HomeMy WebLinkAbout1952-09-30; City Council; Resolution 20" *
WEREAS, 'flhe City of Carlsbad, hereinafter referlzed to as the
City, has an expected revenue exceeding the sum of Two Thousand
($2,000.00) Dollars to be deposited in the General Fund during the
fiscal year ending June 30, 1953; and
VEIEREAS, the City has immediate need of funds to meet certain
obligations required by statute and to meet certain other obliga-
tions, and has no present funds available; and
WKERIEAS, the Security Trust and Savings Bank of Yan Diego,
Carlsbad Branch, hereknafher ref erred to as the Bank, has offered
to the City of Carlsbad a loan of Two Thousand ($2,000.00) Dollars;
THEREPORE, BE IT RESOLVED, that the City of Garlsbad accepts
the offer of loan of Two Thousand ($2,000*00) Dollars from the
Security Trust and Savings Bank of San Diego, Carlsbad Branch,
and provides for the administration and execution of the loan moneys
on the following basis:
1. That the money is to be borrowed only in such quantities
as the situation requires.
2. That the money shall. be paid by the Bank upon the Bank's
receipt of a duly issued warrant signed by the Mtp Treasurer and
counter-signed by the Bayor of Carlsbad, and to be drawn from the
General Prrnd.
3. %at the Bank may retain checks which it has paid as 8
basis far submitting its claim for repayment of moneys advanced.
4. -fiat all moneys advanced shall bear interest at the rate
of five per cent
advancement
(5s) per anawn €0 commence with the date of
5. That the Bank shall submit monthly statements to the City of
Carlsbad setting forth all moneys advanced.
6. That the. City reserves the right and expresses its promise
to repay all moneys so advanced prior to June 30, 1953.
IT IS FURTHER RESOLVBD, that the myor and City Clerk be aathori-
zed, empowered and ord.ered to sign a copy of this Besolution and
deliver an execrated copy to the Security Trust and Savings Bank of
Sam Diego, Carlsbad Branch,
Passed, Approved and Adopted this 30th- day of September, 1952,
ATTEST:
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of Carlsbad,C&ifornia,
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