R-419-62 RESOLUTION NO. 419
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 these improvements and equipment; and
WHEREAS, the People's National Bank of Miami Shores has
agreed to lend the Village $100, 000. 00 with which to pay for said improvements
and to pay the outstanding balance of $15, 000. 00 remaining due on the loan
authorized by Resolution No. 381, repayable in five years in quarterly install-
ments of $5, 000. 00 with interest at 3jo per annum, the first principal payment
becoming due January 1, 1963, 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 $100, 000. 00 payable in five years in quarterly installments
of $5, 000. 00 with interest at 3jo per annum, and that the Mayor and the Village
Clerk execute a Certificate therefor on a form to be approved by the Village
Attorney;
BE IT FURTHER RESOLVED, that the said Village and its officials
shall in no wise be liable for any of the sums of money represented by such
Certificate of Indebtedness, but the same shall be payable solely from the
proceeds arising from the operation of said Golf Course and Country Club, and
the taxing power of this Village shall never be exercised for the purpose of
raising funds to pay for said Certificate or any part thereof.
ADOPTED this January 16, 1962.
Mayor
ATTEST:
Village Clerk
crItTIrICATE
MIAMI SHORES VILLAGE does btrooy,certify that puranaet to a
resolution,adopted_by its Council winder date of damuary lb, 19620, it.promises4
to pay,to the order of People's:National Bazk of 'Miami Shores Vilisge, a national
banking;corporation. the sum of One Hundred Thousand, Dollars {glAO,000.00)
with interest thereon at Aper annum.- which said.sum to payable m said Bank
in quarterly iastaliments of Five .Thbusand Dollars ($S,000 00), the first of
said installments being doe and payable on January 1# 2963. and a like. sum
being due each three months thereafter until the'wRhols 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-ite officials.. and shall be payable solely
from the proceeds derived from` tb4 opesation;of the Miami Shores, Golf and
Country Club, and the taxing power of said Village shall never be exercised or
taxes colleeted for the ,purpose of payment.of the money represented hereby.
Ifsuit is necessary to enforce tbee'tearms'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 ;attorne.y.
No transfer of this Certificate shall be valid or binding upon the
Village unless prior notice thereof.is given to.the Village.
IN WITIOM WHEREOF, tit said Miami Shores Village hos caused
this Certificate to be executed in the name of the Village and the seal thereof to
be affixed. this Ja=ary lb, 1962..
MIAMI SHORES VILLAGE
lay
to Sayor
ATTEST:'
Its C ez