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RESOLUTION
No. 59-66 3tyty
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 7• .R?t '
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, 1923, the City has the power to borrow money for
current expenses
providing the amount thereof shall not
be more than fifty percent (50,%) of the revenue of the ?,: +° x
City in any one year; and, a?'x•r=? °
Rw. 'tint ' .
WHEREAS, the City is in need of $200,000.00 for
interim financing; and, x?t
F. .
WHEREAS, the aforesaid $200,000.00, as well as any
and all short term financing now outstanding, is less thanT
fifty percent (501.) of the current revenue of the City as
rs
set out in the budget of the City for the current year,
„ which has heretofore been duly adopted; and, x t
WHEREAS, the City National Bank Clearwater, Florida,3 0 ,?
has agreed to lend the City $200,000.60;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION.?'? ,
OF THE CITY OF CLEARWATER FLORIDA, IN SESSION DULY ANDf
REGULARLY ASSEMBLED, AS MLLOWS;
•ra . ? k Y
1. The`' r
proper officials of the City of Clearwater are ?- • ,?
hereby authorized to borrow not to exceed $2000000,00 for "
interim financing and payment of current expenses incident =t,
to conversion of the City gas plant to natural gas, the open-
ing of a retail office, together with furnishings, fixtures,
`r:i>?
improvements salaries and other contemplated items necessary
to acquaint the public with a natural gas program and sell{;
natural as in the communit said loan to be derived from
the City National Bank, Clearwater, Florida in the amount of
{:? '
$200,000.00 bearing interest at a rate notta exceed four`
percent (4%5 per annum, to be repaid on or before one year
from date of said loan, and with interest payable semi-annually.
f.t V f
2. utr ?c' ?•? ? ? X
The proper City officials are hereby authorized to v'?.t ,
execute such promissory note, as well as any other necessary A07- '
,i
instruments as may be required to accomplish the borrowing of
such amount from the above source for the purposes indicated. PASSED AND ADOPTED, this 22nd da June, 1959.
Attestz o s over
c
Clerk
(c 7_22-6-9
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