HomeMy WebLinkAbout1960-87 Authorization for Village to Borrow $5,500•
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RESOLUTION NO. 87
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW THE SUM OF FIVE THOUSAND
FIVE HUNDRED ($5,500.00) IN ANTICIPATION OF RECEIPT OF TAXES TO BE LEVIED
FOR THE CALENDAR YEAR 1960.
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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 determined that the sum of
FIVE THOUSAND FIVE HUNDRED ($5,500.00) is necessary for the purpose set
forth above; and -
WHEREAS, the Charter of the Village of North Palm Beach, and parti-
cularly Section 3 (3) of Article V, authorizes the borrowing 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 FIVE THOUSAND FIVE HUNDRED DOLLARS ($5,500.0O) in the
name of and on behalf of the Village of North Palm Beach.
Section 2. That the total sum of FIVE THOUSAND FIVE HUNDRED
DOLLARS ($5,500.00) may be borrowed at such time as may be deemed advisable
by the Village Council upon the execution of notes bearing interest at a
rate not to exceed five percent (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 12th day of July, 1960.
Village Clerk
a
a
Mayor