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R E S 0 L U TION
No. 61 - 96
WHEREAS, the citizens of the City of Clearwater are in dire
need for the construction of the Cloarwater Beach Bascule Bridge on
State Road No. 60; and,
WHEREAS, the City of Clearwater has previously contributed
$375, 000, 00 toward the cost of the construction of said bridge; and,
WHEREAS, in order to obtain the improvement without delay,
the State Road Department of Florida and the City of Clearwater have
entered into an Agreement under date of May 31, 1961, whereby the
City of Clearwater agreed to advance to the Department the sum of
$375, 000.00 to be used by the Department toward the payment of the
cost of constructing said bridge, same to be repaid over a period of
two years from the primary funds allocated to the First District; and,
WHEREAS, after extended negotiations the City has agreed to
lend said sum of $375, 000. 00 without interest to the Department in
reliance upon the premises;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COMMISSION OF THE CITY OF CLEARWATER,
FLORIDA, IN SESSION DULY AND REGULARLY
ASSEMBLED, AS FOLLOWS:
{=' 1, That the City of Clearwater, by virtue of Section 7 of the
Charter of the City of Clearwater, Chapter 9710 of Special Acts of
Florida, 1923, has the power to borrow money for current expenses
providing the amount thereof shall not be more than fifty per cent
(5076) of the revenue of the City in any one year.
2. The proper City officials are hereby authorized and instructed
to obtain by loan for a period of one year the sum of $375, 000. 00 from
local banks and execute all necessary papers incident thereto in the
following amounts respectively:
(a) The sum of $125, 000. 00 from Bank of Clearwater,
to be repaid on or before one year and bearing interest
at not more than three and one-half per cent (3-1/27o).
(b) The sum of $125, 000. 00 from First National Bank,
Clearwater, to be repaid on or before one year and bearing
interest at not more than three and one-half per cent (3-1/2%).
(c) The sum of $125, 000. 00 from the City National Bank,
Clearwater, to be repaid on or before one year and bearing
interest at not more than three and one-half per cent (3-1/2%).
PASSEL] AND ADOPTED this lath day of Septe ber, 1961.
Mayor -Commissi er
Attest:
Clerk
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'N' ,
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:Rego, 61-96 1. 9/1$j6I
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