1959-26e
A RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY OF A PROMISSORY NOTE IN THE AMOUNT
OF $22,000.00 TO THE BANK OF NEW SMYRNA AND
ALSO AUTHORIZING THE PLEDGE OF CIGARETTE TAX
MONEY FROM THE CITY OF EDGEWATER, FLORIDA,
AS SECURITY FOR SAID OBLIGATION.
WHEREAS, the City of Edgewater, Florida, deems It necessary and
expedient to borrow the sum of $22,000.00 to pay for the erection
and construction of the City Hall and the furniture, furnishings
and equipment situated and located therein; and,
WHEREAS, the amount of the Cigarette Tax received by the City
of Edgewater, Florida, for the past fiscal year was slightly more
than five thousand dollars; and,
WHEREAS, It is expedient and necessary for the said City of
Edgewater, Florida, to execute and deliver a promissory note to the
Bank of New Smyrna, the total sum of said note being $22,000.00, the
funds from said note to be used for the payment of the erection and
construction of the City Hall, City of Edgewater, Florida, and for
the furniture, furnishings and equipment situated and located therein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORIDA:
SECTION 1. That the Mayor and City Clerk of the City of Edgewater,
Volusia County, Florida, are hereby authorized and directed to make,
execute and deliver to the Bank of New Smyrna a promissory note in
the sum of $22,000.00, said note to bear interest at the rate of 5%
per annum, and to be repayable in sixty consecutive monthly payments,
the proceeds from said note being used to pay for the erection and
construction of the City Hall, City of Edgewater, Florida, and for
the furniture, furnishings and equipment situated and located therein.
SECTION 2. That said promissory note is to be secured by a
pledge of the Cigarette Tax money derived by the City of Edgewater,
Volusia County, Florida, which Cigarette Tax is now unpledged and un-
incumbered and will remain so until said obligation is fully paid.
1959-,426
BE IT FURTHER RESOLVED that all resolutions or parts of
resolutions in conflict herewith be, and the same hereby are
rescinded.
The above and foregoing resolution was presented by Councilman
Frora who moved its adoption, said motion being seconded by
Councilman ;"arse and upon roll call vote, said resolution
was duly declared adopted at the specialmeeting of said Council
held June 2, 1959, the vote on said roll call of said Council being
as follows:
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