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R-381-58
RESOLUTION NO. 381 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 $75, 000. 00; and WHEREAS, the People's National Bank of Miami Shores has agreed to lend the Village said sum, repayable in five years in quarterly installments of $3, 750. 00, with interest at 3% per annum, upon the execu- tion 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 $75, 000. 00 payable in five 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 therefor 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 July 24, 1958. MIdr Atte st: ---a Village Clerk r dERTIFICATZ 71 MIAMI SHORES 1 VIL LAME,drat hereby, ce rtio that pursuant to' a esa u+ ion �rlap d bar�ites Colluct undo data 3 g 4� 195 , it proms � to pay to._the order 'oPeapteas.'itetiowd Saar o� �iiiami S ins as 'Yllla e, : n ation al a cia�g or oration. the quip of veinity dive �' saud Dollars - national 75, 4.04 1bWrest thearae>e� at 3 o per as itua i ,. Said, Sum is - payabl+e to said Bad in �u e�a�ly f�fiallsnut►ts cif �q.�era�ers Hv►ndred . - iEfty ailars ( S 790.00 , the titrpt cif Baia least ii>�ieant being due and p yabie an.®wsto ar 1, 19 8, and a ire s bet due each three a�4a�►thq 8hereaftear. Atli the rh rle a a, h rest ani alare iai& is IOU paid, _ Iote'yrea >t on eaid�deuce or:thu b uce a 6e : re s ti a® + t shall iib 1 ltd at the'ra�e tip _the quarterly la�t�al�e>rke e►f the �ra�la�cipai�i era Iaa�i�f This Cc ificate'eha,it.ia d' ae peraoioal obligation of Ow said V"i<ila�e err � of its �ffiaittals: "and a;'har�it be i�aYabie. solely frons't ie aro Ceds �,earived'from' the_"a�e+ra an ofrot carni Shtra e Qolf,and.couutry;Club, aad the t ijg mer of. sant Vfila; a e&ail nearer bee �i tear�eateatd or ens t►ilecteeifoa� tho pu .,:p pa ei uf.the rmmo y reg�ra� 4 seated hereby,, If snit is tseunsuury o ea�rforce the t�erras of the Ce�r>ifi;e ate oac the collection hereof, the Village agre""'`ta y.c�ut of p�ee+rda>t �`t�r operatio of sa�tr fro ry ivb, lea addition to the parit ci I and laterareat ealiected �y - , a�aid suit, 'a reaatouable att*rae« 0 fee f+or'.the h©ideri's attaraay. No trausfei of thio Certificate,shaltbe valid or bfnc ag vpdt*_ Village ualesSParior notice t w oot is givoh161iii_Vfllage. IN 'i' »l'+x^.88 E; 3 t , 1 +d mid..]6tianafC Shdrea V$llaa a:3 s caveed than Ceartifi+cate to be eacecut d of tie 'Vi ae:sand the Beal thereof_ - to be affi l; Wje Aust i. T9 d. tAI fiHORES +AL'3 x `= V j t r A 4UST -t t� $ ; CIO r