HomeMy WebLinkAboutTC Res 1965-09-27
RESOLUTION NO. 82
RESOLUTION AUTHORIZING THE CITY OF TIBURON TO
BORROW UP TO $20,000.00 FROM THE TIBURON NATIONAL
BANK, AND TO EXECUTE WHATEVER DOCill-fENTS NECESSARY
TO COMPLETE THE LOAN
WHZREAS, the 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 avail-
able credit to the City of Tiburon up to and including the maximum
sum of $20,000.00;
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 cre-
dit to the City of Tiburon up to and including the amount of $20,000.00
upon the terms hereafter set forth.
That the City agrees to pay interest at the rate of 4-1/2% per
annum, payable monthly on the outstanding balance of any funds ac-
tually 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 fram 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 ex-
tend beyond the date of June 30, 1966. Said note or notes so exe-
cuted 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 docu-
ments 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 Na-
tional Bank is authorized to rely upon and act pursuant to said reso-
lution until such ttme as said bank shall be served personally with a
certified copy of a subsequent resolution of this Council amending or
rescinding this resolution.
PASSED A~ID ADOPTED by the City Council of the City of Tiburon at
a regular meeting thereof on the 27th day of Seotember , 1965,
by the following vote:
AYES:
NOES:
Councilmen: Ell inwood, Hannahs, Hoffmire, Parnell, Strawbridge
Counci lmen: None
ABSENT:
Councilmen: None
ATTEST: _~
./~~;~ I,-:~c~
-.-.J::AWRENCE D. ~E', C~ty Clerk