HomeMy WebLinkAboutRes 1965-242 Village to Borrow $50,000•
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RESOLUTION NO 242-65
A RESOLUTION OF THE VILLAGE COUNCIL, NORTH PALM BEACH, FLORIDA, AUTHORIZING THE VILLAGE
TO BORROW THE SUM OF FIFTY THOUSAND DOLLARS ($50,000.00) IN ANTICIPATION OF TAXES AND OTHER REVENUE
LEVIED IN THE FISCAL YEAR 1964-65 AND REPAYABLE ON OR BEFORE OCTOBER 31, 1965.
WHEREAS, the Village of North Palm Beach is in need of certain moneys 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 ($50,000.00) will be sufficient for the purposes set forth above; and
WHEREAS, the Charter of the Village of North Palm Beach, and particularly Section 3 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; and
WHEREAS, the Village of North Palm Beach in its original budget adopted for the fiscal year
1964-65 has shown anticipated revenues from taxes and other sources remaining to be collected during
said fiscal year in the sum of NINEY-FIVE THOUSAND DOLLARS ($95,000.00):
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL 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 ($50,000.00) from First Marine Bank of Riviera Beach, Florida,
in the name of and on behalf of the Village of North Palm Beach, Florida, and to be repaid on or before
October 31, 1965, at an interest rate of not more than five per cent (5%) per annum.
Section 2. The proceeds of this loan shall be used only for current operating expenses of
the Village government as set forth in the original budget for the fiscal year 1964-1965.
Section 3. Resolution No. 240-65 is hereby repealed.
PASSED AND ADOPTED this 7th day of July, 1965.
(SEAL)
ATTEST:
Village Clerk
Thomas R. Bell, Vice Mayor
Allan V. Everard, Councilman
MAYOR
Gordon G. Duncan, Councilman
Herbert A. Watt, Councilman