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R S 0 L U T 1"O N
No. 59- 78
' "?tY'?i; WHEREAS, the City of Clearwater has previously bor-
rowed the sum of $100,000.00 from the City National Bank
for the purpose of covering -xpenses of the natural gas
program, said sum becoming due August 3, 1959; and,
WHEREAS, the City of Clearwater has recently validat-
ed revenue certificates issues, part of which will be used
to pay for the expenses of the natural gas program for which
the above loan was incurred, and it is expected that the City
"'=fy will receive the monies from said sale of revenue certificates
within four (4) months from date; and,
f3 x'`s3' WHEREAS, by virtue of Section 7 of the Charter of the
;;•5,, City of Clearwater, Chapter 9710 of Special Acts of Florida
1923r the City has the power to borrow money for current ex-
W, penses providing the amount thereof shall not be more than
{ fifty percent (501.) of the revenue of the City in any one
year; and,
;t .rr WHEREAS, the aforesaid $100,000.00, as well as any and
r.•=,- all other short term financing 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 extend the previous loan for an additional four (4) months,
??=<< with interest at four (4) percent per annum;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
N OF THE CITY OF CLEARWATER, FLORIDA, IN SESSION DULY AND
REGULARLY ASSEMBLED, AS FOLLOWS.
1. The proper officials of the City of Clearwater are
hereby authorised to renew the outstanding note now held by
? h the City National Bank, which falls due August 3, 1959, by
executing a new note payable in the same principal sum and
maturing on or before four (4) months from date, with interest
, at four (4) percent per annum.
2. The proper officials of the City are hereby authorized
to execute such promissory note, as well as any other necessary
instruments as may be required to accomplish the renewal of the
said note from the above source, for the reasons indicated.
PASSED AND ADOPTED, this '3rd day of August, 1959.
r
Attest:
- omm ss oner
Clerk
Reso. 59-78 ?1- Aug., 1959
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