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R E S O L U T I O N
„r
No. 58-74
WHEREAS, the City of Clearwater doers not begin to
receive ad valorum?tax revenues for the current year
until after November 1, 195$, subsequent to which date
it receives such revenues in increments through April
1, 1959, at which time 1958 taxes become delinquent;
and,
WHEREAS, the City has need of revenue at this time
for the purpose of paying current expenses including
capital improvements and for other purposes; and,
WHEREAS, under and by virtue of Section 7 of the
Charter of the City of Clearwater, as contained in Chapter
9710 of Special Acts of Florida 1923, the City has the
power to borrow money for current expenses providing the
amount thereof shall not be more than fifty percent (50%)
of the revenue of the City in any one year; and,
WHEREAS, the City at this time has need of $300,000
which, together with all other sums heretofore borrowed
during the current year, is less than fifty percent (50%)
of the current revenue of the City as set out in the budget
of the City for the current year, which has heretofore been
duly adopted; and,
WHEREAS, the Bank of Clearwater, the First National
Bank of Clearwater, and the City National Bank of Clear-
water have each agreed to loan the City $1QO;OOO' of the
required total amount of $300,000;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF .?Hg CITY OF CLEARWATER -FLORIDA, IN SESSION DULY
AND. REGULARLY ASSEMBLED,.IS FOLLOWS:.
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1. The proper officials of the City of Clearwater
are hereby authorized to borrow not to exceed the amount
of $300,000 for current expenses of the City during its
ensuing fiscal year beginning July 1, 195$, said loan
to be derived from the Bank of Clearwater, the First Nat-
ional Bank of Clearwater, and the City National Bank of,
Clearwater in equal amounts of $100,000, bearing inter-
est at a rate not exceeding three percent (3%), to be
repaid on or before six (6) months from the date of paid
loan.
2. The proper officials of the City are hereby
authorized to execute'such promissory note or notes and
other documents as may be required to accomplish the
borrowing of such amount from the above sources for the
purposes indicated.
PASSED AND ADOPTED THIS _ aS4 day o£ August, 195$•
r-GY"Mi s over
Attest:
Acting City Clerk
.ae:5?5`?i r? 1±Si
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