HomeMy WebLinkAboutR-1987-060 RESOLUTION NO. 60-37
A RESOLUTION OF THE CITY OF DANIA, FLORIDA,
AUTHORIZING THE CITY MANAGER TO COMPLETE THE
ARRANGEMENTS WITH CARIBANK FOR A LOAN IN THE
AMOUNT OF FIVE HUNDRED AND FIFTY THOUSAND AND
NO/J.00 DOLLARS ($550,000. 00 ) AT THE INTEREST
RATE OF EIGHT AND ONE-HALF PERCENT (8 1/2%) PER
ANNUM TO FINANCE THE PURCHASE OF CERTAIN
FIRE-RESCUE VEHICLES AND EXPANSION OF THE FIRE
STATION 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CONFLICT HEREWITH BE REPEALED TO THE EXTENT OF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, through the adoption of Ordinance No. 46-85, the City
Commission of the City of Dania, Florida levies a fire safety
facilities fee on the initial construction of or substantial
reconstruction of residential, commercial , manufacturing, public
assembly or institutional buildings, and
WHEREAS, by virtue of Ordinance No. 46-85, the City of Dania
receives gross revenues in excess of $75,000.00 each fiscal year, s
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and
WHEREAS, the City is authorized, under the provisions of
Section 2-3.2, 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 l. : 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 the fire safety facilities fee, if continued in the amounts now
being derived therefrom, will be fully sufficient to pay the
principal and interest of the note herein authorized.
Section 2: That for the purpose of purchasing two 1.250 g.p.m.
pumpers, and expanding the present fire station, there be issued a
promissory note of the City of Dania in the total aggregate amount
of five hundred and fifty thousand dollars ($550, 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 I
Resolution No. 60-87 J
interest, and shall bear interest until paid at the rate of 8. 5%
per annum. Installments of principal and interest shall be due and
payable in annual installments of Fifty Thousand Dollars
($50,000.00 ) each, plus accrued interest, beginning one year from
the date of receipt of said funds and continuing for three calendar
years thereafter and shall be secured by first pledge of revenues
to be received by the City from the payment of fire safety
facilities fees. The principal balance remaining will be
renegotiated after the third year.
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 27th day of October , 1.987.
... MAYOR-COMMISSION R
ATTEST:
CITY CLERK-AUDITOR
APPROVED FOR FORM AND CORRECTNESS :
CITY ATTORNEY, FRANK C. ADLER
Resolution No. 60-87 J
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