Fort Walton Beach Resolution — 75-37-Borrow monies for tennis courts — reading text

err, eee? soba RESOLUTION 75-37 A RESOLUTION AUTHORIZING THE CITY MANAGER ON BEHALF OF THE CITY OF FORT WALTON BEACH TO BORROW CERTAIN MONIES FOR THE PURPOSE OF CONSTRUCTING TENNIS COURTS AND FUNDING THE SAID LOAN WITH FEDERAL REVENUE SHARING FUNDS PROVIDING THE EFFECTIVE DATE HEREOF NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: SECTION I. That the City Manager on behalf of the City of Fort Walton Beach is hereby authorized to borrow up to the sum of $250,000.00 for the purpose of constructing tennis courts in the City of Fort Walton Beach from First City Bank of Fort Walton, First National Bank of Fort Walton, and/or Eglin National Bank of Fort Walton, at an interest rate not to exceed 7% per annum with interest payable quarterly and with the provision that the said loan will be retired in its entirety on or before January 10, 1977. SECTION II. That the City Manager is hereby authorized to execute such documents as may be necessary to effectuate the above loan and to pledge Federal Revenue Sharing Funds received by the City of Fort Walton Beach. SECTION III. This resolution being of administrative nature shall take full force and effect immediately upon its passage and approval by the Mayor. ADOPTED MAYOR ATTEST: LLM NEw CITY CLERK Reviewed And Approved By The City Attorney Which Will Be Legal When Enacted By The City - a Hall Public Council of the City of Fort Walton Beach, Florida. Advertised on ee oard WALTER J. SMITH From —&..7 a ea City Attorney Manati Desa ear To g -_ FF PS ] Manth Date Year