HomeMy WebLinkAboutR-1991-139 6i
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139-91
RESOLUTION NO.
A RESOLUTION OF THE CITY OF DANIA, FLORIDA,
AUTHORIZING THE CITY MANAGER TO COMPLETE THE
ARRANGEMENTS WITH FAMILY BANK OF HALLANDALE FOR A LOAN
IN THE AMOUNT OF SEVEN HUNDRED NINETY THOUSAND DOLLARS
($790,000.00 ) AT THE INTEREST RATE OF 6.40% PER ANNUM TO
FINANCE THE RENOVATION OF THE CITY' S WATER PLANT; AND
AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE
ALL DOCUMENTS NECESSARY TO CLOSE SAID LOAN TRANSACTION;
AND PROVIDING THAT ALL RESOLUTIONS OR PARTS OF
RESOLU CONFLICT
ED TO THE
EXTENTTOFN N HEREWITH
SUCHCONFFLICT; ANDPROVIDING FOR PANLEFFECTIVE
DATE.
to City of Dania Resolution No. 108-91, the City
WHEREAS, pursuant
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I' of Dania receives gross water revenues in excess of $1,300,000.00 each
fiscal year; and
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WHEREAS, under the provisions of Section 23-11, Chapter 23 of the
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F ! Code of the Ordinances of the City of Dania, Florida, the City of Dania
` receives gross utility tax revenues in excess of $1,600,000.00 each
fiscal year; and
jWHEREAS, the city is authorized, under the provisions of Section ^
Code of Ordinances, to borrow money and to
2-12, Article I, Chapter 2,
execute a promissory note evidencing the obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
DANIA, FLORIDA:
Section 1. That for the purpose of financing the renovations of
the city' s water plant, a promissory note in the total aggregate amount
of. Seven Hundred Ninety Thousand and no/100 Dollars ($790,000.00) shall
be issued. The note shall be dated on a date to be determined, and shall
be payable in lawful money of the United States of America as to
principal and interest, and shall bear interest until paid at the rate of
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6.40% per annum. Payments of principal and interest s'.iall be due in
quarterly installments and shall begin on a date to be determined and
continue for ten calendar years thereafter until paid in full and shall
he secured by first pledge of revenues to be received by the city from
water-user fees and by second pledge of revenues to be received by the
city from the payment of utility tax.
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.
1 Section 3. That this resolution shall be in force and take effect
;+ immediately upon its passage and adoption.
26th November 1991.
PASSED and ADOPTED on this day of ,
9
MAYOR - COMMISSIONER
ATTEST:
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ITY CLERK - AUDITOR
APPROVED AS TO FORM AND CORRECTNESS
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BY: � C •
Fran;: C. Adler, City Attorney
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139-91
Resolution No.
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