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HomeMy WebLinkAboutMinutes Council 062962Whereupon, and after further discussion, the following Resolution was duly made, seconded, and unanimously adopted: BE IT RESOLVED BY THE CITY OF PALM BEACH GARDENS THAT the Acting Mayor and the City Clerk are here- by authorized and empowered, in the name of and in behalf of the City of PALM BEACH GARDENS, to execute a certificate of the indebtedness of the said City to BANKERS LIFE AND CASUALTY COMPANY in a sum not to exceed $1,000,000 (subject to adjustment upon audit), said indebtedness to be paid by the City, CITY OF PALM BEACH GARDENS MINUTES OF REGULAR MEETING OF CITY COUNCIL FRIDAY, JUNE 29, 1962 The regular meeting of the City Council was held at 1001 Park Avenue, Lake Park, Florida, on Friday, June 29, 1962, at 10:00 o'clock A. M. QUORUM: The City Clerk announced that a quorum of the City Council was present. CITY INDEBT- The Acting Mayor reminded the Council that on July 5, 1961 EDNESS TO BANKERS the Mayor and City Clerk, in behalf of the City, had executed a LIFE AND CASUALTY certificate of indebtedness to Bankers Life and Casualty Company COMPANY: _- in the sum of $1,600,000. He further reminded the Council that this indebtedness now amounted to more than $2,200,000, and that once again Bankers Life and Casualty Company had requested a certificate of indebtedness from the City to cover the excess over and above the first such certificate. Since this excess does now or will shortly amount to $1,000,000, the Mayor recommended that the Council authorize the execution of a certificate in that amount. Whereupon, and after further discussion, the following Resolution was duly made, seconded, and unanimously adopted: BE IT RESOLVED BY THE CITY OF PALM BEACH GARDENS THAT the Acting Mayor and the City Clerk are here- by authorized and empowered, in the name of and in behalf of the City of PALM BEACH GARDENS, to execute a certificate of the indebtedness of the said City to BANKERS LIFE AND CASUALTY COMPANY in a sum not to exceed $1,000,000 (subject to adjustment upon audit), said indebtedness to be paid by the City, Regular Meeting of City Council Palm Beach Gardens June 29, 1962 (continued) together with interest at five per centum (5%) per annum upon unpaid balances, that this certificate of indebtedness is to be superseded by formal bonds or notes of the City as soon as formal financing can be fabricated and validated; and BE IT FURTHER RESOLVED THAT a certified copy of this Resolution be forwarded by the City Clerk to BANKERS LIFE AND CASUALTY COMPANY. ADJOURNMENT: There being no further business, the meeting was adjourned. ATTEST: Av' CITY `CLERK `---�� APPROVED: ICE MAYOR, ACTING AS MAYOR NORMAN D. ROWLAND W —L CARGI Z PAULA D. DOOLEN HORACE S. MILLER L. J. LEHANE RESOLUTION NO. BE IT RESOLVED BY THE CITY OF PALM BEACH GARDENS THAT the Acting Mayor and the City Clerk are hereby authorized and empowered, in the name of and in behalf of the City of PALM BEACH GARDENS, to execute a certificate of the indebtedness of the said City to BANKERS LIFE AND CASUALTY COMPANY in a sum not to exceed $1, 000, 000 (subject to adjust - ment upon audit), said indebtedness to be paid by the City, together with interest at five per centum (5%) per annum upon unpaid balances, in not less than fifteen (15) years; provided, however, that this certificate of indebtedness is to be superseded by formal bonds or notes of the City as soon as formal financing can be fabricated and validated; and BE IT FURTHER RESOLVED that a certified copy of this Resolution be forwarded by the City Clerk to BANKERS LIFE AND CASUALTY COMPANY. ORMAN D. ROWLAND VICE MAYOR, ACTING AS MAYOR APPROVED: W. L . CARGII—L, (ITY`G', ERK 7 Jun*- Z9. 195Z Bankers Life and Casualty Company 4444 West L,awree Avenue Chicago 30, Illinois Dear Sirs: This official ftakno"ledg rnont has bean prepared by the City of Palm Beach Gardens to fulfill the mandate of the City Council under a resolution duly adopted at a regular meeting held at 10:00 o'clock A. W., on dune 29. 1962 at i G01 "marl; .- venue, lake Park, Florida, the relevant suss- section of which resolution reads as follawa: "BE IT RESOLVED BY T14E CITY OF PAL)d BEACH GARDENS THAT the Acting Mayor and the City Clerk are hereby autbo» rieed and empowered, in the name of and in behalf of the City of PALM BEACH GARDENS, to execute a certificate of the Indebtedness of the said City to BAN KZ" Llhr E AND CASUALTY COMPANY in a sumo not to exceed $1, 004, € 00 (subject to adjustment upon audit), said indebtedness to be paid by the City, togetbe r with f -terest at give per centum (Sfa) per annum upon unpaid balances, in not lass than fifteen (15) bears; provided, however, that this certificate of in- debtedness is to be superseded by formal bonds our notes of the City as soon as formal financing can be fabricated and validated. „ Y, In accordanee with ON provisions of the foregoing resolution the Mayor and the City Clerk hereby forward to Bankers Life and Casualty Company this, the City's acknowledgment of indebtedwass in the estimated xamunnt of $1, 000, 000 (subject to adjustment upon audit), this, also, constituting the City's agreement to pay the same, with interest at 5% upon unpaid balances. in not less than fifteen (15) years; together with this statement that this acknowledgment at indebtednese is to be superseded by the formal boards or notes of the City as soon as the formal financing can be fabricated and validated. IN"Wi'I NZSS WHEREOF, the City of Palm Beach Gardens has caused this Official Acknowledgment to be executed an its behalf by its Vice Mayor and its Bankers Life and Casualty Company »2» Juno 29, 1962 City Clerk. pursuant to mandate aad directive of the City Council of the City of Palln Reach Gardens, and its seal to be hersvx" affixed and attested by the City Clerk of the City of Palen Heach **"*as, all as of the day and year first above written. (SEAL) CITY OF PALM BEACH GARDENS ley 1 Vice Mayor, aeti __ _ a8 as �a►yor ATTEST- City Cfsrk _ ` ADJOURNMENT: There being no further business to come before the Council, the meeting was adjourned. ATTEE :: APRROVED: WILLIAM L. - CARGILL, CI7k CLERK. °NORMAN D. ROWLAND, ACTING' MAYOR NORMAN D. ROWLAND �w' �46 �vl �i' (21 WILLIAM L. CARGAL ` ---^ PAUL D. DOLLEN / HORACE S. FILLER a r. LEM" C O U N C I L