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Wh EREAS, the aforesaid $100,000, as well as any and
all other short term finaneing.now outstanding, is less than
fifty percent (507.) 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 City National Bank of Clearwater has
- agreed to lend the City $100,000;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER,.FLORIDA, IN SESSION.DULY AND RE_
GULARLY ,ASSEMN, D, AS FOLLOWS:
1.. The proper officials of the City of Clearwater
are hereby authorized to borrow not to exceed $100,000 for
interim financing and payment of current expenses incident to
conversion of the City gas plant to natural gas, the opening
of a retail office, together with furnishings, fixtures, im-
provements, salaries and other contemplated items necessary
to acquaint the public with a natural gas program and sell
natural gas in the community, said loan to be derived from
the City National Bank of Clearwater in the amount of $100,000,
bearing interest at a rate not to exceed three and one,half
percent (3J7.), to be repaid on or before six (6) months from
date of said,loan. - '
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',4'- ' !.. : ` .?•! fro,
WHEREAS, the City of Clearwater intends to con-
vert its manufactured gas plant to a natural gas plant
operation and is in the process of raising revenue by the
issuance of revenue certificates; and,
WHEREAS, the City of Clearwater is committed for
certain immediate obligations which must be paid in order
to expedite the furnishings and other things necessary to
the installation of natural gas; and,
WHEREAS, by virtue of Section 7 of the Charter of
the City-of Clearwater, Chapter 9710 of Special Acts of
Florida 1923, the City has thepower to borrow money for
current expenses providing the amount thereof shall not be
more than fifty percent (5001.) of the revenue of the City
in any one year; and,
WHEREAS, the City is in need of $100,000 by way of
interim financing pending receipt of proceeds-from revenue
certificate issue presently contemplated and under way; and,
2. The proper officials of the City are hereby author-
ized to execute such promissory note, as well as any other nac.-
essary instruments as may be required to accomplish the',borrow-
iing of such amount from the above source-for the purposes indicated.
PASSED AND ADOPTED, this '?!M da of February, 1959.
Attests
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R E 0 U L U T 1 0 N
No. 59- 15
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