R-395-59 RESOLUTION NO. 395
WHEREAS, it is necessary to construct an auto and truck testing
station at the Village nursery, and
WHEREAS, the Village is without the necessary funds with which
to pay for said construction and equipment which will cost $30, 000. 00, and
WHEREAS, the Peoples National Bank of Miami Shores has agreed
to lend the Village said sum repayable in five equal annual installments of
$6, 000 with interest at 3-1/2 per cent per annum upon the execution and delivery
to said bank of a Certificate of Indebtedness executed by the Village. Prepay-
ment in whole or in part may be made at any time.
NOW, THEREFORE, BE IT RESOLVED BY MIAMI SHORES
VILLAGE:
That the Village borrow from the Peoples National Bank of Miami
Shores the sun of $30, 000.00 payable on or before five years after date in
five equal annual installments of $6, 000 with interest at 3-1/2 per cent 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 suns of money represented by such Certificate of Indebtedness,
but the same shall be payable solely from the proceeds arising from the
operation of said Auto and truck inspection station and proceeds arising from
the Cigarette Tax revenue of the Village, 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.
PASSED AND ADOPTED this 17th day of March, 1959.
May
ATTEST:
Village Clerk U/
CZRT1r A
MUM S.HORZS V1I•I AGZ does hereby certify that pursuant
to a resolution adopted by its Council under data of Ddarah I9, 19s9, it
promises,to pay to the order of Peoples National Bank of Wami Mores Village.
a natiosal banaking corporation. the sum of $30.000.00 with interest thereon
at 3-1/t per cont per aaawn. which said ovum is payable to said Bank is.anneal.
iastallmosts of $6.000.00 each, the first of said iastallums" being,dto s and
payable on April IS, 1960. and a like sum being due;each year thereafter
until the whole sum. with interest as aforesaid. is fully paid. bdorost on
said sum or the balance remaining from time to time shall be paid at the
same dost the annual installments of the principal are paid.- Prepayment in
whole or in part May bo,mods at aay umo*
To *4 paymont of the principal ant interest and the cost of
collootiea,, inslud s# re&"&bls attorney's fees represssted by this'certifi-
etata. the said Village Use hereby Ov#vocably pledge the proceeds derived ,
from the trptrstion of a muAlcipal .auto and track inspection station to be coag►
stracted and equipped on the;property owned by the Village at the Village
Nurscery, as well as the funds derived by the Village from the taxes Brom the
sale of cigarettess as is now authorised by Chapter 010.02, 7F'.S. This
Certificate ohall not be construed as the direct or "moral empties of the
said Village. nor *ball any of its officials be personally liable thcroon and
the taxing power of said Village for the levying and collection of ad valorem
tame upas the pre*erty of shit is"bitams of this Village shall never be
levied fog tho purpose of paying any money "presented hereby..
If suit is necessary to enforce thw termw of this Certificate. or
the contetion hereef, the Village agrees to pay out of this proceeds of the
operation of said autsr'and truck inspection station and Glgar,quo Ta: Revenue,
is addition to the principal and interested collected by said suit. a reasetn•
able attorney's fes for-the holder's attorney.
.lam
NO.tw*W40x of wa tot"Aake A,"'"be d-,it bitrdwn8 vioA
#hs''YUUX*;wa oss prior safts ttie�r - s .ai�+�ea► tot Yi11aSs.
IN wrrNzss winmzo o tle saw miand' shmos Yivap has
esus d t Crrtltica►te to to emontsd id the us=e ci the VM&g* sad
tit a*&I`t wrwd to be sttimd tW Ikk day of A,prU* 1"9. .
MIAMI SHORES VILLAOZ:
BY
ATTXSTs
02-