1963-164 Authorizing the Village to Borrow $16,700n
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RESOLUTION N0. 164
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALA1 BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROSV
THE SUM OF SIXTEEN THOUSAND SEVEN HUNDRED DOLLARS ($16, 700.00)
IN ANTICIPATION OF RECEIPT OF TAXES TO BE LEVIED FOR THE CALENDAR
YEAR 1963.
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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 government for the current calendar year;
and
WHEREAS, THE Village Council has estimated and determined
that the sum of SIXTEEN THOUSAND SEVEN HUNDRED DOLLARS ($16,700.00)
will be sufficient for the purposes set forth above; and
iVHEREAS, the Charter of the Village of North Palm Beach,
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and particularly Section (3) of Article V, authorizes the borrow-
ing 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 PALR9 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 SIXTEEN THOUSAND SEVEN
HUNDRED DOLLARS ($16,700.00) in the name of and on behalf of the
Village of North Palm Beahh.
Section Z. That the total sum of SIXTEEN THOUSAND SEVEN
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HUNDRED DOLLARS ($16,700.00) 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, 1964, from the proceeds. of taxes levied for the year
1963.
• RESOLUTION NO. 164
PASSED AND ADOPTED this 2nd day of July, 1963.
(SEAL)
ATTEST:
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