R-351-55 s
MOLUTION NO„ 3. ..51..�.�
WISHMs by Resolution Now 3391,_adopted November 91 1953,t
the Coundil of Miami. Shores Village resolved to borrow from the
Peoples National bank of Miami Shores the sun of $45,000,000 to pay
for necessary equipment to be installed in and additions to be mad*
to the Miami Shores Village Oolf Course and Country Club] and
WI tEASt' there is a bxlanoe stilt 'remaining due and unpaid
on the certificate issued pwcsuant to that resolution of $18#750.,009
and
WRLIOM} it Is necessary"to, purchase additional equipment
. . for the Count* Club# the +eost' of which equipment will be $159000,00,
and to defray whiah the Village is without surplus fun da g and no ,pro.,,
vision .has been made in the budget for the levying of tax which will
produce, sueh moneys in the date future, and
Wi t B# the said bank has agreed to advance the additional
$159000*00' &M has required the village to issue a new certificate
in the total amount of the balance due upon the old certificate and
the amount .to be advamod for additional ,coneys#
N $ THUWOBBI
88 IT RBSOLVBD BY MCMI SBOSES VILLM that the Village
borrow from the `Faoples stational Bank of Miami Shores the aura of
W t OOO*00 t which, when added to the balance reining an the certi-
ficate issued pursuant to resolution No. 337, viii constitute an in-
d•btednass from the Village to the bank of 43397,50.O0P which sum shall
be payable in quarterly installments of $3r750«00 each with interest
at 3 per scent per an .p the first of such ins---Uments; becoming due
three months after tba data of the certificate and a like sum being
payable every quarter thereafter and that %be Mayor. and the Village
Clark execute a certificate therefor in a form to be approved by the
Village Attorney$ and
r
Es IT FURTHER RESOLVER that upon delivery of said certifi-
cate, the officials of this Village receive from the Peoples National
Bank the certificate dated November 9, 1953, issued pursuant to
Resolution No. 337: and
IN IT FURTHER RESOLVED that the said Village and its offl-
cials shall in no viae be liable for wW of the sums of money repro-
seated by such certificate of indabtrmdness, but the same shall be
payable solely from the proceeds arising from the operation of said
Golf Coarse and Country Club, and the taxing parer of this Village
shall never be exercised for the purpose of raising funds to pay for
said certificate or any, part thereof.
PASSED AND ADOPTED this day of Septembers 1955.
WORVILLkGB ' .
G
C
w 2 •
MIAMI SHQUS FILUGE does hereby oertify that pursuant to
a resolution adopted by its Council under date of September 20e 19559
it promises to M to the order of Peoples National Dank of Miami
Shores Village 9 a national bwAking corporationg the sum of Thirty-
Three Thousand Seven H=dred Fifty Dollars ($339750.00) with Interest
thereon at 3 per cent per ateg which said sums is payable to said
Samik Icor quarterly Im tally ants of Thirtjr-3eeen HwAred Fifty Dollars
03,750.00 * the first of said installments being due aid payable on
December 1f 1955t and a 11M sum being due each three months there-
after until the whole sun„ with interest as aforesaid t 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 *ball in no wise be construed as a personal
obligation of the so4d V11J ►ge or any of its officials g 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 exe i*ed or des collooUd for the purpose
of payment of the money represented. hereto►.
If suit is necessary to enforce the terms of this CertifI-
aate or the collection hereof# the Village agrees to pay out of that
proceeds of the operation of said Country Clubs In addition to the
principal and interest collected by said suitq a Treasonable attorney's
fee for the holder f t attorney.,
No transfer ,of this certificate shall be valid or binding
upon the Village unless prior notice thereof is given to the Yillage.
IS WIT=8 WISREGF9 the said Miami Shore* Village has caused
this certificate to be *=c►uted in the name of the Village and the
seal thereof to be affiX*de this September -;1-0 9 1955•
MIAMI SHORES VILLAGE
ATTEST t
11#0
s mayor
is C erk
By
Its Village Manager
i