1963-165 Authorizing the Village to Borrow $15,000• RESOLUTION N0. 165
A RESOLUTION OF TIfE VILLAGE COUNCIL OF THE VILLAGE OF
' NORTH PALDt BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROI4 THE
SUM OF FIFTEEN THOUSAND DOLLARS ($15,000.00) IN ANTICIPATION
OF TAXES TO BE LEVIED FOR THE CALENDAR YEAR 1963.
' }NHEREAS, 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 fiscal year;
and
• N'HF.REAS, the Village Council has estimated and determined
that the sum of FIFTEEN THOUSAND DOLLARS ($15,000.00) will be
sufficient for the purposes set forth above; and
tVHEREAS, the Charter of the Village of North Palm Beach,
and particularly Section 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:
NOIt', THEREFORE BE IT AND IT IS HEREBY RESOLVED BY THE
' VILLAGE OF NORTH PALM BEACH, FLORIDA;
Section 1. That the D4ayor and Village Treasurer be and
they are hereby authorized to borrow from the First American Bank
of North Palm Beach, Florida, the sum of FIFTEEN THOUSAND DOLLARS
($15,000.00) in the name of and on behalf of the Village of North
Palm Beach, Florida.
Section 2. That the total sum of FIFTEEN THOUSAND DOLLARS
($15,000.00) 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 the rate not to exceed five percent
(50) 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 N0. 165
PASSED AND ADOPTED this ~_ day of August, 1963.
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Mayor
' (SEAL)
ATTEST:
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