HomeMy WebLinkAboutResolution - 703 Resolution No. 70
A Resolution Authorizing The Borrowing
of Money from the United California Bank
WHEREAS, the City of San Jacinto has contracted for borrowing money to properly
payoff the firetruck from Seagraves Corporation and,
WHEREAS, United California Bank has Offered to lend the sum of 3171ODO.OD for
the present budget year at the rate of 4yz per cent per annum to the City of San
Jacinto end,
WHEREAS, it is necessary for a new note to be issued for this new Budget Year,
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San Jacinto,
State of California, in regular Session assembled this day of September, 15GS
that the Mayor, Larry W. Pierce, together with the City Clerk, Lucy May Allen,
are hereby authorized and empowered to borrow the sum of 317,000.DD for a oariod
of 297 days at the rate OF 4Y, percent per annum interest and
said officers are further duly empowered and authorized to execute that certain
promissory note dated Sept. 6, , 1966 for the face amount of a"17,000.00
for a period of 297 days at the rate of 4)1 percent per annum
interest in accordance with the terms of the promissory note, Exhibit "A" herein, and
BE. IT FURTHER RESOLVED by the City Council of the City of San Jacinto that all
acts of the Mayor and the said City Clerk in the executing of the promissory note,
Exhibit "A" herein, are hereby ratified and deemed to be the acts of this City
Council.
ADuPTED AND SIGNED THIS 6th day of Sep bar, 1966.
L rry W. Pierce — Mayor
ATTEST:
LUCY MAY ALLEN, CITY CLE K
8
eputy City rk
CERTIFICATE
The fore ing is certified to be a true copy of a Resolution duly adopted by the
said City Council of the City of San Jacinto on the date therein set forth.
' LUCY��LEN, City Cler