1961-110 Authorizing Village to Borrow $5700
RESOLUTION NO. 110
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
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BEACH, FLORIDA, AUTHORIZIlVG THE VILLAGE TO BORROW THE SUM OF FIFTY-SEVEN
HUNDRED DOLLARS ($5,700.00) IN ANTICIPATION OF RECEIPT OF TAXES TO BE
LEVIED FOR ]'HE CALENDAR YEAR 1961.
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WHEREAS, the Village of North Palm Beach is in need of certain
monies for the purpose of defraying the cost of a feasibility study of the
North Palm Beach Cou~itry Club in connection [with an offer to purchase said
property; and
WHEREAS, the Village Council has estimated and determined that the
sum of FIFTY-SEVEN HUNDRED DOLLARS ($5,700.00) will be sufficient for the
purposes set forth above; and
WHEREAS, the Charter of the Village of North Palm Beach, and particu-
larly Section 3 (3) of Article V, authorizes the borrowing of such money
on a temporary basis, in anticipation of taxes and other appropriated revenue
to be received by the Village;
NOW, THEREFORE, BE IT AND IT IS HERE$~'ZRESQL\IEIJ $Y THE VILLAGE OF
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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 FIFTY-SEVEN HUNDRED DOLLARS ($5;700.00) may be borrovaed
in such amounts as may be deemed advisable by the Village Council upon the
execution of notes bearing interest at a 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 the advance on money evidenced thereby, and
each said note shall further become due and payable not later than the 1st
day of February, 1962, from the proceeds of taxes levied for the year 1961.
PASSED AND ADOPTED this 9th day of May 1961.
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Mayor
(SEAL)
ATTEST:
'~- Asa,,,.
illage Clerk