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
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READ AND APPROVED AS TO FORM AND LEGALITY:
Passed on 1st Reading:11/20/84
Passed on 2nd Reading:12/04/84