1954-02 Borrowing MoneyR R S p L U T I Q N
iEREAS$ the growth and expansion of the City of Okeechobee,
Florida, haat greatly increased the cost of operating the government
of said city, and caused the city to incur expense not heretofore
anticipated, and
WHERRAS 0 the revenue from all tax sources is not sufficient to
meet current obligations of said City of Okeechobee, Florida, as
they severally become due,, and
WHEREAS, the council of Okeechobee, Florida, deems it necessary
and expidlent to borrow the sum of $4,800.00, with which to pay the
outstanding indebtedness of said city of Okeechobee, Florida, in
order that the credit of said city, may be maintained and/or pro-
tected,, Arid
WHEREAS, the Okeechobee County Bank of Okeechobee, Florida,
has agreed to loan the city of Okeechobee, Florida, said sum,
payable at the rate of $200.00 per month, with interest at the rate
of A per cent per annum, and
faw, the City of Okeechobee is receiving approximately
$1,500000 monthly from the "Cigarette Tax Fund* and no part of said
fund is pledged to the payment of any indebtedness of said city,
NOW,, Test"EFORE, BE IT RESOLVED, by the City Council of the City
of Okeechobee* Florida.
le That the President of the City Council, the chairman of the
Finance Comittee of said Council and the City Clerk be, and they
are hereby authorized and instructed to execute all necessary notes
and papers for the purpose of obtaining a loan in the principal
amount of $4,8030x001, from Okeechobee County Bank and to repay said
loan in monthly payments of $200.00 with interest, frcw i date of
said low, at the rate of A per anm m.
'8. That for the purpose of securing said loan the City hereby
pledges , the sum of 200*0 0 monthly from first funds of the "Cigarette
r
Tax Fund* for repayment of said loans
3s That a certified copy of this resolution be delivered to
the Okeechobee County Bank*
PASSED AND ADOPTED in open session of a regular meeting this
10. d4y of **Z# gam` e
A