HomeMy WebLinkAboutR-1992-048 RESOLUTION NO. 48-92
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 5. 15% PER ANNUM TO RE-FINANCE AN
1 EXISTING NOTE FOR 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OF RESOLUTIONS IN CONFLICT HEREWITH BE REPEALED TO THE
EXTENT OF SUCH CONFLICT; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, pursuant to City of Dania Resolution No. 108-91, the City
of Dania receives gross water revenues in excess of $1,300,000.00 each
fiscal year; and
WHEREAS, under the provisions of Section 23-11, Chapter 23 of the
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Code of Ordinances of the City of Dania, Florida, the City of Dania
i receives gross utility tax revenues in excess of $1,600,000.00 each
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fiscal year; and
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 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 I•
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 5 . 15% per
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Resolution No. 48-92 l
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j annum. Payments of principal and interest shall be due in quarterly
installments and shall begin on a date to be determined and continue for
five ( 5) calendar years thereafter until aid
p in full and shall be
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.
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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.
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.
ATTEST: MAYOR MMISDiVN_E
CITY CLERK - AUDITOR
APPROVED AS TO FORM AND CORRECTNESS
BY: 'ir C. Lf Lt fir- -
Frank C. Adler, City At�y ;
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i, 48-92
Resolution No. I,
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