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<br />e <br /> <br />e <br /> <br />RESOLUTION NO.68- 69 <br /> <br />STATE OF TEXAS ) <br />COUNTY OF HARRIS ) <br /> <br />. <br /> <br />RESOLUTION AUTHORIZING THE CITY OF LA PORTE TO BORROW THE SUM OF FORTY THOUSAND <br />AND NO/100 DOLLARS ($40,000.00), TO BE' EVIDENCED BY TAX ANTICIPATION NOTE, <br />PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE FISCAL YEAR BEGINNING JULY 1, 1968 <br />AND ENDING JUNE 30, 1969. <br /> <br />WHEREAS, it has been determined by the City Commission of the City of <br />La Porte that a necessity exists to borrow the sum of FORTY THOUSAND AND NO/lOa <br /> <br />DOLLARS ($40,000.00), and that the anticipated current revenues from ad valorem taxes <br /> <br />will amount to approximately THREE HUNDRED TWENTY FIVE THOUSAND AND NO/lOa DOLLARS <br />($325,000.00); and <br /> <br />WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed to <br /> <br />make the City a loan in said sum, to be paid with three and one-halt per cent <br /> <br />(3-1/2%) per annum interest thereon, on or before the 30th day of June, 1969; and <br /> <br />WHEREAS, the City will have current revenues from the collection ot <br /> <br />e <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 />LA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance) be <br /> <br />authorized to issue a promissory note of the City of La Porte, to be designated <br /> <br />"Tax Anticipation Note for the Fiscal Year beginning July 1, 1968 and ending <br />June 30, 1969, ~uch note to be in the principal sum ot FORTY THOUSAND AND <br />NO/lOO DOLLARS ($40,000.00), to bear interest at the rate of three and one-half <br />per cent (3-1/2%) per annum until maturity, with the usual provision for interest <br />at the rate of six per cent (6%) per annum on past due principal and interest <br /> <br />I <br />and ten per cent (10%) attorney's fees, such note to be due and payable 'on or <br /> <br />e <br /> <br />before the 30th day of June, 1969, that said note be sold by the City of La Porte <br /> <br />to the La Porte State Bank at La Porte, Texas, at not less than par value, When <br /> <br />, <br /> <br />such note has been duly executed by the Mayor and City Clerk and delivered to said <br /> <br />Bank, with a copy of this resolution, such indebtedness thereby evidenced shall <br /> <br />be fully binding upon the City; and <br /> <br />BE IT FURTHER RES.OLVED that the City of La Porte hereby appropriates <br />and set aside the sum of FORTY THOUSAND and NO/lOa DOLLARS ($40,000.00) out of the <br /> <br />current revenues from the collection of ad valorem taxes for the payment of such <br /> <br />indebtedness. <br /> <br />AND IT IS SO ORDERED. <br /> <br />APPROVED ~~ PASSED this the <br />tit by the City Commission. <br /> <br />14th <br /> <br />day of August, 1968 <br /> <br /> <br />Porte, Texas <br />