O-68-37 MIAMI SHORES VILLAGE
ORDINANCE NO. (�
AN ORDINANCE RELATING FURTHER TO DEPOSIT AND DISBURSEMENT
OF GOLF COURSE MORTGAGE FUNDS; AND TO THE MORTGAGE ACCOUNT.
BE IT ORDAINED BY MIAMI SHORES VILLAGE:
Section 1. That for the purpose of receiving the best available
return of interest on the balance of the golf course mortgage funds to
be received by the Village from Bessemer Properties, Incorporated, the
Golf Course Committee is hereby authorized upon receipt thereof to
deposit the unexpended balance of said mortgage funds with Bessemer
Properties, Incorporated, subject to withdrawal upon order of said
Committee in any amounts, at any times, upon condition that said Company
pay interest ,at the rate of 5% per annum on the balances of actual
amounts of said funds from time to time remaining on deposit with said
Company, the said interest to be added to said funds and paid to the
Village at the withdrawal of the last remaining part of the principal of
said funds.
Section 2. That the Village Manager is directed to state the
account under said mortgage with Bessemer Properties, Incorporated, and
to report to the Council the items of said account and the balance received
in cash.
UNANIMOUSLY AND REGULARLY PASSED AND ADOPTED by the
Council of Miami Shores Village, DecemberrJ�_, 1937.
ATTEST: MAYOR
VILLAGE MANAGER