R-463-66 RESOLUTION NO. 463
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 First National Bank of Miami Shores has
agreed to lend the Village $75, 000. 00 with which to pay for said improve-
ments in addition to the outstanding balance of $25, 000. 00 remaining due on
the loan authorized by Resolution No. 419, repayable in five years in quarterly
installments of $5, 000. 00 with interest at 4% per annum on the $75, 000. 00
and. 3% per annum on the $25, 000. 00, the first principal payment becoming
due October 1, 1966, 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 First National Bank
of Miami Shores the sum of $75, 000. 00 with interest at 4% per annum, in
addition to the outstanding balance of $25, 000 with interest at 3% per annum,
payable in five years in quarterly installments of $5, 000. 00, 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.
PASSED AND ADOPTED this September 20, 1966.
0
Mayor 9
ATTEST:
Village Clerk
to
CERTIFICATE
MIAMI SHORES VILLAGE does hereby certify that pursuant to
a resolution adopted by its Council under date of September 20, 1966, it
promises to pay to the order of People's First National Bank of Miami
es Rage, a national banking; corporation, the sum of One Hundred
liars ($100, 000. 00), which said sura is payable to said bank
installments of Five Thousand Dollars ($a, 000. 00) each, the
installments being due and payable on October 1, 1966 and a
ing due each three months thereafter until the whole sum with
ereinafter provided is fully paid.
aforesaid suns of One Hundred T housarid r,,ollars represents
$Z5, 000. 00 due on a previously issued certificate from the
e Bank on which the interest rate is 34,-0 and $75, 000. 00 which
vanced by the Bank to the Village under this certificate. Interest
resaid suss of One Hundred Thousand Dollars shall be payable at
time as the quarterly ihstallments- of principal are paid. On the
f the sum of $25, 000. 00 interest at the rate of 3Tj per annum shall
with the quarterly installments of principal. At the same time and
tion thereto the Village will;pay to the Bank a sum equal to 4% per
on the sum of $75, 000. 00, said interest being payable on the balance
i aainir_g unpaid from time to time until the full surd. of $100, 000. 00 with
terest thereon, as herein provicW, has been paid in full.
This Certificate shall in no wise be construed as a personal
t,ation of the said Village or any of its officials, and shall be payable
from the proceeds derive' from the operation of the Miaini Shores
. Country Club, and the taxing power of said Village shall never be
Ad or taxes collected for the purpose of payment of the money rept e-
If suit is necessary to enforce the terms of this Certificate or the
ion hereof, the Village 'agrees to pay out of proceeds of the operation
id Country C iub. in addition to the principal and interest collected by
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