R-0697-80 RESOLUTION NO. 697-80
RESOLUTION APPROVING SHORT TERM LOAN NOT IN EXCESS OF $600,000.00
FROM PEOPLES FIRST NATIONAL BANK OF MIAMI SHORES 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, 1950, and ,
WHEREAS, Peoples First National Bank of Miami Shores
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 6/ per annum for a maximum period of 120 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
Peoples First National Bank of Miami Shores up to the sum of
$600,000.00 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 $600,000.00, with a maturity date not in excess
of 120 days, and interest at the rate of 65,.' 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,
PASSED AND ADOPTED this 16th day of September
1980.
MAYOR
ATTEST: •
b
ILLAGE CLERK
2 -
PROMISSORY NOTE
$ 600,000.00
Miami Shores, Florida
October 1 , 1980
One Hundred Twenty days after date, the undersigned,
MIAMI SHORES VILLAGE, hereinafter called Maker, promises to pay to
the ,order of PEOPLES FIRST NATIONAL BANK OF MIAMI SHORES,
------------------ Six Hundred Thousand --------- DOLLARS,
for value received, with interest at the rate of 6/ 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. The maker agrees to pay all costs of col-
lection, including a reasonable attorney' s fee, in case the principal
of this note or any payment on the principal or interest thereon is
not paid at the respective maturity thereof. This note and deferred
interest payments shall bear interest at the rate of 712- per annum
from maturity until paid. This note issued pursuant to authorization
contained in Resolution no. 697-80 , Miami Shores, Village,
which resolution is made a part hereof by reference thereto.
M I SHORE GE
SEAL
MA R
cJ (SEAL)
ILLAGE CLERK
No.
Due