R-1963-22 - Laserfiche WebLink

Browse Search

e e RESOLUT ION NO. 22-63 STATE OF TEXAS ) ) ) .e COUNTY OF HARRIS RESOLUTION AUTHORIZING THE CITY OF lA PORTE TO BORROW THE SUM OF TWENTY-NINE THOUSAND, ONE HUNDRED THIRTY-THREE AND 55/100 DOLLARS ($29,133.55), TO BE EVIDENCED BY TAX ANTICIPATION NOTE, PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BE~INNING JULY 1, 1963 AND ENDING JUNE 30, 1964, AND FURTHER SECURED BY A CHATTEL MORTGAGE OF EVEN DATE HEREWITH ON THOSE CERTAIN CARS, TRUCKS AND EQUIPMENT AS DESCRIBED THEREIN. WHEREAS, it has been determined by the City Commission of the City of La Porte that a necessity exists to borrow the sum of TWENTY-NINE THOUSAND, ONE HUNDRED THIRTY-THREE AND 55/100 DOLLARS ($29,133.55), and 4It that the anticipated current revenue from ad valorem taxes will amount to approximately TWO HUNDRED NINETY FIVE THOUSAND, EIGHT HUNDRED SIX AND NO/lOO DOLLARS ($295,806.00); 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 three per cent (3%) per annum interest thereon, on or before the 30th day of June, 1964; and WHEREAS, the City will. hav.e 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, 1963 and ending June 30, 1964", such note to be in the principal sum of TWENTY-NINE THOUSAND, ONE HUNDRED THIRTY-THREE AND 55/100 DOLLARS ($29,133.55) 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 principal and intereest and ten per cent (10%) attorney's fees, such note to 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 and delivered to said Bank, with a copy of this resolution, such indebtedness thereby evidenced shall be fully binding upon the City; and e BE IT FURTHER RESOLVED THAT the City furhter secure the payment of said note be a Chattel Mortgage on those certain trucks, cars and equipment as follows: