HomeMy WebLinkAbout1956-09 Village to Borrow Sum of $25,000Page 9
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RESOLUTION #9
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW THE SUM OF TWENTY-FIVE
THOUSAND DOLLARS ($25,000.00).
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WHEREAS, the Village of North Palm Beach is in need of certain
monies for the expenses and support of the Village government during the
first year of the existence of this municipality, and for the costs and ex-
penses incident to the incorporation thereof; and
WHEREAS, the Village Council has estimated and determined the
needed amount to be the sum of Twenty-five Thousand Dollars ($25,000.00);
and
WHEREAS, the Charter of the Village of North Palm Beach, and
particularly Section 5 of Article 7, authorizes the borrowing of such money
in anticipation of revenue and taxes to be received by the Town;
NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED BY THE VILLAGE OF
NORTH PALM BEACH, FLORIDA:
Section 1. That the Mayor and Village Treasurer be and they are
hereby authorized to borrow from the Riviera Beach Bank the sum of Twenty-
five Thousand Dollars ($25,000.00) in the name of and on behalf of the
Village of North Palm Beach, Florida, said loan to be at an interest rate
not to exceed four per cent. (4%) per annum and shall be repayable not later
than one year after the date of the making of such loan.
Section 2. Said monies shall be used to provide for the expenses
and support of the Village government during the first year of its experience
and for the costs and expenses incident to its incorporation, as such amounts
may be by resolution hereinafter affixed and determined.
Section 3. Said monies shall be repaid from any revenues or taxes
received by the Town during the period when this loan is unpaid.
PASSED AND ADOPTED this 26th day of November, 1956.
(SEAL)
ATTEST:
S/ R. C. Tufford
Village Clerk
S/ Charles A. Cunningham
Mayor