HomeMy WebLinkAboutR-1988-012 RESOLUTION NO. 12-88
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 ONE MILLION NINE HUNDRED
THOUSAND DOLLARS ( $1, 900, 000. 00 ) AT THE INTEREST
RATE OF ( 7. 20%) PER ANNUM TO REFINANCE EXISTING
NOTES AND TO FINANCE THE PAYMENT OF CURRENT
OBLIGATIONS OF THE CITY OF DANIA, FLORIDA, 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HEREWITH BE REPEALED TO THE EXTENT OF SUCH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 , Section 23-11 ( l ) , Article II , Chapter 23 of the Code
of 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, and
WHEREAS , Section 23-11 ( 2 ) , Article II , Chapter 23 of the Code
of Ordinances of the City of Dania, pursuant to Florida Statues
Section 166. 231 ( 9 ) (a ) 2, levies a public service tax equal to a
seven percent ( 7%) of the charge for telecommunication service as
defined in Florida Statute Section 203. 012, within the city, and
WHEREAS, by virtue of Section 23-11 ( l ) 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
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 obligation,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA, FLORIDA;
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 telecommunication 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 capital improvements will
be fully sufficient to pay the principal and interest of the note J
herein authorized.
,I
Section 2: That for the purpose of financing current
obligations of the City of Dania, there be issued a promissory note
of the City of Dania in the total aggregate amount of one million
nine hundred thousand dollars ( $1, 900, 000. 00 ) . 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 7. 20 8 per annum.
Installments of principal and interest shall be due and payable in
quarterly installments of forty-seven thousand, five hundred
dollars ($47, 500. 00 ) each , plus accrued interest, beginning five
months from the date of receipt of said funds and continuing for
ten calendar years thereafter and shall be secured by first pledge
of revenues to be received by the city from the payment of 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,
Florida, all necessary loan documents and to accomplish all other
acts necessary to close this transaction .
Section 4: That all resolutions or parts of resolutions in
conflict herewith be and the same are hereby repealed to the extent
of such conflict .
Section 5: That this resolution shall be in force and take
effect immediately upon its passage and adoption.
passed and adopted on this loth day of May , 1988.
MAYOR-COMMISSIONER
ATTEST:
CITY CLERK-AUDITOR
APPROVED FOR FORM AND CORRECTNESS :
CITY ATTORNEY, FRANK C. ADLER
J
Resneuf.imi No. 12-88
r
RESOLUTION NO. 12-88
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 ONE MILLION NINE HUNDRED
THOUSAND DOLLARS ($1, 900, 000. 00 ) AT THE INTEREST
RATE OF ( 7. 208 ) PER ANNUM TO REFINANCE EXISTING
NOTES AND TO FINANCE THE PAYMENT OF CURRENT
OBLIGATIONS OF THE CITY OF DANIA, FLORIDA, 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, Section 23-11 ( l ) , Article II , Chapter 23 of the Code
of Ordinances of the City of Dania requires that a tax be levied
equal to ten percent ( 10%) of the charge upon each and every
�Vpurchase of electricity, metered or bottled gas and water service
within the city, and
WHEREAS, Section', 23-11 ( 2 ) , Article II , Chapter 23 of the Code
'a 1
of Ordinances of the City of Dania, pursuant to Florida Statues
s Section 166. 231 (9 ) (a) 2,\ levies a public service tax equal to
y-
seven percent ( 7% ) of the charge for telecommunication service as
4rT
defined in Florida Statute Section 203. 012, within the city, and
WHEREAS, by virtue of Se Aion 23-11 ( 1 ) and Section 23-11 ( 2 ) ,
1 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
each fiscal year, and
WHEREAS, the City is authorized , under the provisions of
\ Section 2-12, Article I , Chapter 2 Code f Ordinances , to borrow
I
money and to execute a promissory note evi encing the obligation,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
N \
CITY OF DANIA, FLORIDA; \
Section 1 : That the City Commission has m�de due
investigation and has ascertained, and hereby for�ally finds and
recites , that the amount to be derived by the City from the payment
of utility taxrevenue, 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 capital improvements will be fully sufficient to pay
1 the principal and interest of the note herein authorized.
Section 2: That for the purpose of financing current
obligations of the City of Dania, there be issued a promissory note
of the City of Dania in the total aggregate amount of' one million
nine hundred thousand dollars ($1, 900, 000. 00 ) . The/note shall be
dated on a date to be determined, and shall be p yable in lawful
money of the United States of America as to prXncipal and interest ,
and shall bear interest until paid at the rate of 7. 20 2 per annum.
Installments of principal and interest shall be due and payable in
quarterly installments of thirty-six thousand, seven hundred and
fifty dollars ($36, 750. 00) each, plus accrued interest, beginning
five months from the date of receipt of said funds and continuing
for ten calendar years thereafter and shall be secured by first
pledge of revenues to be received by the city from the payment of
utility tax/1revenues, 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 b
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 4 : That all resolutions or parts of resolutions in
conflict herewith be and the same are hereby repealed to the extent
of such conflict.
Section 5: That this resolution shall be in force and take
effect immediately upon its passage and adoption.
passed and adopted on this 10th day of play , 1988.
i 2
MAYOR-CO MISS NE /
ATTEST:
CITY CLERK-AUDITOR
APPROVED FOR FORM AND CORRECTNESS: I
7 J t�_,�_
CITY ATTORNEY, FRANK C. ADLER
RESOLUTION No. 12-88