1959-64 Authorizing Village to Borrow $30,000
RESOLUTION # 64
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW THE SUM OF THIRTY
THOUSAND DOLLARS ($30,000.00} IN ANTICIPATION OF RECEIPT OF TAXES TO
BE LEVIED FOR THE CALENDAR YEAR ].959.
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 of THIRTY THOUSAND DOLLARS ($30,000.00) will be sufficient far
the purposes 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 RESOLVED BY THE VILLAGE
OF NORTH PALM BEACH, FLORIDA:
Section 1. That the Mayor or Vice-Mayor and Village Treasurer
be and they are hereby authorized to borrow from the Riviera Beach Bank
of Riviera Beach, Florida, the sum of THIRTY THOUSAND DOLLARS ($30,060.00),
in the name of and on behalf of the Village of North Palm Beach.
Section 2. That the total sum of THIRTY THOUSAND DOLLARS
($30,000.00) 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 a rate not to exceed four per cent. (4%) 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, 1960, from the proceeds of taxes levied for the year 1959.
PASSED AND ADOPTED this 31st day of Auqust 1959.
(SEAL)
ATTEST:
Village Clerk