HomeMy WebLinkAbout1957-29 Village to Borrow Sum of $10,000Page '7p
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RESOLUTION NO. 29
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AUTHORIZING TIE VILLAGE TO BORROW THE SUM OF TEN THOUSAND
DOLLARS.
WHEREAS,- the Village of North Palm Beach is in need of moneys for
the expenses and support of the Village government during the year 1957 prior
to the time when 1957 taxes become due and payable, and the amount of Ten
Thousand ($10,000.00) Dollars is the estimated sum presently need; and,
WHEREAS, the Charter of the Village, particularly Section 5 of
Article VII, authorizes the borrowing of such money in anticipation of taxes
to be received by the Village;
NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED BY THE VILLAGE
COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA:
Section 1. The officials of the Village be and they are hereby
authorized to borrow the sum of Ten Thousand ($10,000.00) Dollars from North
Palm Beach Properties, Inc., in the name of and on behalf of the Village of
North Palm Beach, Florida, said loan to be due and payable on or before
December 15, 1957, and to draw interest at 4% per annum, payable semi-annually,
but such interest shall not begin until December 15, 1957, and to execute the
proper notes to evidence such loan.
Section 2. Said moneys shall be repaid from any revenues or taxes
received by the Village during the period when this loan is unpaid.
(SEAL)
ArmST:
PASSED AND ADOPTED this 26th day of August, 1957.
Village Clerk
-Mayor