Authorizing Borrowing - $4,800.00 - 06-03-1957RESOLUTION NO.
RESOLUTION AUTHORIZING THE BORROWING OF
AND SETTING FORTH THE TERMS
OF SA D LOAN.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDGEWATER, 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 powers of the City, reading as follows:
N... 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 fis—
cal year...."
the maximum amount it can borrow during the current fiscal year, end—
Ing on October 31, 1957, as provided by Section 367 of its Charter, is
said amount 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 offrom the Bank of New Smyrna, paying
a simple interest rate of 5% per annum, said loan to be due on October 31,
1957, said loan to be secured by a Note of the City of Edgewater, which
Note is to be in the form reouired by the Bank of New Smyrna. 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 acknowledgment as may be required by the Bank of New Smyrna.
The above Resolution was read in full and passed by the vote of the
City Council of the City of Edgewater, Florida, at a regular meeting
on the 3rd day of June, 1957, the vote of said Council on roll call
being as follows:
proved by me this 3rd day
of June, A. D. 1957.