HomeMy WebLinkAboutResolution No. 1976-16 - - MICROFILMED
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RESOLUTION NO. 76-16
A RESOLUTION AUTHORIZING THE CITY OF CAPE CANAVERAL
TO BORROW UP TO $50,000 FROM THE FIRST NATIONAL BANK
OF CAPE CANAVERAL FOR A PERIOD NOT TO EXCEED TWELVE
(12) MONTHS AT SIX (6) PERCENT INTEREST PER ANNUM;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Cape Canaveral is in need of
borrowing up to the sum of Fifty Thousand ($50,000. 00) Dollars
0 for a period not to exceed twelve (12) months for the general
fund; and
WHEREAS, the City shall have sufficient funds within
twelve (12) months with which to repay said shortterm loan; and
WHEREAS, the First National Bank of Cape Canaveral
, -
is willing to lend said sum to the City at an interest rate of
six percent (6%) per annum, with said loan to mature not later
than twelve (12) months.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF CAPE CANAVERAL, FLORIDA, AS FOLLOWS:
SECTION 1. The City of Cape Canaveral is hereby
authorized to borrow up to the sum of Fifty Thousand Dollars
($50,000. 00) at the interest rate of six percent (6%) per annum,
from the First National Bank of Cape Canaveral, Florida; said
principal and interest to be payable within twelve (12) months
from date.
SECTION 2. The Mayor of the City of Cape Canaveral
is hereby authorized to execute promissory notes from time to time
as required to meet the financial obligations of the City on the
terms set forth in Section 1 hereof.
SECTION 3. This Resolution shall become effective
immediately upon its adoption by the City Council of the City of
Cape Canaveral.
ADOPTED, BY THE CITY COUNCIL OF THE CITY OF CAPE I
CANAVRA:13-4AVAROA-'7_,THIS 1 DAY OF April , 1976.
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"'City Attorney )mURM