HomeMy WebLinkAboutR-1987-057 RESOLUTION NO. 57-87
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 ONE HUNDRED
AND FIFTY THOUSAND AND N0/100 DOLLARS
($150,000 ) AT THE INTEREST RATE OF EIGHT
AND ONE-HALF PERCENT ( 8 1/2% ) PER ANNUM
TO FINANCE THE PAYMENT OF LEGAL FEES
NECESSARY TO FIGHT THE FT. LAUDERDALE
INTERNATIONAL AIRPORT RUNWAY EXPANSION
AND THE PURCHASE OF CERTAIN CAPITAL ITEMS
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BE REPEALED TO THE EXTENT OF SUCH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, Chapter 82-154 Laws of Florida requires the
proportion of sales tax revenues shared with municipalites
and counties to be one-half of the fifth cent remitted by a
sales tax dealer located within a county, and
WHEREAS , by virtue of Chapter 218, Part VI , Florida
Statutes , the City of Dania receives gross revenues in excess
Y
of $375, 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
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 the half-cent sales tax, 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 retiring previous
indebtedness, and for other obligations of the City of Dania,
there be issued a promissory note of the City of Dania in the
total aggregate amount of One hundred and fifty thousand
I
{
i
Resolution No. 57-87
dollars ($150,000. 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 8 .5% per annum.
Installments of principal and interest shall be due and
payable in annual installments of Thirty Thousand Dollars
($30,000 . 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 the half-cent sales tax. 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
- s
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 13th day of October
1987 .
MAYOR-COMMISSIONER
ATTEST:
CITY CLERK-AUDITOR
APPROVED FOR FORM/ AND CORRECTNESS :
CITY ATTORNEY FRANK ADLER
:1
Resolution No. 57-87
a -
a