HomeMy WebLinkAboutR-1992-047 n
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RESOLUTION NO. 47-92
A RESOLUTION OF THE CITY OF DANIA, FLORIDA, AUTHORIZING
1 THE CITY MANAGER TO COMPLETE THE ARRANGEMENTS WITH
FAMILY BANK OF HALLANDALE FOR A LOAN IN THE AMOUNT OF
ONE MILLION TWO HUNDRED THIRTY-FIVE THOUSAND DOLLARS
j ( $1 , 235,000.00) AT THE INTEREST RATE OF 5. 15% PER ANNUM
TO RE-FINANCE AN EXISTING NOTE; AND AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO EXECUTE ALL DOCUMENTS f .
NECESSARY TO CLOSE SAID LOAN TRANSACTION; AND PROVIDING #f
THAT ALL RESOLUTIONS OR PARTS OF RESOLUTIONS IN CONFLICT
HEREWITH BE REPEALED TO THE EXTENT OF SUCH CONFLICT; AND
PROVIDING FOR AN EFFECTIVE DATE.
Article II Chapter WHEREAS, Section 23-11 ( 1 ) , Art , ter 23 of the Code of p
Ordinances of the City of Dania requires that a tax be levied equal to
ten percent ( 10$ ) of the charge upon each and every purchase of
- electricity, metered or bottled gas and water service within the city;
fi and
I WHEREAS, Section 23-11 (2 ) , Article II , Chapter 23 of the Code of
7 Ordinances of the City of Dania, pursuant to Florida Statutes Section
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166 . 231 ( 9) (a) 2, levies a public service tax equal to seven percent (7% )
of the charge for telecommunication service as defined in Florida
Statutes Section 203.012 , within the city; and
WHEREAS, by virtue of Section 23-11 ( 1 ) and Section 23-11 (2 ) , Article
II , Chapter 23, of the Code of Ordinances of the City of Dania, the city
receives gross revenues in excess of $1 , 000,000.00 each fiscal year; and i
WHEREAS, the city is authorized, under the provisions of Section
2-12 , Article i, Chapter 2, Code of Ordinances, to borrow money and to
execute a promissory note evidencing the obligation. j
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF .
DANIA, FLORIDA: P
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Resolution No. 47-92
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,= Section 1 . That the city commission has made due investigation and
has ascertained, and hereby formally finds and recites that the amount to
be derived by the city from the payment of utility tax and tele-
communication tax revenue, if continued in the amounts now being derived
therefrom, the amount derived from fire impact fees for fire capital
improvements and the amount derived from sewer impact fees for sewer
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capital improvements will be fully sufficient to pay the principal and
interest of the note herein authorized.
Section 2. That for the purpose of financing the current
obligations of the City of Dania, there be issued a promissory note in
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-' the total aggregate amount of One Million Two Hundred Thirty-Five
Thousand Dollars ( S1 , 235,000. 00 ) . The note shall be dated on ad to
be determined and shall be payable in lawful money of the United States I`
of America as to principal and interest, and shall bear interest until
paid at the rate of 5. 15% per annum. Installments of principal and
interest shall be due and payable in quarterly installments of Sixty-One C.
Thousand Seven Hundred Fifty Dollars ( $61 , 750 . 00) each, plus accrued
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interest, beginning three months from the date of receipt of said funds
and continuing for five calendar years thereafter and shall be secured by
first pledge of revenues to be received by the city from the paymemt of J
utility tax and telecommunication tax revenues with a portion thereof to
be paid from fire facilities fees for fire capital improvements and sewer
impact fee revenue for sewer capital improvements.
Section 3. That the appropriate city officials are hereby
authorized and directed to execute on behalf of the City of Dania,
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47-92 i .
Resolution No.
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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.
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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 24th day of March, 1992 .
MAYOR - COMUISSIONER
ATTEST:
CITY CLERK - AUDITOR
APPROVED AS TO FORM AND CORRECTNESSn
BY:
Frank C. Adler, City Attorney 4 ,:6
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47-92
Resolution No.
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