) attorney's fees, such note to be sold by the City of 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 by the Mayor and City Clerk and delivered to said Bank, with a copy of this resolution, such indebtedness thereby evidenced shall be fully binding upon the City; and .e BE IT FURTHER RESOLVED THAT the City further secure the payment of said note by a Chattel Mortgage on those certain mucks, cars and equipment, as follows: