HomeMy WebLinkAboutR-1993-125:I
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RESOLUTION NO. t25_ 93
A RESOLUTION OF THE CITY OF DANIA, FLORIDA, AUTHORIZING
THE CITY MANAGER TO COMPLETE THE ARRANGEMENTS WITH
FAMILY BANK FOR A LOAN IN THE AMOUNT OF FOUR HUNDRED
THOUSAND DOLLARS ($400,000.00) AT THE INTEREST RATE OF
4.90% PER ANNUM TO FINANCE THE PROFESSIONAL SERVICES
AND COSTS NECESSARY TO PROTECT AND PRESERVE THE
PROPERTY RIGHTS AND OTHER INTERESTS OF THE CITY AND ITS
RESIDENTS FROM DAMAGES THAT MAY BE SUFFERED BY THE
EXPANSION AND EXTENSiON OF THE SOUTH RUNWAY AT FORT
1 LAUDERDALE/HOLLYWOOD INTERNATIONAL AIRPORT; 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PARTS OF RESOLUTIONS IN CONFLICT HEREWITH BE REPEALED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 franchise fee revenues in excess of $950,000.00 each fiscal year;
and
WHEREAS, the city is authorized, under the provisions of Section 2-12, Article 1,
Chapter 2, Code of Ordinances, to borrow money and to execute a promissory note
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evidencing the obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA, FLORIDA:
lion 1' That for the purpose of financing the professional services and
costs necessary to protect and preserve the property rights and other interests of the
residents from damages that may be suffered by the expansion and
city and its
extension of the south runway at Fort Lauderdale/Hollywood International Airport, a
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promissory note in the total aggregate amount of Four Hundred Thousand Dollars
($400,000.00) shall be issued for a non-revolving line of credit. The note shall be dated
on a date to be determined, and shall be payable in lawful money of the United States
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of America as to principal and interest, payable over a five (5) year period and shall
bear interest at the fixed rate of 4.90 percent with the payment of interest only for the
first six (6) months: thereafter, payments of principal and interest shall be due and
payable in quarterly installments and shall begin on a date to be determined and
continue for five (5) calendar years thereafter until both principal and interest are paid in
full. Payments of this promissory note shall be secured by a second pledge of I
revenues to be received by the city from the payment of franchise fees.
Section 2. That the appropriate city officials are hereby authorized and
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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.
j Section 3. That all resolutions or parts of resolutions in conflict therewith be
' and the same are hereby repealed to the extent of such conflict.
Section 4. That this resolution shall be in force and take effective immediately
upon its passage and adoption.
j PASSED and ADOPTED on this 27 t h day of July 1993
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MAYOR- COMMISSIONER
ATTEST:
CITY CLERK -AUDITOR
APPROVED AS TO FORM AND CORRECTNESS I
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By: �•
FRANK C. ADLER, City Attorney
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