HomeMy WebLinkAboutR-1987-048 RESOLUTION NO. 48-87
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 FIFTY THOUSAND
AND NO/100 DOLLARS ($50, 000. 00 ) AT THE
INTEREST RATE OF EIGHT AND ONE-HALF
PERCENT (8-1/2% ) PER ANNUM AND PAYABLE _
(FIRST PAYMENT DUE ON OCTOBER 15, 1988 ) IN l ..
INSTALLMENTS OF TEN THOUSAND AND NO/100 l��� a`Z - 411
DOLLARS ($10, 000. 00 ) PER YEAR FOR THE
FIRST THREE (3 ) YEARS, PAYMENT TERMS TO BE
RENEGOTIATED AFTER THE THIRD YEAR, TO J ( 1 Q
FINANCE THE PAYMENT OF LEGAL FEES
NECESSARY TO FIGHT THE FT. LAUDERDALE 3 `�
INTERNATIONAL AIRPORT RUNWAY EXPANSION;AND AUTHORIZING 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BE REPEALED TO THE EXTENT OF SUCH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.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MWAS
DANIA, FLORIDA:
Section 1 . That the City Manager is hereby authorized to
complete arrangements for the closing of a loan from CARIBANK,
Dania, Florida, in the amount of Fifty Thousand and no/100
Dollars ($50, 000.00 ) with interest at eight and one-half
ff percent (8-1/28) per annum, with the principal and interest
M•ir
thereof payable (first payment to be due October 15, 1988 ) in
installments of Ten Thousand and no/100 Dollars ($10, 000. 00)
per year for the first three (3 ) years, payment terms to be
renegotiated after the third year, with the proceeds of said
loan to be used to finance the payment of legal fees necessary
to fight the Ft. Lauderdale International Airport runway
expansion.
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in conflict herewith be and the same are hereby repealed to the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.
Resolution No. 48-37
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i Section 4. That this resolution shall be in force and
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take effect immediately upon its passage and adoption.
PASSED and ADOPTED on this 22nd day of September
j 1987.
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MAYOR - COMMIS IO ER
ATTEST:
CITY CLERK -' AUDITOR
APPROVED FOR FORM SAND CORRECTNESS :
BY:
FRANK C. ADLER, CITY ATTORNEY
" City of Dania, Florida
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Resolution No. 48-87