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ORDINANCE NO. 19-88
AN ORDINANCE OF THE CITY OF DANIA, FLORIDA,
AMENDING SECTION 2-12, ARTICLE I OF CHAPTER
2 OF THE CODE OF ORDINANCES OF THE CITY OF
DANIA, FLORIDA, ENTITLED "ISSUANCE OF SHORT
TERM PROMISSORY OBLIGATIONS" TO INCREASE
THE MAXIMUM ALLOWABLE OUTSTANDING SHORT
TERM PROMISSORY OBLIGATIONS TO A SUM NOT TO
EXCEED TWO MILLION DOLLARS ($2, 000, 000. 00) ;
AND PROVIDING THAT ALL ORDINANCES OR PARTS
OF ORDINANCES AND ALL RESOLUTIONS OR PARTS
OF RESOLUTIONS IN CONFLICT HEREWITH BE
REPEALED TO THE EXTENT OF SUCH CONFLICT;
i AND PROVIDING FOR AN EFFECTIVE DATE.
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J BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DANIA,
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FLORIDA:
Section 1 . That Section 2-12, Article I of Chapter 2 of the
Code of Ordinances of the City of Dania, Florida, entitled
"Issuance of Short Term Promissory Obligations" , be and the same
is hereby amended to read as follows :
"Sec. 2-12. Issuance of short term promissory
obligations.
The city commission by resolution may issue
promissory obligations with the following y..
limitations: "
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(a) Such promissory obligations must be repaid
within a period not to exceed one hundred
eighty ( 180) months from date of adoption
of an authorizing resolution .
(b) The interest rate on the obligation shall
not exceed one percent (18 ) per annum above
prime interest rate determined at the time
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of the authorizing resolution .
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(c ) The total amount of General Fund principal
obligations outstanding at any one time
shall not exceed two million dollars
( $2, 000, 000. 00 ) .
(d ) The security interest given, if any, shall
be limited to General Fund revenue other
than ad valorem tax .
(e) The total amount of Water Fund principal
obligations outstanding at any one time
shall not exceed one million dollars
( $1 , 000, 000. 00 ) .
(f ) The total amount of Sewer Fund principal
obligations outstanding at any one time
shall not exceed one million dollars
( $1 , 000, 000.00 ) .
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(g ) Such promissory obligations shall be
authorized by resolution of the city
commission. "
Ordinance No. 19-88
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Section 2. That except as herein amended, all other 1
provisions of said Chapter 2 shall remain in full force and
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effect.
Section 3. That all ordinances or parts of ordinances and
all resolutions or parts of resolutions in conflict herewith be
and the same are hereby repealed to the extent of such conflict.
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Section 4. That this ordinance shall be in force and take
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effect immediately upon its final passage and adoption.
PASSED and ADOPTED on First Reading this 2nd day of
May 1988.
PASSED and ADOPTED on Second and Final Reading on this 2nd
day of May , 1988. (DECLARED EMERGENCY ITEM)
VICE--M OR - COMMI'SSIONER
ATTEST:
CITY C XKK - AUDITOR
APPROVED FOR FORM AND CORRECTNESS:
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BY: a,✓Y�
FRANK C . ADLER, CITY ATTORNEY
City of Dania, Florida
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Ordinance No. 19-33