HomeMy WebLinkAboutResolution No. 1974-40 MICROFILMED
4-10-80
RESOLUTION NO. 74-40
A RESOLUTION AUTHORIZING THE CITY OF CAPE
CANAVERAL TO BORROW $30 ,000 . 00 FROM-THE -FIRST
NATIONAL BANK OF CAPE CANAVERAL FOR A PERIOD
OF SIX MONTHS AT FIVE PER CENT INTEREST PER
ANNUM; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Cape Canaveral is in need of
borrowing the sum of Thirty thousand dollars ($30 ,000 . 00)
for a period of Six (6) months for the general fund; and
I WHEREAS , the City shall have sufficient funds within
six (6) 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
5% per annum, with said loan to mature in six (6) 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 the sum of Thirty thousand dollars
($30 ,000 . 00) at the interest rate of five per cent (5%) per
annum, from the FirstNational Bank of Cape Canaveral, Florida;
said principal and interest to be payable six (6) months from
date .
SECTION 2 . The Mayor of the City of Cape Canaveral
is hereby authorized to execute a promissory note , on the terms
set forth in Section 1 hereof , on behalf of. the City of Cape
Canaveral , Florida.
SECTION 3 . This resolution shall become effective
immediately upon its adoption by the City Council of the City
(I] of Cape Canaveral .
ADOPTED BY THE CITY COUNCIL OF THE CITY OF CAPE-CANAVERAL ,
FLORIDA, THIS 16 DAY OF JULY , 1974 .
at\lAye
2ftl`• ',t°‘ =Vet
ri M yor Pro Tem
"E a: •
Aft es t :
`. . NAME YES NO ABS
MACLAY
•
RHAME
Approved as to for, - //
GRAEFE
d. rI/ SALVAGGIO
ity Attorney THURM