R-0681-79 .r
RESOLUTION NO. 681-79
RESOLUTION APPROVING SHORT TERM LOAN NOT IN EXCESS OF
$150, 000.00 FROM THE FIRST STATE BANK OF MIAMI TO BE USED
AS PAYMENT OF OPERATION EXPENSES OF MIAMI SHORES VILLAGE
WHEREAS, Miami Shores Village is currently without
funds necessary to pay its current operating expenses, and
WHEREAS, Miami Shores Village expects to receive sums
of money sufficient to pay all necessary expenses in the immediate
future, and
WHEREAS, Miami Shores Village must of necessity borrow
the required funds for such operation before tax revenues are
collected for the fiscal period beginning October 1, 1979, and
WHEREAS, The First State Bank of Miami has agreed to
loan to Miami Shores Village the necessary funds to pay its
current operation expenses, with interest thereon from date at
the rate of 7 1/2/ per annum for a maximum period of 60 days,
at which time the said Miami Shores Village will repay said
loan, with the interest as aforesaid,
NOW, THEREFORE, BE IT RESOLVED that Miami Shores Village,
a municipal corporation, is hereby authorized to borrow from said
The First State Bank of Miami up to the sum of $150, 000.00 to be
used in payment of current operating expenses of Miami Shores
Village, 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, or notes,
totaling not more than $150,000.00, with 60-day maturity date,
and interest at the rate of 7 1/2/ per annum, in a form which
shall include the provisions of this resolution by reference thereto.
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 lLjdA of No r, 1979.
MAYO
ATTES
VILLA CLERK
2 -
PROMISSORY NOTE
$ 150,000.00 Miami, Florida, 1979
Sixty days after date, the undersigned, MIAMI SHORES VILLAGE,
hereinafter called Maker, promises to pay to the order of THE FIRST
STATE BANK OF MIAMI,
DOLLARS, for value received, with interest at the
rate of 7 1/2/ per annum from date until paid. The Maker, endorsers,
guarantors, sureties, and all other parties to this note, agree to
waive demand, notice of non-payment and protest.
NO. Due MIAM SHORES GE
ZZA
SEAL)
Mayor
f
,s I
SEAL)
VilZKge Clerk