R-1964-33 - Laserfiche WebLink

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...' . ~ . .... ...,.~- STATE OF TEXAS COUNTY OF HARRlS ) ) ~OLUTION NO. 33..64: e RESOLUTION AUTHORIZING THE CITY OF IA PORTE TO BOBROW THE SUM OF THmTI THOUSAND AND NO/lOO DOLIARS ($30,000.00), TO BE EVIDENCED BY TAX ANl'ICIPATION NOl'E, PA IABLE OUT OF CURRENI' TAXES COlLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1964 AND ENDING JUNE 30, 1965. WHERE! S, it has been determined by the City Commission of the City of La. Porte that a necessity exists to borrow the sum of THmTY THOUSAND AND NO/lOO DOLIARS ($30,000.00), and that the anticiplted current revenues f'Xtom ad valorem taxes wUl amount to approximately THREE HUNDRED TWENTY EIGHT THOUSAND, EIGHT HUNDRED FORTY SIx: AND NO/lOO DOLlARS ($328,846.00); aDd WHEREAS, the Is. 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 a nnum interest thereon, on or before the 30th day of June, 1965; aDd WHEREAS, the City will have current revenues f'Xtom the collection of e said taxes available and sufficient to pay said obligation at maturity: NOlol THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CrrI OF IA PORTE, TEXAS, that the Mi.yor and the City Clerk (Director of Finance) be authorized to issue a promissory note of the City of La. Porte, to be designated "Tax A nticipation Note for the Fiscal Year beginning July 1, 1964 and ending June 30, 1965-, such note to be in the principal sum. of THmTY THOUSAND AND NO/100 DOLIARS ($30,000.00), to bear interest at the rate of three per cent (3%) per annum until maturity, with the usual provision for interest at the rate of six: per cent (6%) per annum on past due principl1 and interest and ten per cent (10%) attorney's fees, such note to be due and payable on or e before the 30th day of June, 1965, that said note be sold by the City of 1& Porte to the Is. Porte State Bank at Is. Porte, Tems, at not less than par value. When such note has been duly executed by the Mi.yor and City Clerk and delivered to said Ba,*, with a copy of this resolution, such indebtedness thereby evidenced shaJ.l be fully binding upon the C1 tY'i and BE IT FURTHER RESOLVED THAT the City of Ia Porte hereby appropriates and set aside the sum of THmTY THOUSAND AND NO/lOO DOLLARS ($30,000.00) out of the current revenues from the collection of ad valorem taxes for the payment of such indebtedness. e :: .... A ND IT IS SO ORDERED. APPROVED AND PASSES THIS the - " ~,~ day of September, 1964 -- ...-. . ./ J bi-the City ;bpimnission. ; -/i.i-'-..- . -7 -:" . /.~;(ffr / - /~'~/i;". d. ~J~ d1. tfWv Texas