2003-004 SouthTrust Bank LoanRESOLUTION 04-2003
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A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, APPROVING LOANS WITH SOUTHTRUST BANK IN AMOUNT OF
$271,000.00 FOR PURCHASE OF A FIRE ENGINE AND $132,000.00 FOR PURCHASE OF A
TRUCK AND VARIOUS COMPUTER EQUIPMENT; AUTHORIZING AND DIRECTING THE
MAYOR AND VILLAGE CLERK TO EXECUTE AND DELIVER LOAN DOCUMENTS WITH
SOUTHTRUST BANK UPON REVIEW AND APPROVAL BY THE VILLAGE ATTORNEY;
AND, PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA:
Section 1. The Village Council of the Village of North Palm Beach, Florida, does hereby approve
the following loans with SouthTrust Bank:
1. Loan in amount of Two Hundred Seventy-One Thousand ($271,000.00) Dollazs for purchase
of a fire engine repayable over seven (7) years at 3.82 percent per annum fixed rate;
2. Loan in amount of One Hundred Thirty-Two Thousand ($132,000.00) Dollars for purchase
of a truck and various computer equipment repayable over three (3) years at 2.93 percent per
annum fixed rate.
Section 2. The Mayor and Village Clerk are hereby authorized and directed to execute promissory
note and loan documents with SouthTrust Bank upon the review and approval of all such
documentation by the Village attorney.
Section 3. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED THIS 9th DAY OF JANUARY, 2003.
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ATTEST:
VILLAGE CLERK