1960-88 Authorization for Village to Borrow $5,000
RESOLUTION N0. 88
A RESOLUTION OF THE VILLAGE COUNCIL OF-THE VILLAGE OF NORTH
' PALM BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW THE SUM OF FIVE
THOUSAND DOLLARS ($5,000.00) 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 o£ FIVE THOUSAND DOLLARS ($5,000.00) will be sufficient for the
purpose 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
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 RESOI.VEI1 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 DOLLARS ($5,000.00), in the name of and
on behalf of the Village of North Palm Beach.
Section 2. That the total sum of FIVE THOUSAND DOLLARS ($5,600.00)
may be borrowed in such amounts and at such times as may be deemed advisable
by the Village Council upon tl~e execution of notes bearing interest at a rate
not to exceed five per cent (`~%) 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.
~ C,w. ~. ,
(SEAL)
PASSED AND ADOPTED this
ATTEST: ~ ~~}
' ~ '\.~.~KgQ1n.
Village Cler
day of .196.0.
~.~ ~~--
~_ -- - ayor -
n
~~