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Ord. No. 21-84-1216ORDINANCE NO.21-84 1216 AN ORDINANCE OF THE CITY OF SOUTH MIAMI.FLORIDA, AUTHORIZING M.L."HANK"SELSKY,ACTING CITY MANAGER AND SHARON R.HANN,FINANCE DIRECTOR TO BORROW UP TO THE SUM OF $150,000 FROM BRICKELLBANC FOR A PERIOD NOT MORE THAN NINETY (90)DAYS AND AT AN INTEREST RATE NOT MORE THAN 2%PER ANNUM OVER THE CERTIFICATE OF DEPOSIT RATE OR RATES OR ANY OTHER BANK GIVING THE BEST INTEREST RATE/OR TERMS TO MEET THE IMMEDIATE PAYROLL NEEDS OF THE CITY;AUTHORIZING PLEDGES AND RENEWING CERTAIN CERTIFICATES OF DEPOSIT AS SECURITYFOR LOANS;ANDPROVIDINGANEFFECTIVE DATE. BE IT ORDAINED BY THE MAYOR AND THE CITY COMMISSION OF THE CITY OFSOUTH MIAMI,FLORIDA: Section 1.That M.L."Hank"Selsky,Acting City Manager and Sharon R .Hann,Finance Director be,and they are hereby authorized to borrow up to the sum of $150,000 from Brickellbanc for a period not more than ninety (90)days and atan interest rate not more than 2%per annum over the certificate of deposit rate or rates or any other bank giving the best interest rate/or terms to meet the immediate payroll needs of the City. Section 2.That said Acting City Manager and the City Finance Director be and they are hereby authorized to execute a security instrument securing the repayment of said loan or loans by the following certificates of deposit or renewal thereof:No.5030786,Brickellbanc in an amount of $100,000 and No.5029838,Brickellbanc,in an amount of $100,000. Section 3.This ordinance shall take effect immediately at the time of its passage. PASSED AND ADOPTED this 4th day of December ,1984. APPROVED vmJkp&- READ AND APPROVED AS TO FORM AND LEGALITY: Passed on 1st Reading:11/20/84 Passed on 2nd Reading:12/04/84