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<br />. STAtE OF TEXAS )
<br />'- . )
<br />COUNTY OF HARRIS )
<br />-.--........
<br />/-- _ ~SOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF THREE THOUSAND
<br />,. ~E HUNDRED SEVENTY-EIGHT AND 38/100 DOLLARS ($3,378.38), TO BE EVIDENCED BY
<br />~. Ax ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL
<br />-... fEAR BEGINNING JULY 1, 1961 AND ENDING JUNE 30, 1962, AND FURTHER SECURED BY A
<br />CHATTEL MORTGAGE ON ONE CERTAIN DIESEL TRACTOR, AND EQUIPMENT.
<br />
<br />..i.. _
<br />
<br />WHEREAS, it has been de~ermined by the City Commission of the City of
<br />
<br />La Porte that a necessity exists to borrow the sum of Three Thousand Three Hundred
<br />
<br />Seventy-Eight and 38/100 Dollars ($3,378.38), for payment of b1ance of the purchase
<br />
<br />consideration of that one certain Diesel Tractor, hereinafter described, and that the
<br />
<br />anticipated current revenue from ad valorem taxes will amount to approximately TWO
<br />
<br />HUNDRED THIRTY-ONE THOUSAND EIGHT HUNDRED SIXTY-FIVE DOLLARS ($231,865.00); and
<br />
<br />WHEREAS, the La Porte State Bank at La Porte, T~xas, has agreed to
<br />
<br />make the City a loan in said sum, to be paid with four percent (4%) per annum
<br />~.'-~nterest thereon, as hereinafter described; and
<br />
<br />'~ WHEREAS, the City will have current revenues from the collection of
<br />
<br />said taxes available and sufficient to pay said obligation at maturity:
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
<br />
<br />LA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance) be authorized
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<br />to issue a promissory note of the City of La Porte, to be designated "Tax Anticipation
<br />
<br />Note for the Fiscal Year beginning July 1, 1961 and ending June 30, 1962", in the sum
<br />
<br />of Three Thousand Three Hundred Seventy-Eight and 38/100 Dollars ($3,378.38), said
<br />
<br />note due and payable in nine (9) monthly installments, the first eight (8) of which
<br />
<br />shall be in the sum of Two Hundred Six and 25/100 Dollars ($206.25) each, including
<br />
<br />.1.......---..........,
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<br />\ccrued interest on the unpaid balance to the date of such payments, the first of
<br />
<br />.e
<br />
<br />~ch installments shall become due and payable on or before November 10., 1961, and
<br />
<br />like installments in the sum of Two Hundred Six and 25/100 Dollars ($206.25) shall
<br />
<br />become due and payable on or before the 10th day of the next seven (7) succeeding
<br />
<br />calendar months, and the last and final installment for the balance then owing on
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<br />said note shall become due and payable on or before June 29, 1962; with the usual
<br />
<br />provision for interest at the rate of six percent (6%) per annum on past due princi-
<br />
<br />pal and interest and ten percent (10%) attorney's fees, that said note be sold by
<br />
<br />the City of La Porte to the La Porte State Bank at La Porte, Texas, at not less
<br />
<br />than par value. When such note has been duly executed by the Mayor and City Clerk
<br />~
<br />. I \~nd delivered to said Bank, with a copy of this resolution, such indebtedness thereby
<br />
<br />~ evidenced shall be fully binding upon the City; aud
<br />
<br />'"
<br />
<br />BE IT FURTHER RESOLVED that the City furbher secure the payment of said
<br />
<br />note by a Chattel Mortgage on that one certain Diesel Tractor described as follows:
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