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RESOLUTION No. 59- 1'4
WHEREAS, the City of Clearwater is indebted by
promissory note, dated February 20, 1955, bearing inter-
ant at three percent (3%), in the amount of $125,000,
:'s""•i payable to the order of City National Bank, a national
banking corporation located in the City of Clearwater,
Florida; and,
MM-REAS, said note falls due in its entirety on
February 20, 1959; and,
WHEREAS, City National Bank has agreed to cancel said
note provided the City of Clearwater shall pay the sum of
$50,000, together with interest accumulated, and accept a
new note from said City in the amount of $75,000, due on or
;';W__'-`: ,",'> ?<• -, `-,';;, before one year from date, and bearing interest at three per-
cent per annum; and,
WHEREAS, said Sank has ?,,.;:?:,,'r.••• ?•.,,;y,:;-,., .??;:,;;?, s requested a formal Resolution
outlining the above prior to refinancing said obligation; and,
I'.;•?,??;',_;?.;`-' c ` WHEREAS, by virtue of Section 7, Charter of the City
t" of Clearwater, 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
:iti ?'•'?dkk yr? '
s ?
?ti,i ;'?iFt?, ki?.} • yet`, i
f? i?.1 •' f '.1'j" t?4r
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_61 A
percent (507o of the revenue of the City In any one-year; an ,
WHEREAS the aforesaid refinancing program, as well as
an and all other short term financing now outstandin is less
than fifty percent (501.)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,
17
WHEREAS, the City National Bank of Clearwater has agreed
to refinance the obligation and accept a new note in the amount
of $75,000;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMISSION
"•.;T; ;':5;.A OF THE CITY OF CLEARWATER, FLORIDA, IN SESSION DULY AND RE-
„" GULARLY ASSE14BLED, • AS FOLLOWS :
1. That proper officials of the City of Clearwarer are
hereby authorized and directed to make part payment to the City
National Bank in the amount of $50,000, plus any interact aocu-
??+f=`s r mulcted execute a new note in favor of City National Bank,due
5 a; ti39. ,
on or before one year from February 20, 1959, with interest at
..` :; the rate of three percent (37) per annum, and obtain the can-
cellation of the previously existing $125,000 note which becomes
' Al, .?Jdue and payable by the City ant.February 20, 1959.
2. Proper officials of the City are hereby authorized to
execute such other and further necessary instruments as may be
°r rdquired to accomplish the refinancing and borrowing from the
; above source for the purposes indicated.
f?
t
PASSED AND ADOPTED, this 2 day of February, 1959.
Attest:
May -C ission r
e..4a
Cit Clerk
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