HomeMy WebLinkAboutCOS Loan'R E iS ~0~ ~L~ U T I O N
WHEREAS, .the iCity of Sebastian, Florida, has certain
surplus funds invested as followS:
certificate iof DePosit 9 1130 at
Security Federal Savings & Loan Assn.
Uero Beach, Florida $20','000.00
and
Certificate of Deposit # 8t-B at
Sebastian River Bank,
Sebastian, Florida $ 20,000'.'00
and
WHEREAS, the iCit~ of Sebastian desires to borrow 'the
sum of $40,000.00 for public purposes, ii.e. the construction of
a community building;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SEBASTIAN,
FLORIDA, BY AND THROUGH ITS CITY ~COUNCIL, as follows:
1. The iCit~ of Sebastian shall borrow from the Sebastian
River Bank the isum of $40,000.00,~: at 8-1/2 per ce~t interest per
annum, payable quarterly, to be used for the construction of a
community building.
' 2.1 As security for said loan, the City of Sebastian shall
pledge its certificate of Deposit $ 1130 at Security Federal
savings :and Loan Association, and its Certificate of Deposit # 81-B
at the Sebastian River Bank.
. 3.' The Mayor and City Clerk of the City of Sebastian are
hereby authorized and directed to execute any and all instruments
which may be required, inclu'di~ng but not limited to promissory
notes, .and collateral security ~greements, and :affix the municipal
seal thereto, to: carry out the intent of this' Resolution.
ATTEST:
City Clerk
The foregoing Resolution was duly passed and adopted by
the City council of the City of SebaStian, Florida, this /~ -~day
City Clerk