Authorizing Borrowing $3,575.00 - 12-01-1955RESOLUTION NO.
A RESOLUTION AUTHORIZING THE BORROWING OF $ 75.00
AND SETTING FORTH THE TERMS OF SAID LOAN
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDGaIATER, FLORIDA:
Section 1: The City Council of the City of Edgewater, Florida finds
that under the provision of its charter in section 7 thereof providing
for nowers of the city, reading as follows:
"...to borrow money for current expenses, provided any
amount so borrowed shall not exceed an amount equal to
twenty-five percent of the revenue derived from taxation
during any fiscal year..."
the maximum amount it can borrow during the current fiscal year,
ending on October 31, 1956, as provided by Section:67 of its charter,
is $ 6056 , 0 9 . said amot$rt being 25% of the revenue to be derived
from taxation during this fiscal year.
Section 2: The City of Edgewater, Florida, be and is hereby authorized
to borrow the sum of $3575*00 from the Bank of New Smyrna, paying a
simple interest rate of 5% per annum, said loan to be due on October 31,
1956, said loan to be secured by a Note of the City of Edgewater, which
note is to be in the form required by the Bank of New Smyrna, and, if
-required by the Bank of New Smyrna, may be secured bi* a lien upon the
property purchased by Ordinance No. The form of said Note shall
be approved by Fred R. Brannon, Jr., City Attorney, and shall be executed
by the Mayor, Attested by the City Clerk, with the seal of the City of
Edgewater affixed thereto, with such witnesses and acknowledgement as
may be required b, the Bank of New Smyrna.
Section 3: The proceeds of said loan are to be used for the purchase
Of the equipment described in Ordinance No. 5_S_ •
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The above Resolution was read in Rill and passed by the vote of the City
Council of the City of Edgew ater, Florida, at a special meeting on the
1st day of cember, A. D. 1955, the vote of said Council on roll call
being as follows:
(Continued -Page 1)
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Councilman
Attest:
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Approved by me this 1st day of December, A. D. 1955.
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