1961-106 Authorizing Village to Borrow $7500RESOLUTION NO. 106
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
' PALM BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROW THE SUM OF
SEVENTY-FIVE HUNDRED DOLLARS ($'7,500.00) IN ANTICIPATION OF RECEIPT
OF TAXES TO BE LEVIED FOR THE 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 construction and equip-
ing a maintenance and fire house building; and
WHEREAS, the Village Council has estimated and determined that
• the sum of SEVEi~ITY-FIVE HUNDRED DOLLARS ($7,500.00) will be sufficient for
the purposes set forth above; and
WHEREAS, the Charter of the Village of North Palm Beach, and
particularly Section 3 (3) of Article :, authorises 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 of North Palm Beach,
Florida, the sum of SEVENTY-FIVE HUNDRED DOLLARS ($7,500.00) in the name of
and on behalf of the Village of North Palm Beach.
Section 2. That the total sum of SEVENTY-FIVE HUNDRED DOLLARS
($7,500.00) May be forrowed in such amounts and at such times as may be
deemed advisable by the Village Council upon the executikn of notes bearing
interest at a rate not to exceed five per cent (5~) per annum. Interest
shall sun on each said note executed pursuant to this section from the date
. of the advance o£ money evidenced thereby, and each said note shall further
become due and payable not later than ;the 1st day of February, 196,
from the proceeds of taxes. levied for the year I96I.
PASSED AND ADOPTED thi<; 11th day of Aril 1961.
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,
v
E'crZ'ssrn.s.~.
Mayor
(SEAL)
' ATTEST:
Village Clerk