HomeMy WebLinkAboutTC Res 1964-07-22
RESOLUTION NO.
RESOLUTION AUTHORIZING THE CITY OF TIBURON
TO BORROW UP TO $30,000.00 FROM THE TIBURON
NATIONAL BANK, AND TO EXECUTE WHATEVER DOCUMENTS
NECESSARY TO COIvIPLETE THE LOAN
WHEREAS, the newly incorporated City of Tiburon is in need
of temporary funds for the payment of its current and future
obligations; and
WHEREAS, the Tiburon National Bank has offered to make
available credit to the City of Tiburon up to and including a
maximum sum of $30,000.00.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
That the City of Tiburon hereby accepts the offer of the
Tiburon National Bank, a national banking association, to make
available credit to the City of Tiburon up to and including the
amount of $30,000.00, upon the terms hereafter set forth.
That the City agrees to pay interest at the rate of 3-1/4%
per annum, payable monthly, on the outstanding balance of any
funds actually received hereunder, and further agrees to execute
its non-negotiable note or notes for the credit or funds extended,
which said note or notes shall be drawn for a period of six months
and which may be renewed for an additional term of six months for
a total period of one year from date of execution of the first
note, provided, however, that in no event is the due date of any
of said note or notes to extend the date of June 30, 1965. Said
note or notes so executed may be prepaid at any time, and from
time to time, without penalty.
Each member of the City Council of the City of Tiburon is
hereby authorized to sign on behalf of the City of Tiburon all
necessary documents or notes representing monies advanced or
loaned, such documents or notes to be in a form acceptable to the
Tiburon National Bank and the City Attorney of the City of Tiburon.
The City Clerk of the City of Tiburon is hereby authorized
and directed to certify to said bank a copy of this resolution
and this resolution shall remain in full force and effect and
said Tiburon National Bank is authorized to rely upon and act
pursuant to said resolution until such time as said Bank shall
be served personally with a certified copy of a subsequent re-
solution of this Council amending or rescinding this resolution.
PASSED AND ADOPTED by the City Council of the City of
Tiburon at a regular meeting thereof on the ;"";; 7.1- j day of July,
1964, by the following vote:
AYES:
Coune ilmen: C<~ '2<:-=~::::~)7C:' <' 'c'~ ,jdd n~~; ,,, ~, r'
NOES:
ABSENT:
Councilmen:
Councilmen:
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