R-1962-05 - Laserfiche WebLink

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fi ....~ /.,.,.-----. . e .~.---....... \ e: "r--.'". e.. ..-- .........., '. e. . .. . RESOLUTION NO. 2 - 62 e STATE OF TEXAS ) 2.. ) COUNTY OF HARRIS RESOLUTION AUTHORIZING THE CITY OF IA PORTE TO BORROW THE SUM OF ONE THOUSAND SIX HUNDRED ONE AND 13/100 DOLLARS ($1,601.13) TO BE EVIDENCED BY TAX ANTICI- PATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1962 AND ENDING JUNE 30, 1963, AND FURTHER SECURED BY A CHATTEL MORTGAGE ON ONE CERTAIN DIESEL TRACTOR, AND EQUIPMENT. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of One Thousand Six Hundred One and 13/100 Dollars ($1,601.13), for payment of balance of the purchase consideration of that one certain Diesel Tractor, hereinafter described, and that the anticipated current revenue from ad valorem taxes will amount to approximately Two hundred eighty-one thousand, eight hundred six dollars and no/1OO dollars 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 four percent (4%) per annum interest thereon, as hereinafter described; 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 LA 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, 1962 and ending June 30, 1963", in the sum of One Thousand Six Hundred One and 13/100 Dollars ($1,601.13) , said note due and payable in eight (8) monthly installments, the first seven (7) of which shall be in the sum of Two Hundred Six and 25/100 Dollars ($206.25) each, including accrued interest on the unpaid balance to the date of such payments, the first of such installments shall become due and payable on or before August 10, 1962, and like installments in the sum of Two Hundred Six and 25/100 Dollars ($206.25) shall become due and payable on or before the 10th day of the next six (6) succeeding calendar months, and the last and final installment for the balance then owing on said note shall become due and payable on or before March 29, 1963; with the usual provision for interest at the rate of six percent (6%) per annum on past due principal and interest and then ten percent (10%) attorney's fees, that said note 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