HomeMy WebLinkAboutR-1992-110 • •I..1. 4.: .". _._ .. '.. .. ..1.�'.Jam.......4 .. � _ .. .J.J . F ... ... -. _. . ....- �...�._J.� .—. ..v_.
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_ .h. -d RESOLUTION NO. 110-92
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A RESOLUTION OF THE CITY OF DANIA, FLORIDA,
AUTHORIZING AN AMENDMENT TO PROMISSORY NOTE
GIVEN FAMILY BANK OF HALLANDALE TO INCREASE
THE AMORTIZATION PERIOD FROM FIVE YEARS TO TEN
YEARS; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on May 20, 1992, the City of Dania executed and
delivered to the Family Bank of Hallandale a promissory note in
the principal sum of $1 , 200, 000 .00 with said principal ;
sum, together with interest thereon at the rate of 5. 15% per
annum, in twenty ( 20 ) equal quarterly installments of �.
payable Y
$68,439.48 each with said payments to begin on the 20th day of
August, 1992; and
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WHEREAS, the City of Dania desires to change the amortization
schedule for the quarterly payments of said principal and interest li
from the said sum of $68,439 .48 to the sum of $38, 573 .69 for
twenty ( 20 ) quarters with the then remaining balance payable in
twenty ( 20 ) quarterly installments of $33,817 .04 for principal,
plus accrued interest on the principal balance existing from time
to time based upon 65% of New York prime rate.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA, FLORIDA:
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Section 1 . That the appropriate city officials are hereby
authorized to execute and deliver to the Family Bank of Hallandale
an amended promissory note in the principal sum of $1,200, 000.00,
bearing interest at the rate of 5. 15%, retroactive to May 20,
1992 , payable in quarterly installments of $38, 573. 69 each,
beginning on August 20, 1992 and continuing each quarter
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110-92
Resolution No.
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thereafter until the 20th day of May, 1997, at which time the
I quarterly payments shall change to $33, 817 .04 each for principal,
plus accrued interest on the principal balance existing from time
to time based upon 65% of the New York prime rate existing at the
` time of each installment payment, with such installament payments
to begin on the 20th day of August, 1997 and continue each and
every quarter thereafter until both principal and interest are
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fully paid.
Section 2 . Except as amended in accordance with the terms
and conditions set forth in Section 1 . hereof, all other terms and r
conditions as set forth in the original promissory note dated May
20, 1992 are hereby ratified and affirmed and shall remain in full
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force and effect.
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.
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Section 4 . That this resolution shall be in force and take
effect immediately upon its passage and adoption.
PASSED and ADOPTED on this 11th day of August 1992.
MAYOR-J Q MMISSIONER
ATTEST:
CITY CLERK - AUDITOR
APPROVED AS TO FORM AND CORRECTNESS
Frank C. Adler, City Attorney
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110-92
Resolution No. •.
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