HomeMy WebLinkAbout1957-10-15; City Council; Resolution 300e
RESOLUTION NO. 300
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF CARLSBAD AUTHORIZING
BORROWING OF FUNDS, AND ISSUANCE
OF A NOTE TO SECURE SAID LOAN.
WHEREAS, the City of Carlsbad expects to receive FIFTY THOUSAND
DOLLARS ($50,000.00) in revenue from taxes during their fiscal year
commencing July 1, 1957 and ending June 30, 1958; and
WHEREAS, the current revenues by the City of Carlsbad are not
sufficient to meet the regular obligations of the City of Carlsbad; and
WHEREAS, Sections 53850 to 53855 of the Government Code authorizes
cities to issue temporary notes for the purpose of meeting current obligations
and
WHEREAS, the City Council has received the recommendation of the
City Treasurer and the Director of Finance of the City of Carlsbad recom-
mending the City Council to borrow EIGHTEEN THOUSAND DOLLARS
($18,000.00) from the Security Trust and Savings Bank of San Diego,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad as follows:
1. That the Director of Finance of the City of Carlsbad, RALPH
SCHOLINK, be instructed, authorized and empowered to negotiate for and
borrow from the Security Trust and Savings Bank of San Diego a sum of
money not to exceed EIGHTEEN THOUSAND DQLLARS ($18,0 00.00).
2. That the Director of finance be authorized and empowered to issue
to the Security Trust and Savings Bank of San Diego a temporary note for and
in behalf of the City of Carlsbad, and to affix his name thereto as the
authorized agent of the City dCarlsbad; that said note shall bear interest
at a rate not to exceed six per cent (6%) per annum, and to be due and payable
on or before June 30, 1958; and that said note shall be negotiable.
3. That the City Clerk shall be authorized and empowered to attest
to said note, and to affix the seal of the City of Carlsbad thereto.
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PASSED, APPROVED AND ADOPTED ai a regular meeting of the
City Council of the City of Carlsbad held on the 15th day of October, 1957,
by the following vote, to wit:
AYES:
NOES: None
Mayor Castorena, Councilmen Ledgerwood, Bbinson and Helton.
ABSENT:. Councilman Baird.
of the City of Carlsbad,
Carlsbad, California
ATTEST:
.. &WALD, City Clerk
I, RALPH SCHOLINK, being the Director of Finance
of the City of Carlsbad, herewith recommend that the City of
Carlsbad borrow from the Security Trust and Savings Bank of
San Diego, the sum of EIGHTEEN THOUSAND DOLLARS
($lEE,OOO.OO), and issue as security therefor a promissory
note, which promissory note shall bear interest at a rate not
to exceed six per cent (6%) per annum.
DATED: October 15, 1957.
Director of Finance
I, W. ROY PACE, being the City Treasurer of the
City of Carlsbad, herewith recommend that the City of Carlsbad
borrow from the Security Trust and Savings Bank of San Diego,
the sum of EIGHTEEN THOUSAND DOLLARS ($18,000.00) ,
and issue as security therefor a promissory note, which
promissory note shall bear interest at a rate not to exceed
six per cent (6%) per annum.
DATED: Cctober 15, 1957.
City Trea’dur$