R-497-69 RESOLUTION NO. 497
A RESOLUTION AUTHORIZING THE BORROW-
ING OF $28, 173. 66 FROM PEOPLES FIRST
NATIONAL BANK AND EXECUTION OF A CER-
TIFICATE OF INDEBTEDNESS FOR SAID SUM,
TO FINANCE A STREET PAVING PROGRAM.
WHEREAS, Miami Shores Village has embarked upon a
program of paving or resurfacing certain streets in said Village and in order
to take advantage of a low bid price on asphalt concrete and to finish the pro-
gram earlier than expected, it has become necessary to borrow the sum of
money specified; and
WHEREAS, said program has now been completed at a cost
of $28, 173. 66 over the amount appropriated by the Village for the payment
thereof for the current fiscal year; and
WHEREAS, it is necessary that the aforesaid sum be
borrowed in order to pay the amount due on said street paving,
NOW, THEREFORE, BE IT RESOLVED by the Miami Shores
Village Council:
1. That the officers of this Village be authorized to borrow
from the Peoples First National Bank of Miami Shores the sum of $28, 173. 66
to be repaid six months after this date at the rate of 4-1/2 percent per annum
and that they be authorized to execute in the name of the Village a Certificate
of Indebtedness payable to said bank for said sum and upon said terms.
2. That none of the officers of the said Village or members
of the Village Council shall be personally liable for the payment of the said
Certificate or any part thereof, but the same shall only constitute an obliga-
tion of said Village.
PASSED AND ADOPTED this June 3rd, 1969.
Mayor
ATTEST:
Village Clerk
CERTIFICATE
MIAMI SHORES VILLAGE does hereby certify that
pursuant to a resolution adopted by its Council under date of
June 3, 1969, it promises to pay to the order of PEOPLES FIRST
NATIONAL BANK OF MIAMI SHORES, a national banking corporation,
the sum of $28,173.66 with interest thereon at 4-1/2 per cent
per annum, which said sum is payable to said Bank six months
after date.
This Certificate shall in no wise be construed as
a personal obligation of any of the officials of said Village.
If suit is necessary to enforce the terms of this
Certificate, or the collection hereof, the Village agrees to
pay, in addition to the principal and interest collected by said
suit, a reasonable attorney's fee for the holder's attorney.
No transfer of this Certificate shall be valid
or binding upon the Village unless prior notice thereof is given
to the Village.
IN WITNESS WHEREOF, the said Miami Shores Village
has caused this Certificate to be executed in the name of the
Village and the seal thereof to be affixed, this day of
June, 1969.
MIAMI PIJORES VILLAGE
1
By.
Its Mayor
ATTEST:
Village -'"lerk
r
i.