HomeMy WebLinkAboutRes 1961-106 Authorizing Village to Borrow $7500c
RESOLUTION NO, 106
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGEOF NORTH
PALM BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW THE SUM OF
SEVENTY-FIVE HUNDRED DOLLARS ($7,500,00) IN ANTICIPATION OF RECEIPT
OF TAXES TO BE LEVIED FOR THE CALENDAR YEAR 1961.
WHEREAS, the Village of North Palm Beach is in need of certain
monies for the purpose of defraying the cost of construction and equip-
ing a maintenance and fire house building; and
WHEREAS, the Village Council has estimated and determined that
the sum of SEVENTY-FIVE HUNDRED DOLLARS ($7,500.00) 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
moneyj 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;
Sbction 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 SEVENTY-FIVE HUNDRED DOLLARS ($7,500.00) in the name •of
and on behalf of the Village of North Palm Beach.
Section 2. That the total sum of SEVENTY-FIVE HUNDRED DOLLARS
($7 500.00) May be forrowed in such amounts and at such times as may be
deemed advisable by the Village Council upon the executibft of notes bearing
interest at a rlate 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 thatithe lbt day of February. , 1962,
from the proceeds of taxes •levied for the year 1961.
PASSED AND ADOPTED this lith day of • Aloril • , 1961.
' soot 1,
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ATTEST:
Village Clerk
Mayor