1963-166 Authorizing the Village to Borrow $30,000• RESOLUTION N0. 166
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
' NORTH PALD4 BEACH, FLORIDA, AUTHORIZING THE VILLAGE TO BORROGN THE
SU64 OF THIRTY THOUSAND DOLLARS ($30,000.00) IN ANTICIPATION OF
TAXES TO BE LEVIED FOR THE CALENDAR YEAR 1963.
' 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 North Palm Beach Country Club for the current
fiscal year; and
WHEREAS, the 1!illage council has estimated and determined
that the sum of THIRTY THOUSAND DOLLARS ($30,000.00) will be
sufficient for the purposes set forth above; and
A'HEREAS, 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:
NOSY, THEREFORE BE IT AND IT IS HEREBY RE5OLVED.BY THE
' VILLAGE COUNCIL OF NORTH PALDI BEACH, FLORIDA;
Section 1. That the Alayor and Village Treasurer be and
they are herby authorized to borrow from the First American Bank
of North Palm Beach, Florida, the sum of THIRTY THOUSAND DOLLARS
($30,000.00) in the name of and on behalf of the Village of North
Palm Beach, Florida.
Section 2. That the total sum of THIRTY THOUSAND DOLLARS
($30,000.00) may be borrotaed 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 amnum. 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 Februaray1964,
from the proceeds of taxes levied for the year 1963.
• RESOLUTION N0. 166
PASSED AND ADOPTED this (p~~day of August, 1963.
(SEAL)
' ATTEST:
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