HomeMy WebLinkAboutR-1992-050 N
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RESOLUTION NO.
50-92
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A RESOLUTION OF THE CITY OF DANIA, FLORIDA, AUTHORIZING i
THE CITY MANAGER TO COMPLETE THE ARRANGEMENTS WITH SUN
BANK/SOUTH FLORIDA, N.A. FOR A LOAN IN THE AMOUNT OF
SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750, 000.00 ) AT
THE INTEREST RATE OF 5.75$ PER ANNUM TO FINANCE THE j.
RECONSTRUCTION OF THE CITY'S FISHING PIER AND OTHER
CAPITAL IMPROVEMENTS; 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BE REPEALED TO THE EXTENT OF SUCH CONFLICT; AND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, under the provisions of Chapter 218, Florida Statutes, the
City of Dania receives gross sales tax revenues in excess of $500,000.00
each 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 reconstruction of
the city' s fishing pier and other capital improvements, a promissory note
in the total aggregate amount of Seven Hundred Fifty Thousand and no/100
Dollars ( $750,000 . 00 ) shall be issued for a non-revolving line of credit.
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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, payable over a ten ( 10) year period and shall bear interest at
the fixed rate of $5 .75% per annum for the first five ( 5 ) year period;
thereafter, for the remaining five (5 ) year period, the interest payments
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shall be based upon 70t of the prime rate as the same is fixed from time
Resolution No. 50-92
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to time. Payments of principal and interest shall be due in quarterly f
installments and shall begin on a date to be determined and continue for i
ten ( 10 ) calendar years thereafter until paid in full and shall be
secured by first pledge of revenues to be received by the city from the
payment of sales 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.
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 - COM14aSSIONER
CITY CLERK - AUDITOR
APPROVED AS TO FORM AND CORRECTNESS jI
BY: C
- GCsGCG,/
Frank C. Adler, City Attorney
-2_
50-92
Resolution No.
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