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k ,Y i,'„ l'• 5{ R E S 0 L U T I 0 N
17MUMEAS, the City Commission of the City of Clearwater has
authorized the construction and completion of a large number of
civic improvements within a short period of time, and
,;;"bY`"• WHEREAS, it has not been ponsible to effect collection of
;' :_ - :'• >,'',, >:'.' all assessments for improvements constructed within time to use
these funds to be collected for the other needs of the City, and
WHEREAS, the City, is temporarily in need of funds for
c routine operating expenses prior to the receipt of its proceeds
from ad valorem taxes assessed for the year 1954•
v??:ir •.. re t_F '
i;T?<;;{i.•sr:'=a .<..:? ?'.. NOW THEREFORE HE IT RESOLVED by the City Commission of
the City of Clearwater, Florida, in session duly and regularly
assembled as follows:
1. That the proper officials of the City of Clearwater
are hereby authorized to borrow a sum not exceeding x200,000.00
to bear interest at a rate not exceeding 5% for general operating
expenses of the City and for construction of municipal improvements
according to the discretion of the City Commission.
2. The proper officials are hereby authorized to execute such
notes and other documents as may be required to accomplish the
borrowing of the aforesaid amount.
3. The proper officials are hereby authorized to pledge
as collateral for said loan the receipts from ad valorem taxes
for the year 1954, which taxes have already been assessed.
4, The obligation to be created shall extend for an
initial period of ninety days and may be extended for such like
periods as are necessary and appropriate..
PASSED A14D ADOPTED this 30th day of August, A.D. 1.954.
tayor- o s er
Attest:
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