R-582-75 RESOLUTION NO. 582
A RESOLUTION APPROVING LOAN OF $150, 000. 00
FROM THE PEOPLES FIRST NATIONAL BANK OF
MIAMI SHORES FOR THE OPERATION OF THE COUNTRY
CLUB.
WHEREAS, Miami Shores Country Club is currently without funds
to conduct normal and routine affairs;
WHEREAS, it appears advisable to secure a loan of $150, 000. 00
from the Peoples First National Bank of Miami Shores to pay off the existing
loan of $45, 000. 00 to said bank and make available the remaining funds for
its operations;
NOW, THEREFORE, BE IT RESOLVED, that Miami Shores Village,
a municipal corporation, is hereby authorized to borrow from the Peoples
First National Bank of Miami Shores the sum of $150, 000. 00, to use a portion
thereof to pay said existing loan to said bank and use the remaining proceeds
for the operations of said Miami Shores Country Club, said loan to be over a
period of not more than 10 years, at an interest rate not exceeding 6% per
annum and payable in equal annual payments of principal and accrued interest
on the principal balance from time to time outstanding with the privilege of
prepayment at any time without penalty, said loan to be repaid from revenues
of the operation of the Miami Shores Country Club in excess of its necessary
operating costs, 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 March, 1975.
MaycS
ATTEST: �
Village Clerk