1964-199 Village to Borrow $50,000• RESOLUTION N0, ~ 1964
' A RESOLUTION OF THE VILLAGE COUNCIL, NORTH PALM BEACH, FLORIDA, AUTHORIZING THE VILLAGE
TO BORROW THE SUM OF FIFTY THOUSAND DOLLARS 050,000.00) IN ANTICIPATION OF TAXES TO BE LEVIED
FOR THE CALENDAR YEAR 1964.
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' 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 governemnt for the current fiscal
year; and
• WHEREAS, the Village Council has estimated and determined that the sum of FIFTY THOUSAND
DOLLARS 050,000,00) 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:
NOW, THEREFORE BE IT AND IT IS HEREBY RESOLVED BY THE VILLAGE OF NORTH PALM BEACH, FLORIDA;
Section 1. That the Mayor and Village Treasurer be and they are hereby authorized to
borrow the sum of FIFTY THOUSAND DOLLARS (,50,000,00) in the name of and on behalf of the Village
o£ North Palm Beach, Florida.
Section 2, That the total sum of FIFTY THOUSAND DOLLARS ($50,000.00) 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, 1965, from the proceeds of taxes levied for the year 1964.
PASSED AND ADOPTED this ~ day of .dune, 1964.
Mayor
' (SEAL)
ATTEST:
Village Clerk