HomeMy WebLinkAbout1958-42 Authorizing Village to Borrow $25,000Page 4.�J
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RESOLUTION #42
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VTTJ.AGE OF NORTH PALM BEACH, FLORIDA,
AUTHORIZING THE VILLAGE TO BORROW THE SUM OF TWENTY-FIVE THOUSAND DOLLARS ($25,000.00) IN
ANTICIPATION OF RECEIPT OF TAXES TO BE LEVIED FOR THE CALENDAR YEAR 1958.
WHEREAS, the Village of North Palm Beach is in need of certain monies for the pur-
pose of defraying the cost and expense of operating the Village government for the current
calendar year; and
WHEREAS, the Village Council has estimated and determined that the sum of TWENTY-
FIVE THOUSAND DOLLARS ($25,000.00). will be sufficient for the purposes set forth above; and
WHEREAS, the Charter of the Village of North Palm Beach, and particularly Section
3 (3) of Article V, authorizes the borrowing of such money, on a temporary basis, in antici-
pation of taxes and other appropriated revenue to be received by the Village;
NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED BY THE VTT.T,AGE 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 of Riviera Beach, Florida, the sum of TWENTY-FIVE
THOUSAND DOLLARS ($25,000.00), in the name of and on behalf of the Village of North Palm
Beach.
Section 2. That the total sum of TWENTY-FIVE THOUSAND DOLLARS ($25,000.00) may
be borrowed in such amounts and at such times as may be deemed advisable by the Village -Council,
upon the execution of notes bearing interest at a rate not to exceed four per cent. (4%) per
annum. Interest shall run on each said note executed pursuant to this section from the date
of the advance of money evidenced thereby, and each said note shall further become due and
payable not later than the 1st day of January, 1959, from the proceeds of taxes levied for
the year 1958.
PASSED AND ADOPTED this 27th day of May, 1958.
(SEAL)
ATTEST:
Village Clerk
Mayor