R-79-249 - 9/30/1979WHEREAS, Section 8.07 of the Home Rule Charter for the
City of Round Rock provides for the borrowing of money in
anticipation of the collection of ad valorem property taxes,
and
WHEREAS, it is necessary to borrow money to purchase a
Myers Sewer Cleaner, and
WHEREAS, the Council wishes to authorize the borrowing
from First National Bank of Round Rock of Eight Thousand,
Three Hundred, Eighty -Nine and 29 /100 Dollars ($8,389.29) for
that purpose, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS, THAT
The Mayor is hereby authorized and directed to execute
on behalf of the City, a Tax Anticipation Note to First
National Bank of Round Rock in the amount of Eight Thousand,
Three Hundred, Eighty -Nine and 29/100 Dollars ($8,389.29), a
copy of said note being attached hereto and incorporated
herein for all purposes.
ATTEST:
RESOLUTION NO. 0?
LARRY L. TONN, M yor
City of Round Rock, Texas
PRTISSORY NOTE
Loan # 6802 Renewal $8,389.29
Round Rock, Texas September 30, 1979
FOR VALUE RECEIVED, The City of Round Rock, Texas promises to pay to the
order of First National Bank of Round Rock, P.O. Box 5, Round Rock, Texas
78664, at said address, the sum of $8,389.29 plus interest, payable in
consecutive monthly installments of $297.58 each principal including interest.
The first installment to be due and payable on the 1st day Novemeber, 1979 and
the remaining installments to be due and payable the same date of each
succeeding month hereafter, with the balance of the note plus interest being
due and payable on the 30th day of September, 1980. Interest on this note
is at the rate of 3.7 %.
BORROWER shall pay interest after maturity at the highest legal rate and
if this note is collected through judicial proceedings, BORROWER shall pay
the amounts actually incurred by HOLDER as court costs and attorney's fees
assessed by a court. BORROWER shall have the right at any time during regular
business hours to prepay this note in full plus accrued interest. BORROWER
shall pay additional interest for default at $.05 per $1.00 of any installment
due and remaining unpaid for 10 days or more. This note is secured by security
interest on the following property:
One (1) MHV2 - 3SA Myers Sewer Cleaner with 500' of 5/8" hose.
This note is made pursuant to Section 8.07 "Borrowing in Anticipation of
Property Taxes" of the Home Rule Charter for the City of Round Rock, Texas.
Borrower further warrants to Bank that it is authorized to execute this note
and is not in violation of any law, its charter, or any other agreement or
instrument binding upon it. Borrower will also deliver to Bank the proper
borrowing resolution for this purpose.
BORROWER hereby acknowledges that this Note was completed as to all
essential provisions and disclosures before it was signed by BORROWER
add a copy thereof was delivered to BORROWER at time of signing.
City of Ro Rock