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R E S O L U T I O N
No. 59-.47
4
1
WHEREAS, the City of Clearwater is committed for
certain immediate obligations which must be paid in.or-
der to complete its fiscal year; and,
WHEREAS, the revenues which were anticipated at
the time the current budget was prepared and adopted
have not been sufficient tolalancd said budget; 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 the power to borrow money
for current expenses providing the amount thereof shall
not be more than fifty percent (50x) of the revenue of the
City in any one year; and,
WHEREAS, the City is in need of $200,000.00 for in-
terim financing; and,
WHEREAS the aforesaid $200,000,00 as well as any
and all short term financing now outstanding is less than
fifty percent (50x) 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 First National Hank, Clearwater, Florida,
has agreed to lend the City $200,000.00;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER,.FLORIDA,IN SESSION DULY AND REGU-
LARLY ASSEMBLED,.AS FOLLOWS:.
The proper officials of the City of Clearwater
are hereby authorized to borrow from The First National Bank,
Clearwater, Florida, not to exceed $200 000.00 for payment of
current expenses of the City of Clearwater, at a rate not to
exceed four percent (47,) per annum, to lm repaid on or before
one yoar from date of said loan and with interest payable semi-
annually.
2. The proper officials of the City are hereby author-
ized to execute such promissory note, as well as any other nec-
essary instruments as may be required to accomplish the borrow-
ing of such amount frpm the eve source for the purposes in-
dicated.
PASSED AND ADOPTED, this 28th day of April, 1959.
Mr OT -IC o 8s oner
f
Attest:'.
Clerk
1 I l
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716
5
2
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