HomeMy WebLinkAbout1960-83 Authorization for Village to Borrow $15,000•
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RESOLUTION #83
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW
THE SUN OF FIFTEEN THOUSAND DOLLARS ($15,000.00) IN ANTICIPATION
OF RECEIPT OF TAXES TO BE LEVIED FOR THE CALENDAR YEAR 1960.
WHEREAS, the Village of North Palm Beach is in need of
certain monies for the purpose 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 FIFTEEN THOUSAND DOLLARS ($15,000.00) 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 borrow-
ing of such money, on a temporary basis, in anticipation of taxes
and other appropriated revenue to be received by the Village;
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 First American Bank
of North Palm Beach, Florida, the sum of FIFTEEN THOUSAND DOLLARS
($15,000.00) in the name of and on behalf of the Village of North
Palm Beach.
Section 2.: That the total sum of FIFTEEN THOUSAND DOLLARS
($15,000.00) 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 five per cent.
(5%) 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 February, 1961, from
the proceeds of taxes levied for the year 1960.
(SEAL)
ATTEST:
PASSED AND ADOPTED this loth day of May, 1960.
Mayor
Village Clerk