R-577-75 RESOLUTION NO. 577
A RESOLUTION APPROVING A SHORT-TERM LOAN
OF $45, 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, Miami Shores Village heretofore borrowed $50, 000. 00
from Peoples First National Bank of Miami Shores; and
WHEREAS, Miami Shores Village must of necessity extend said
loan presently in the amount of $45, 000. 00; and
WHEREAS, Peoples First National Bank of Miami Shores has agreed
to extend the previous loan to Miami Shores Village by the execution of a new
note in the amount of $45, 000. 00 with interest thereon from January 25, 1975,
at the rate of 6% per annum for a period not to exceed 90 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 $45, 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 promissory 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 4th day of February, 1975.
41 d
id i tip.' k"'Z111�
r
Mayor
ATTEST.
Village Clerk