HomeMy WebLinkAboutResolution No. 1965-61 wCRC8mmED
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RESOLUTION NO. �P- - 6
A RESOLUTION AUTHORIZING AND PERMITTING THE CITY OF
CAPE CANAVERAL TO BORROW $20,000. FROM THE FIRST
NATIONAL BANK OF CAPE CANAVERAL, FLORIDA; PROVIDING
AN EFFECTIVE DATE.
WHEREAS on February 16, 1965 the City of Cape Canaveral
invested from its general fund the sum of $60,000. in a certified
deposit in the First National Bank of Cape Canaveral, bearing
interest at the rate of three (3) percent per annum, to mature at
the end of six (6) months, and
WHEREAS the general fund of the City of Cape Canaveral
is now in need of $20,000. to meet current expenses,
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF CAPE CANAVERAL, AS FOLLOWS:
SECTION 1. The mayor and treasurer of the City of Cape
Canaveral are hereby authorized and directed on behalf of the said
city to secure a loan in the amount of $20,000. , to bear interest
at the rate of three (3) percent per annum, from the First National
Bank of Cape Canaveral, Florida, in the name of the City of Cape
Canaveral, said monies to be deposited to the general fund of the
said city. The terms of the said loan shall be for a period of
two (2) months, and the said officers of the city are hereby
authorized on its behalf to pledge as security for the said loan
$20,000. of the certified deposit which the said city invested on
February 16, 1965.
SECTION 2., This Resolution shall become effective
immediately upon its adoption and -approval by the City"Council of •
the City of Cape Canaveral, Florida.
ADrnB=TED by the City Council of the City of Cape Canaveral,
Florid ,
€hildfr.q6itk, day, of July 1965.
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Approver nu stlpg Form:
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