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Fort Walton Beach Resolution — 62-10-Negotiate Loan with First Bank/Trust — reading text
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62-/0
RESOLUTUON Sams
A RESOLUTION AUTHORIZING THE CITY MANAGER
AND FINANCE DIRECTOR TO NEGOTIATE A LOAN WITH
THE FIRST BANK AND TRUST COMPANY, PENSACOLA,
FLORIDA, IN THE AMOUNT OF $50,000.00 SETTING
TERM OF LOAN, INTEREST THEREON, PLEDGING FUNDS
FOR REPAYMENT THEREOF, STATING PURPOSE OF SATD
LOAN, AND PROVIDING FOR AN EFFECTIVE DATE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON
BEACH, FLORIDA:
SECTION 1: That the City Manager and Finance Director be and
they are hereby authorized and directed to negotiate a loan from
the First Bank & Trust Company , Pensacola, Florida, in the
amount of $50,000.00 for a period of three (3) Months and to
besr interest at the rate of 5% per annum.
SECTION 2: That the loan hereby authorized shall be evidenced
by a promissory note and shall be repaid from proceeds realized
from the sale of the $90,000.00 Utility Tax Certificates now in
the process of validations
SECTION 3: That the proceeds of said loan shall be used for
continuing construction of the Municipal Golf Course until such
time as the $90,000.00 Utility Tax monies are in hand,
SECTION 4: This resolution shall take effect immediately up6n
its passage and approval by the Mayor.
er h seaiyl LIES
APPROVED Yh lak 9 _—