R-0616-76 RESOLUTION NO. 616
A RESOLUTION APPROVING A SHORT-TERM LOAN
OF $30, 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 $30, 000. 00
for such operations before dues are collected for the fiscal period beginning
October 1, 1976; and
WHEREAS, Peoples First National Bank of Miami Shores has agreed
to loan to Miami Shores Village the aforesaid $30, 000. 00 with interest thereon
from date at the rate of 5-1/4% per annum for a period not to exceed 300 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 $30, 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 5th day of October, 1976.
k./VQ
Donald W. McIntosh
Mayor
ATTEST:
Village Clerk