HomeMy WebLinkAboutResolution No. 1975-26 MICROFILMED
OW. 4-10-80
RESOLUTION NO. 75-26
=ICI NO ASS
MACLAY 111 A RESOLUTION AUTHORIZING THE CITY OF CAPE
NICHOLAS 1111 CANAVERAL TO BORROW UP '10 $45,00.0 FROM THE
!MEI FIRST NATIONAL BANK OF CAPE CANAVERAL
FOR A PERIOD OF SEVEN MONTHS AT SIX PERCENT
1111111 '
eAtorima0121111111 INTEREST PER ANNUM; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of Cape Canaveral is in need
of borrowing uP-to-the sign of Forth-Five Thousand ($45,000.00) Dollars
for a period of Seven (7) months for the general fund;
and
WHEREAS, the City shall have sufficient funds
within seven (7) months with which to repay said short-
term loan; and
WHEREAS, the First National Bank of Cape Canaveral
is willing to lend said sum to the City at an interest
rate of 6%per annum, with said loan to mature in seven (7)
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 1W to_the sin of Fort -Five Thousand Dollars
( $45,000.00) 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
seven_ (3):Tmonth:s_fran date.
SECTION 2. The Mayor of the City of Cape Canaveral
is hereby authorized to execute pranissory_notes---from•tirne to -time as
required; ineettItheifinancial_obligationg,otithe Eti-t..-fonithetterinstset,
fdrth,:intSection-2heredf:- _ _
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
CANAVEWT40MA, THIS 1 DAY OF July , 1975.
- .:......,
Attest':- 1 I'
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