R-55-055
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RES 0 L UTI 0 N
WHEREAS, the City of Clermont, by and through its
City Council, have determined that an additional lOO,OOO
gallon water tank must be purchased and erected in order to
provide additional water storage facilities to supply water
to those requiring same, and to maintain the health and general
welfare of its residents; and,
WHEREAS, the City Council have determined said storage
tank can be erected and connected to its well on Highlancl Avenue
and the water mains in that area for a sum of not in excess of
$25,000.00; and, the City being without funds to purchase same
and pay for it at time of installation, but having sufficient
monthly revenues from its water plant out of which the sum
of at least $500.00 can be paid monthly for the retirement of
an indebtedness of $25,000.00, together with interest thereon
at 4t% per annum payable monthly; and, the Citizens Bank of
Clermont are willing to loan said sum to said City at said
rate of interest to be repaid within five (5) years of date
of loaning said sum provided at least $500.00 per month is
paid on interest and principal and at least $500.00 is pledged
by the City each month out of its water revenues until all
sums due said Bank have been paid in full; and,
WHEREAS, the City Council have determined that $500.00
a month out of its gross water revenues can be so pledged and
provided for in its annual budget without effecting the economy
of said City; therefore,
BE IT RESOLVED by the City Council of the City of
Clermont that,
(1) Said City Council do authorize and direct its
officers to borrow from the CITIZENS BANK OF CLERMONT, a Florida
banking corporation, of Clermont, Florida; the sum of TWENTY-
FIVE THOUSAND AND NO/IOO ($25,000.00) DOLLARS to be repaid
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in accordance herewith, to be an interest bearing certificate
which is and shall be a negotiable instrument in every respect
under the law merchant.
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ADOPTED AND PASSED by the City Council of the City of
Clermont, Florida, at its Regular Meeting held on August l6,
1955, and ordered spread upon the Minutes of said meeting and
the original thereof to be placed in the Ordinance Book of
said City and a certified copy thereof furnished to the
Citizens Bank of Clermont,
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