R-567-74 RESOLUTION NO. 567
A RESOLUTION APPROVING A SHORT-TERM
LOAN OF $50, 000. 00 FROM THE PEOPLES FIRST
NATIONAL BANK OF MIAMI SHORES FOR THE
OPERATION OF THE COUNTRY CLUB.
WHEREAS, the Miami Shores Country Club, a department of Miami Shores
Village, is currently without funds to conduct normal and routine affairs; and
WHEREAS, the said Country Club expects to receive shortly sums of
money sufficient to pay all necessary expenses incurred in the operation of said
club; and
WHEREAS, Miami Shores Village must of necessity borrow $50, 000. 00 for
such operations before dues are collected for the fiscal period beginning October
1, 1974; and
WHEREAS, Peoples First National Bank of Miami Shores has agreed to
loan to Miami Shores Village the aforesaid $50, 000. 00 with interest thereon from
date at the rate of 6% per annum for a period not to exceed 120 days at which time
the said Country Club will repay said loan with interest as aforesaid.
NOW, THEREFORE, BE IT RESOLVED, that Miami Shores Village, a
municipal corporation, is hereby authorized to borrow from said bank the said
sum of $50, 000. 00 and that the Mayor and Village Clerk of Miami Shores Village
be and they are hereby authorized and directed to carry this resolution into effect
and are to have the authority to make, execute and deliver to said bank a prom-
issory note representing the said loan in a form customarily used by the bank.
BE IT FURTHER RESOLVED, that in performing said acts, the said
Mayor and the Village Clerk are not personally liable for anything done by them
pursuant to this resolution nor have either of them represented to the said bank
in any way that the said Village is legally authorized to execute said instrument.
PASSED and ADOPTED this 17th day of September, 1974.
k
W. Condit
ATTEST:
Village Clerk