Resolution 1312 mew 4 410,
.` ES OLUT ION NO. 1312
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY Or MIAMI BEACH,
FLORIDA:
1. That said Qity do borrow from the Miami Beach First
National .bank or the First National Bank of Miami, a sum not
in excess of 4200,000.00 and that J. N. Lummus, Jr. , a City
Councilman and U. W. Tomlinson, City Uler ., do make and deliver
to the Bank from whom such loan is made, a promissory note of
the City of Miami Beach, Florida, promising to pa ; said sum on
demand, with interest at the rate of 6% per annum from its date
and that they affix to such note , the seal of said City.
2. That of the proceeds of the sale of 41,524,000.00 of
bonds now advertised for sale March 31, 1926, said J. N. Lummus,
Jr. , as -finance Committeeman of said Coancil and C. W. Tomlinson,
as City Clerk, do set aside and immediately upon receipt thereof,
pay the full sum of said promissory note and the interest thereon
before disbursing any Dortion of the proceeds of said bonds ad-
vertised to be sold March 31,. 1926 and that all other resources of
said City be and the same are hereby pledged to the prompt payment
of said note.
PASSED AND ADOPTED this March 17th, 1926.
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