HomeMy WebLinkAboutO-1976-090 •
I ORDINANCE NO. 90
{! AN ORDINANCE OF THE CITY OF DANIA AUTHORIZING
THE CITY COMMISSION TO ISSUE PROMISSORY OB-
LIGATIONS TO BE REPAID WITHIN A PERIOD NOT TO
j EXCEED 120 MONTHS, SETTING A LIMIT AS TO IN-
TEREST RATE AND PLACING A LIMIT ON THE TOTAL
OF SUCH PROMISSORY OBLIGATIONS THAT MAY BE OUT-
STANDING AT ANY ONE TIME, AND LIMITING SECURITY
THEREFORE TO A PURCHASE MONEY LIEN OR MORTGAGE
INTEREST, AND REPEALING PART VII, ARTICLE 4, OF
THE CHARTER OF THE CITY OF DANIA, ENTITLED "AN-
TICIPATION TIME WARRANTS . "
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NOW THEREFORE BE IT ORDAINED BY THE CITY COMMISSION OF
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THE CITY OF DANIA, FLORIDA:
Section 1. That the Code of Ordinances of the City of
Dania, Florida, is amended by creating a Section 2-10 entitled
"Issuance of Promissory Obligations", which shall read as follows :
"Sec . 2-10. Issuance of Promissory Obligations .
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The City Commission of the City of Dania
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by resolution may issue promissory obligations
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(a) Such promissory obligations must be repaid
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within a period not to exceed 120 months from
date of adoption of an authorizing resolution.
aF^ (b) The interest rate on the obligation shall
not exceed 1% per annum above prime interest
rate determined at the time of the authorizing
resolution.
(c) The total amount of principle obligations
outstanding at any one time shall not exceed
$200,000. 00.
(d) The security interest given, if any, shall
be limited to a purchase money lien or mortgage
interest .
(e) Such promissory obligations shall be author-
ized by resolution of the City Commission. "
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Section 2. That Part VII of Article 4, of the Charter
of the City of Dania, entitled "Anticipation Time Warrants" is
hereby repealed .
Section 3 . That all ordinances or parts of ordinances
and all resolutions or parts of resolutions in conflict herewith
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be and the same are hereby repealed to the extent of such conflict .
Section 4. That this ordinance shall be in force and
take effect immediately upon its passage and adoption.
PASSED and ADOPTED on First Reading on the 4 day of
May , 1976 .
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PASSED and ADOPTED on Second and Final Reading on the
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1st day of June 1976.
� Mayo�ssioner
ATTEST :
City Clerk-Auditor
APPROVED FOR fCi'ill (+idD CGC3ECfIVENESS
By
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City Attorney
City of Dania, Fla.
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