1959-27A RESOLUTION AUTHORIZING THE EXECUTION AID
DELIVERY OF A CHATTEL NOTE AND MORTGAGE IN
THE AMOUNT OF $5,000.00 TO THE BANK OF NEW
SMYRNA
WHEREAS the City of Edgewater, Florida, deems it necessary
and expedient to borrow the sum of Five Thousand and No/100 ($5,000.00)
Dollars to pay for a certain piece of equipment known as a back hoe
more particularly hereinafter described; and,
WHEREAS, The Bank of New Smyrna has agreed to loan City of Edge-
water the sum of $5,000.00 bearing interest at the rate of 5% per
annum, with interest payable semi-annually, the principal being
payable on demand;
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 Edge-
water, Florida, are hereby authorized and directed to make, execute
and deliver tc the Bank of New Smyrna a chattel note and mortgage
in the sum of $5,000.00 said note to bear interest at the rate of
5% per annum, with interest payable semi-annually as aforesaid with
the principal being payable on demand, said obligation to be secured
by a chattel mortgage on the following described property, to -wit:
One 1959 Gasoline Ford Tractor - Model 841 Ser. No.
46638 W/over 8 under transmission, 14-24 rear tires,
and heavy duty front end.
One 1959 Arps 5 ft. Backfill Blade W/Dual Action
Controls, Model DAF-3 - Ser. No. 5733•
One 1959 Sherman Panther 12 ft. Digger, Model F-8
Ser. No. 3951 W/24" Shovel.
BE IT FURTHER RESOLVED that all resolutions or parts of resolu-
tions in conflict herewith be and the same hereby are rescinded.
The above and foregoing resolution was presented by Councilman
ampelfe who moved its adoptioh, said motion being seconded by
Councilman ?ro'a and upon roll call vote, said resolution
was duly declared adopted at the Special Meeting of said Council
1959427
held June 2, 1959, the vote on said roll call of said Comcll being
as follows:
9
onnciloan