HomeMy WebLinkAboutCC Reso No 1968-1251
1
RESOLUTION NO. 1251
2 A RESOLUTION OF THE M,IWOR AND CITY COUNCI L OF THE CITY OF
ELSINORE, CALIFORNIA, AUTHORIZING THE CITY TO RENEW EXISTING
3 NOTE IN THE AMOUNT OF THIRTY-FIVE THOUSAND DOLLARS, VITH THE
FIRST NATIONAL BANK AND TRUST COMPANY (ELSINORE BRANCH),
4 UPON CERTAIN TER~IS AND CONDITIONS AS HERE AND AFTER SET FORTH,
AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE ON BEHALF
5 OF SAID CITY A PROMISSORY NOTE AND OTHER LEGAL DOCUMENTS.
6 'vlHEREAS, the City of Elsinore desires to renew an existing note in the
7 amount of thirty-five thousand ($35,000.00), from the First National Bank and
8 Trust Company (Elsinore Branch).
9 WHEREAS, the First National Bank and Trust Company (Elsinore Branch) is
10 willing to renew said note to the City of Elsinore, California, upon terms
11 and conditions as here and after set forth;
12 NOw THEREFORE BE IT RESOLVED by the Mayor and City Council of the City of
13 E I sino re , Ca 1 i fo rn i a as fo II ows :
14 1. That the Mayor and City Council for and on behalf of the City of
15 Elsinore, California, be authorized to renew said note in the sum of thirty-
16 five thousand dollars ($35,000.00) from the First National Bank and Trust
17 Company (Elsinore Branch) for a period 6f one year at an interest rate of not
18 to exceed four and three fourths (4 3/4) per cent per annum interest, payable
19 at the rate one thousand dollars ($1,000.00) a month, commencing 30 days from
20 the date of the execution of a promissory note, and payable in said amount of
21 one thousand dollars ($1,000.00) per month thereafter, with the balance to be
22 paid one year from the date of said promissory note;
23 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 foregoing
27 resolution.
28 ADOPTED by the City Council, signed by the Mayor, and attested by the
29 City Clerk this lothday of September, 1968.
30
31 Attes t:
32 ..,/ / l ... /~/ ,/ ~.'
"'~... /~ r ,/ t> (. ,77J-(ZEt ;,/t=.,LL/
City Clerk of the City of Elsinore
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