HomeMy WebLinkAboutCC Reso No 1969-1295
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RESOLUTION NO. 1295
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY
OF ELSINORE, CALIFORNIA, AUTHORIZING T~E CITY TO RENEW
EX I ST I NG NOTE I N THE AMOUNT OF TWENTY FOUR THOUSAND,
TWO HUNDRED AND SIXTEEN DOLLARS AND NINETY TWO CENTS, .
WITH THE FIRST NATIONAL BANK AND TRUST COMPANY (ELSINORE
BRANCH) t UPON CERTAIN TERMS AND CONDITIONS AS HERE AND
AFTER SET FORTH, AND DIRECTING THE MAYOR AND CITY CLERK
TO EXECUTE ON BEHALF OF SAID CITY A PROMISSORY NOTE AND
OTHER LEGAL DOCUMENTS.
WHEREAS, the City of Elsinore desires to renew an existing note in the
amount of Twenty four thousand, two hundred and sixteen dollars and ninety
two cents ($24,216.92), from the First National Bank and Trust Company (Elsinor
Branch) .
WHEREAS, the First National Bank and Trust Company (Elsinore Branch) is
willing to renew said note to the City of Elsinore, Cal ifornia, upon terms
and conditions as here and after set forth;
NOW THEREFORE BE IT RESOLVED by the Mayor and City Council of the City
of Elsinore, Cal ifornia as follows:
1. That the Mayor and City Council for and on behalf of the City of
Elsinore, California, be authorized to renew said note in the sum of twenty
four thousand, two hundred and sixteen dollars and ninety two cents ($24,216.92
from the First National Bank and Trust Company (Elsinore Branch) for a period
of nine months at an interest rate of not to exceed five (5) per cent per
annum payable as follows:
December 30, 1969 - Payment of $6,000 plus interest.
March 30, 1970 - Quarterly interest payment.
June 30, 1970 - Balance of principle plus interest.
2. That the Mayor and City Clerk be authorized to execute a promissory
24 note on behalf of the City of Elsinore with the First National Bank and Trust
25 Company (Elsinore Branch) as the payee, and to execute any and all other
26 documents to effect the renewal of said note in accordance with the fore-
27 going resolution.
28 ADOPTED by the City Council, signed by the Mayor, and attested by the
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32
City Clerk this
8th
day of September, 1969.
rman L. Cha in
Mayor of the City of
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Florene Marshall
City Clerk of the City of Elsinore
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