HomeMy WebLinkAboutR-1995-165RESOLUTION NO. 165-95
A RESOLUTION OF THE CITY OF DANIA, FLORIDA, AUTHORIZTN6
THE CITY MANAGER TO COMPLETE THE ARRANGEMENTS WITH
FAMILY BANK FOR A LOAN IN THE AMOUNT OF SIX HUNDRED
FTFTY-THREE THOUSAND, F|VE HUNDRED DOLLARS (653,500.00)
AT THE INTEREST RATE OF 4.90% PER ANNUM TO FINANCE ADEBT DUE BROWARD COUNTY FOR PROVIDING FIRE
PROTECTION SERVICES TO A CERTAIN ANNEXED AREA OF THE
CITY OF DANIA IN THE AMOUNT OF $547,046.80 PLUS ACCRUED
INTEREST AND TO FINANCE THE PURCHASE OF A RESCUE
VEHICLE lN THE AMOUNT OF $84,500.00; AND AUTHORTZTNG THE
APPROPRIATE CITY OFFICIALS TO EXECUTE ALL DOCUMENTS
NECESSARY TO CLOSE SAID LOAN TRANSACTTON; AND
PROVIDING THAT ALL RESOLUTIONS OR PARTS OF
RESOLUTIONS IN CONFLICT HEREWITH BE REPEALED TO THE
EXTENT OF SUCH CONFLICT; AND PROVID|NG FOR AN
EFFECTIVE DATE.
WHEREAS, under the provisions of Section 23-1 1, Article ll, Chapter 23, Code
of Ordinances, the City of Dania receives gross utility tax revenues in excess of
$2,200,000.00 each fiscal year; and
WHEREAS, the city is authorized, under the provisions of Section 2-12, Arlicle 1,
Chapter 2, Code of Ordinances, to borrow money and to execute a promissory note
evidencing the obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
1
CITY OF DANIA, FLORIDA:
Resolution No. 165-95
Section 1. That for the purpose of financing a debt due Broward County
pursuant to that certain agreement dated June 1, 1995 relating to the payment for the
provision of fire protection in certain annexed areas of the city in the amount of
$547,046.80 plus interest and the purchase of one (1) rescue vehicle in the amount of
$84,500.00, a promissory note in the total aggregate amount of $653,500.00 shall be
issued. The note shall be dated on a date to be determined, and shall be payable in
laMul money of the United States of America as to principal and interest, payable over
a five (5) year period and shall bear interest at the fixed rate of 4.90 percent. Payments
of principal and interest shall be due and payable in quarterly installments and shall
begin on a date to be determined and continue for five (5) calendar years thereafter
until both principal and interest are paid in full. Payments of the promissory note shall
be secured by a second pledge of revenues to be received by the city from the payment
of utility tax revenues.
Section 2. That the appropriate city officials are hereby authorized and
directed to execute on behalf of the city of Dania, Florida, all necessary loan documents
and to accomplish all other acts necessary to close this transaction.
Section 3. That all resolutions or parts of resolutions in conflict therewith be
and the same are hereby repealed to the extent of such conflict-
2 Resolution No. 165-95
Section 4. That this resolution shall be in force and take effective immediately
upon its passage and adoption.
PASSED and ADOPTED on this 28th day of November, 1995.
- COMMISSIONER
ATTEST:
CIry CLE - AUDITOR
APPROVED AS TO FORM AND CORRECTNESS
By *.-.c c A-llr-'
FRANK C. ADLER, City Attorney
J Resolution No. 165-95
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BOARD OF COUNTY COMMISSIONERS
BROWARD COUNTY, FLORIDA
t)AN I 345
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REV/SOURCE: 4 22t-.t OBJ:4l.,.llJ447484lnvoicePlease lnclude This Number With Your Payment
B/S ACCT:1..:.i 5 REPT CATG:
REVENUE COLLECTION DIVISION
PO. Box 14668
Ft. Lauderdale, FL 33302
Att: Accounts Receivable
Ft- .53004
PLEASE RETURN THIS PORTION WITH PAYMENT
FOR:EMEEGENCY $EFV I (]E/F, IRh
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PLI]S 6Z INTEREST F I\OI1 3/"6/95
(pr:E LIRS DrD 5/5/eb & //Y)/e5)
CUI{IIENT &i.1OUNT DIJE:
PREVIOUS BAL.Ai'ICE:
1D l rll.- Al-tLrl-ri'l'f l.rtlli:
Conlrol Form 403-803 (Rev. 3,€5)OHIGINAL
$547 ,04t: .8A
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