R-337-53 RESOLUTION NO. 337
WHEREAS, the Golf Course. and Country Club owned by Miami
Shores Village is in need of certain equipment; and
WHEREAS, it is necessary to make certain additions to the
Country Club; and
WHEREAS, the Village is without the necessary funds with which
to pay for those improvements and equipment, which will cost $45, 000. 00; and
WHEREAS, the People's National Bank of Miami Shores has agreed
to lend the Village said sum, repayable in three years in quarterly install-
ments of $3, 750. 00, with interest at 376 per annum, upon the execution and
delivery to said Bank of a Certificate of Indebtedness executed by the Village;
NOW THEREFORE, BE IT RESOLVED BY MIAMI SHORES
VILLAGE:
That the Village borrow from the People's National Bank of Miami
Shores the sum of $45, 000. 00 payable in three years in quarterly installments
of $3, 750. 00 with interest at 376 per annum, and that the Mayor and the Village
Clerk execute a Certificate therefore on a form to be approved by the Village
Attorney;
BE IT FURTHER RESOLVED, that the said Village and its officials
shall in no wise be liable for any of the sums of money represented by such
Certificate of Indebtedness, but the same shall be payable solely from the
proceeds arising from the operation of said Golf Course and Country Club,
and the taxing power of this Village shall never be exercised for the purpose
of raising funds to pay for said Certificate or any part thereof.
ADOPTED this November 9th, 1953.
Mayor
c
V-111age Clerk
CERTIFICATE
MIAMI SHORES VILLAGE does hereby certify that pursuant to
a resolution adopted by its Council under date of November 9, 1953, it
promises to pay to the order of People's National Bank of Miami Shores
Village, a National banking corporation, the sum of Forty-Five Thousand
Dollars ($45, 000. 00) with interest thereon at 3% per annum, which said
sum is payable to said Bank in quarterly installments of Thirty-Seven
Hundred Fifty Dollars ($3, 750.00), the first of said installments being due
and payable on March 1, 1954, and a like sum being due each three months
thereafter until the whole sum, with interest as aforesaid, is fully paid.
Interest on said sum or the balance remaining from time to time shall be
paid at the same time the quarterly installments of the principal are paid.
This Certificate shall in no wise be construed as a personal
obligation of the said Village or any of its officials, and shall be payable
solely from the proceeds derived from the operation of the Miami Shores
Golf and Country Club, and the taxing power of said Village shall never be
exercised or taxes collected for the purpose of payment of the money
represented hereby.
If suit is necessary to enforce the terms of this Certificate or the
collection hereof, the Village agrees to pay out of proceeds of the operation
of said Country Club, in addition to the principal and interest collected by
said suit, a reasonable attorney's fee for the holder's attorney.
No transfer of this Certificate shall be valid or binding upon the
Village unless prior notice thereof is given to the Village.
IN WITNESS WHEREOF, the said Miami Shores Village has caused
this Certificate to be executed in the name of the Village and the seal thereof
to be affixed, this November 9th, 1953.
MIAMI SHORES VILLAGE
ATTEST: By ,
Its Mayor
Its Cler