R-585-75 RESOLUTION NO. 585
A RESOLUTION EXTENDING LOAN BY APPROVING
DEMAND LOAN OF $40,000.00 FROM THE PEOPLES
FIRST NATIONAL BANK OF MIAMI SHORES IN
CONNECTION WITH OPERATION OF THE COUNTRY
CLUB.
WHEREAS, by Resolution No. 577, a short-term loan
of $45,000.00 from Peoples First National Bank of Miami Shores
was approved, for use in connection with the operation of the
Miami Shores Country Club, and
WHEREAS, said loan has been reduced to $40,000.00,
but has matured and, of necessity, must be renewed, and
WHEREAS, said Bank has agreed to renewal on a demand
basis, at an interest rate of six (6/) percent per annum, with
the understanding that monthly principal reductions of $2, 500.00
plus interest will be made.
NOW, THEREFORE, BE IT RESOLVED, that Miami Shores
Village, a municipal corporation, is hereby authorized to borrow
from said Bank the said sum of $40,000.00, payment of the same
to be made solely from excess revenues of the Country Club, 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 authorized to make, execute and
deliver to said Bank a demand promissory note dated April 25,
1975, in said amount, 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 thi y 6 day of May, 975.
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Donald W. McIntosh
Mayor
ATTEST:
Village Clerk
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