90-EEEEEEERESOLUTION NO. 90-~E~-~
A RESOLUTION OF THE CITY CO.~/~ISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING AND DIRECTING THE MAYOR AND
CITY CLERK TO EXECUTE A CERTAIN LOAN
AGREEMENT BETWEEN THE CITY OF BOYNTON
BEACH AND THE CITY OF BOYNTON BEACH
WATER AND S~WER DEPARTMENT IN THE
PRINCIPAL SUM OF $253,086, A COPY OF
SAID LO~N AGREEMENT BEING ATTACHED
HERETo AS EXHIBIT "A"; AND PROVIDING AN
EFFECTIVEDATE.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
~F THE CITY OF BOYNTON BEACH, FLORIDA ~AT:
Section 1. The Mayor and City Clerk are hereby
authorized and directed to execute a certain loan agreement
between the City of Boynton Beach, Florida and The City of
Boynton Beach Water and Sewer Department in the principal
sum of $253,086, at a rate of 8% per annum, said loan
agreement being attached hereto as Exhibit "A".
Section 2. This Resolution
immediately upon passage.
shall take effect
PASSED AND ADOPTED this /~ dayj~ctober, 1990.
//.///Z~ayo r
~ic~'~ayor ....
Commissioner--%'
Co~issioner v
C~mmiss£oner
ATTEST:
(Corporate Seal)
PROMISSORY NOTE
$253,086.00
Boynton Beach, Florida
September, 1990
FIRE PLATFORM TRUCK
For Value Received the undersigned jointly and severally
promises to pay to the order of the City of Boynton Beach
Water and Sewer Department the principal sum of $253,086.00
together with interest
percent per annum until
payable monthly on the
thereon from date at the rate of 8
maturity, said interest being
1st day of each and every month both
principal and interest being payable in lawful money of the
United States at Boynton Beach, Florida, or at such other
place as the holder hereof may designate in writing.
Principal and interest payable in installments of
$ 3,944.65 each on the Ist day of each and every month,
beginning on the 1st day of October ,1990
and continuing until said principal and interest have been
paid. Each installment pa~ent shall be credited first on
the interest then due; and the remainder on principal; and
interest shall thereupon cease upon the principal so
credited.