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R E 9 0 L U T x N
No. 59-48
t
:.d •' til
M
WHEREAS, the City of Clearwater is committed
for certain immediate obligations which must be paid
in order to complete its fiscal year; and,
WHEREAS, the revenues which were anticipated at
the timerthe current budget was prepared and adopted
have not been sufficient to balance said budget; and,
' WHEREAS, by virtue of Section 7 of the Chater
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 (50°k) of the revenue
of the City in any one year; and,
WHEREAS the City is in need of $150,000.00 for
interim financing; and,
WHEREAS, the aforesaid $150,000.00 as well as any
and all short term financing now outstanding 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 beers duly adopted; and,
WHEREAS, the Bank of Clearwater, Clearwater, Florida,
has agreed to lend the City $150,000.00;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER,.FLORIDA, IN SESSION-DULY AND RE-
GULARLY ASSEMBLED, AS FOLLOWS:
1. The proper officials of the City of Clearwater
are hereby futhorized to borrow from the Bank of Clearwater,
Clearwater, lorida, not to exceed $150,000.00 for payment of
current expenses of the City of Clearwater, at a rate not to
exceed four percent (4%) ter'.annum, to be repaid on or before
one year from date of said loan and with interest payable semi-
annually.
2. The proper officials of the City are hereby
authorized to.execu.te such promissory note as well as any
other necessary instruments as may be required to accomplish
the borrowing of such amount from the above source for the
purposes indicated.
PASSED AND ADOP'T'ED, this 28th Lf April, 1959.
Attest; or- o s oner
y C er
.w.e...rY».a.r?n?r-3?•!tif?il?rlh».r-?i.??at•. ..rmss. .,caa?i,r•.'r{rte-•.-,.a?rICgv?j
57
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