1960-87 Authorization for Village to Borrow $5,500i RESOLUTION N0. 87
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
' BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW THE SUM OF FIVE THOUSAND
FIVE HUNDRED ($5,500.00) IN ANTICIPATION OF RECEIPT OF TAXES TO BE LEVIED
FOR THE CALENDAR YEAR 1960.
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' WHEREAS,
monies for the pur
Village government
WHEREAS,
• FIVE THOUSAND FIVE
forth above; and
the
?ose
for
the
HUN
Village of North Palm Beach is in need of certain
o£ defraying the cost and expense of operating the
the current calendar year; and
Village Council has determined that the sum of
BRED ($5,500.00) is necessary for the purpose set
WHEREAS, the Charter of the Village of North Palm Beach, and parti-
cularly 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 and Village Treasurer be and they are
hereby authorized to borrow from the First American Bank o f North Palm
Beach, Florida, the sum of FIVE THOUSAND FIVE HUNDRED DOLLARS ($5,500:00) in the
name of and on behalf of the Village of North Palm Beach.
Section 2. That the total sum of FIVE THOUSAND FIVE HUNDRED
DOLLARS ($5,500.00) may be borrowed at such time as may be deemed advisable
by the Village Council upon the execution of notes bearing interest at a
rate not to exceed five percent (5%) per annum. Interest shall run on each
said note executed pursuant to this section £rom 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 o£ February, 1961, £rom the proceeds of
taxes levied for the year 1960.
(SEAL)
PASSED AND ADOPTED this 12th day of July, 1960.
~~ ~~ A
Mayor - --
' ATTEST: ~~
Village Clerk