R-1961-3 - Laserfiche WebLink

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e . STATE OF TEXAS I --------- I / "..'.COUNTY OF HARRIS I . ~ESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF ELEVEN THOUSAND ONE HUNDRED DOLLARS ($11, lOO. 00), TO BE EVI- DENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY l, 1961 AND END- ING JUNE 30, 1962, AND FURTHER SECURED BY A CHATTEL MORTGAGE ON ONE CERTAIN FIRE TRUCK. WHEREAS, it has been deter.mined by the City Com,mission of the City of La Porte that a necessity exists to borrow the sum of Eleven Thousand One Hundred Dollars ($ll, lOO. 00), for payment of balance of the purchase consider- ation of that one certain Fire Truck, hereinafter described, and that the antici- ,.-' -, /r '., : . ..' HUNDRED THIRTY-ONE THOUSAND EIGHT HUNDRED SIXTY-FIVE DOLLARS ($23l, 865. 00); and pated current revenue from ad valorem taxes will amount to approximately TWO WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed to make the City a loan in said sum, to be paid with four percent (4%) per annum interest thereon, on or before the 30th day of June, 1962; and WHEREAS, the City will have current revenues fro.m the collection of said taxes available and sufficient to pay said obligation at maturity: NOW. THEREFORE. BE IT RESOLVED BY THE CITY COMMISSION ,//~ OF THE CITY OF LA PORTE. TEXAS. that the Mayor and the City Clerk . ~Director of Finance) be authorized to issue a promissory note of the City of La Porte. to be designated "Tax Anticipation Note for the Fiscal Year beginning July l, 1961 and ending June 30, 1962", such note to be in the principal sum of Eleven Thousand One Hundred Dollars ($ll, 100.00), to bear interest at the rate of four percent (4%) per annum until maturity, with the usual provision for interest at the rate of six percent (6%) per annum on past due principal and interest and ten percent (lO%) attorney's fees, such note to be due and payable on or before the 30th day of June, 1962, that said note be sold by the City of La Porte to the La Porte State, Bank at La Porte, Texas, at not les s 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 indehtedness thereby evidenced shall be fully binding upon the City; and