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R E S 0 L U T I N
No. 59-49
WHEREAS, the City National. Bank, Clearwater, Florida,
has agreed to lend the City $150,000.00;
NOW, THEREFORE, BE IT RESOLVED BY TIE CITY COMMISSION
OF THE CITY OF CLEARWATER,-FLORIDA, IN SESSION-DULY AND REGU-
LARLY ASSMURZD, -AS FOLLOWS ;
1. The proper officials of the City of Clearwater
a,:e hereby authorized to borrow not to exceed $150,000.00
for interim financing and payment of currenti'expenses inci-
dent to conversion of the City gas plant to natural gas,
the opening of a retail office, together with furnishings,
fixt?gxes, improvements, salaries and other contemplated
items necessary to acquaint the public with a natural gam
program and sell natural gas in the community, said loan
to be derived from the City National Bank, Clearwater, Florida,
inthe amount of $150,000.00, bearing interest at a rate-not
to exceed four percent (4,4) per annum, to be repaid on or be-
fore one year from date of.said loan and with interest payable
semi-annually.
2. The proper City officials are hereby authorized
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 from the above source for the purposes indicated.
Attest:
Clerk
" ",
:. l.S•All:'v
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 time the current budget was prepared and adopted have
not been sufficient to balance said budget; and,
WHEREAS, by virtue of Section 7 of the Charter of
the City of Clearwater, Chapter 9710 of Special Acts of
Florida, 193, the City has the power to borrow money
for current expenses providing the amount thereof shall
not be more than fifty percent (50;x) 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 been duly adopted; and,
PASSED AND ADOPTED, this 28th clay; April, 1959.
Ma r- o ss er
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