R-1962-06 - Laserfiche WebLink

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.' ~. .. I .----.." /" \ '-. -=~ ~.. e ,......--""" .' .~. - e e RESOLUTION NO. Page 1 0 f 2 3 - 62 -, . STATE OF TEXAS ) ) ) COllJNTY OF HARRIS RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FOURTEEN THOUSAND EIGHT HUNDRED FIFTY AND NO/lOO DOLLARS ($14,850.00) TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1962 AND ENDING JUNE 30, 1963. WHEREAS, it has been determined by the City Commission of the City of La Porte that necessity exists to borrow the sum of F6URTEEN THOffi:AND EIGHT HUNDRED FIFTY AND NO/lOO DOLLARS ($14,850.00) amd that the.anticipated current revenue from ad valorem taxes will amount to approximately TWO HUNDRED EIGHTY-ONE THOUSAND, EIGHT HUNDRED SIX AND NO/lOO DOLLARS($28l,806.00), 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 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 FOURTEEN THOUSAND EIGHT HUNDRED , FIFTY AND NO/lOO DOLLARS ($14,850.00), with interest at the rate of four percent (4%) per annum, said note due and payable in eleven (11) monthly instal1ments, the first ten (10) of which shall be in the sum of Two Hundred Fifty and no/lOO Dollars ($250.00) each, including accrued interest on the unpaid balance to the date of such payments, the first of such instal1ments shall become due and payable on or before August 10, 1962, and like install- ments in the sum of Two Hundred Fifty and no/IOO Dollars ($250.00) shall become due and payable on or before the 10th day of the next nine (9) succeeding calendar months, and the last and final instal1ment for the balance then owing on said note shall become due and payable on or before June 30, 1963; and 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%) attorneyrs 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 Mayor and City Clerk