HomeMy WebLinkAboutRes 1965-240 Village to Borrow $50,000RESOLUTION N0.-65
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A RESOLUTION OF THE VILLAGE COUNCIL, NORTH PALM BEACH, FLORIDA, AUTHORIZING THE VILLAGE
TO BORROW THE SUM OF FIFTY THOUSAND DOLLARS ($50,000) IN ANTICIPATION OF TAXES TO BE LEVIED FOR
THE CALENDAR YEAR 1965.
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 fiscal year; and
WHEREAS, the Village Council has estimated and determined that the sum of FIFTY THOUSAND
DOLLARS ($50,000) will be sufficient for the purposes set forth above; and
WHEREAS, the Charter of the Village of North Palm Beach, and particularly Section 3 of
Article V, authorizes the borrowing of such money, on a temporary basis, in anticipation of tones
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 the Village Treasurer be and they are hereby authorized to
borrow the sum of FIFTY THOUSAND DOLLARS ($50,000) in the name of and on behalf of the Village of
North Palm Beach, Florida.
Section 2. That the total sum of FIFTY THOUSAND DOLLARS ($50,000) 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 the 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 advance of money evidenced
thereby, and each said note shall further become due and payable not later than the 1st day of
February, 1966, from the proceeds of taxes levied for the year 1965.
PASSED AND ADOPTED this 22nd day of June, 1965.
(SEAL)
ATTEST:
Village Clerk
MAYOR