R-412-61 RESOLUTION NO. 412
WHEREAS, it has been determined to construct six tennis courts
and a small tennis clubhouse on the Village Golf Course property; and
WHEREAS, the Village is without the necessary funds with which
to pay for these improvements and equipment which will cost $25, 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 annual installments
of $5, 000. 00, with interest at 4jo 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 $25, 000. 00 payable in five years in annual installments
of $5, 000. 00 with interest at 4% 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, tennis
courts 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.
PASSED AND ADOPTED this 17th day of January, 1961.
Mayor
ATTEST:
Village Clerk
• rM-
CTIA ll�iATV
UlAMI SHOREt VU#LAQX does-bersby certify that' r;vbaat'io
a resole titsx�odolatei by its Conseil vetidsr,duke of,aaatiws r'I'f," 19b1.. it protmises
,to pay: tis old" of P"plsf 9,Htuam" Bank of Miami s Korea Village, 4 .
ban rd aoe►pc►YMi'm the two 'Tw*w Farre,T'housaxrid:Dollars
045440i,il@j wide' ea st twteos at d%i per sanum, which said suza is
ps�rablo. +s. sa > UA.io +l�aa 'it t+t►11�►*aa s *f Five, 31moand ars (0,000.00).
the first-of said installawats bsfag Amm'"d payable on January I3, 1962,
a like sum tieiag dvu�r Ost Jsmarr ISth thereafter
tr until the whole Own'. .with
iatorost-as sdeersshid is fishy paid.°. Interest,'ou said sum or the balance.r#-
maiming frow time to;time shall:,be paid at the same time the annual install-
xxtelift of:%* principal, are 141d.
TM* Cortilieate shall in :1o`reoe be construed as r person
obliSat `n at the said 'V dilag a or ate►sof its officials. and shall,be payable
solely from the proceeds dorivvd fsoia`the operation of the;Miami Wwros Y.
(Ulf:s:►d Gev►ntaty Club a>s►d te*xtiss aolusts ' and the tasiuS power sail vuuge
*ball_ savor he exercised, or taxes collected for the purpose of p&YUw et at
the xaoney ;trpsssaatod be"by,
It-suit is nn+eces sary to *sure* the terms of this'C+itetific"O or the
coUoetion he reef. the Village agrees;to pay>+out of proceeds of the operation
of said,Coma -i► Club a s testes -4onrisw in addition to,the`p►rincip" asd
ate`Groot 00134aw by said mit, a reasonable attorneys fes for the helder'e
attosrarp.
No-traa"fer of this Ce"Iftate, shall be valid or binding Upon the
Village unless prior notice thereof is ,givtwb to the Village. ,
IH WITi $8 WHSIt�t3F, fibs sas�id Misaae Shoxes :V#llag+e -bas
caused this Certifiaate. to be executed in the name of the Village and the
seal tumseof sa be affixed this Jaeeuary 11, 1,961
MIAMI SHORW V11,4wAGIC
Its &dayor
ATTNBT