HomeMy WebLinkAboutR-1979-337 RESOLUTION NO. 337
RESOLUTION OF THE CITY OF DANIA, FLORIDA,
AUTHORIZING THE CITY MANAGER TO COMPLETE
THE ARRANGEMENTS WITH THE DANIP_ BANK FOR
A LOAN IN AN AMOUNT UP TO TWO HUNDRED FIFTY
THOUSAND DOLLARS ($250 ,000 .00) AT THE IN-
TEREST RATE OF FIVE AND ONE HALF PER CENT
(5 1/2%) AND PAYABLE OVER A TERM OF FIVE
(5) YEARS TO FINANCE REPAIRS AND MODIFICA-
TIONS IN THE CITY SANITARY SEWER SYSTEM;
AND AUTHORIZING THE APPROPRIATE CITY OF-
FICIA.LS TO EXECUTE ALL DOCUMENTS NECESSARY
TO CLOSE SAID LOAN TRANSACTION; AND PRO-
VIDING THAT ALL RESOLUTIONS OR PARTS OF
RESOLUTIONS IN CONFLICT HEREWITH BE RE-
PEALED TO THE EXTENT OF SUCH CONFLICT; AND
PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
DANIA, FLORIDA:
Section 1 . The City Manager is hereby authorized to
complete arrangements for the closing of a loan from The Dania
Bank, Dania , Florida in an amount up to Two Hundred Fifty
Thousand Dollars ($250, 000 .00) with interest at five and one
half per cent (5 1/296) per annum, payable quarterly, and the
principal thereof payable in five ( 5) equal annual installments
with the proceeds of said loan to be used for the repairs
and modifications to the City ' s Sanitary Sewer System.
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in conflict herewith be and the same are hereby repealed to the
extent of such conflict.
Section 4 . That this resolution shall be in force and
take effect immediately upon its passage and adoption .
PASSED AND ADOPTED on this 1 day of May 1979 .
MAYOR - COMMISSIONER
ATTEST: I
CITY CLERK - AUDiauR
J
F71;1
1q 79
THE DANIA
BANK
May 21, 1979
Mr. Richard Marant,
City Manager
City of Dania
100 West Dania Beach Boulevard
Dania, FL 33004
Dear Mr. Marant:
In response to the City of Dania's recent loan request, The Dania Bank is willing
in principle to accommodate your needs. To this end, we would propose to struc-
ture the credit in the following manner:
1. AMOUNT : Up to $250, 000
2. TERM : Five years.
3. RATE : 5Xz% payable quarterly, y
4. REPAYMENT : Principal payments in equal annual installments,
payable at the end of each 12 month period.
5. PURPOSE : To finance repairs and modifications in the Cityts
sanitary sewer system.
6. PREPAYMENT: At any time, in whole or in part, without penalty.
The above terms and conditions are not intended to be all inclusive and the Bank
will, of course, wish to discuss with the City in more detail the available sources
of repayment, collateral, etc.
Very truly yours,
i
Andrew F. Toxey
Executive Vice President
AFT/kn
The Dania Bank 255 East Dania Beach Boulevard, Dania, Florida 33004
Tel. (305)925-2211, N. Broward: 527-5545, Dade: 945-6341; Telex: 51-4311
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