HomeMy Public PortalAbout1993-32 Providing for Terms of Indebtedness up to $1,000,000RESOLUTION NO. 93-32
A RESOLUTION OF THE VILLAGE OF KEY
BISCAYNE, FLORIDA; PROVIDING FOR INTEREST
RATE, TERMS, MATURITY, AND OTHER DETAILS
OF INDEBTEDNESS IN THE AMOUNT OF UP TO
$1,000,000 AS APPROVED BY ORDINANCE
ADOPTED ON MAY 25, 1993; PROVIDING FOR
SEVERABILITY AND AN EFFECTIVE DATE.
WHEREAS, pursuant to ordinance adopted on May 25, 1993, under
authority of Section 4.03(6) of the Charter of the Village of Key
Biscayne, the Village Council approved borrowing funds in an amount
not to exceed $1,000,000 to pay for various municipal expenses; and
WHEREAS, such ordinance provided in Section 2 thereof, that
the interest rate, terms, maturity, and other details of such
indebtedness are subject to approval by the Village Council by
subsequent resolution; and
WHEREAS, the Village Council desires to implement the
authorization to borrow money as provided by the above referenced
ordinance of May 25, 1993;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, THAT:
SECTION 1. The attached term note by and between the Village
of Key Biscayne, Florida, and the Key Biscayne Bank and Trust
Company, which authorized incurring indebtedness in an amount of up
to $1,000,000 to pay for various municipal expenses and services is
hereby approved and the Mayor and Village Clerk are hereby
authorized, in their respective capacities, to execute such note on
behalf of the Village.
SECTION 2. The Mayor, Vice Mayor, Village Clerk, and Village
Attorney are hereby authorized, empowered and directed to execute
and deliver such other documents and to take such other actions
which shall be necessary and appropriate to incur the indebtedness
in accordance with law.
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SECTION 3. The interest rate, terms, maturity, and other
details of the above referenced indebtedness are as set forth in
the attached term note and as follows:
A. Interest Rate: The interest rate is a variable rate as
set forth in the note at the per annum rate of 2.25%
below the Wall Street Journal prime rate of interest as
published from time to time, or as otherwise provided in
the note for a maximum of the prime rate.
B. Term: The term of the note shall be for and shall not
exceed a twelve (12) month period.
C. Maturity: The outstanding principal shall be payable
twelve (12) months from the date of the note.
D. Other Details: Interest is payable monthly, with the
outstanding principal being due and payable twelve (12)
months from the date of the note. The note may be
prepaid at any time in whole or part without premium or
penalty upon giving of notice by the Village to the
registered owner at least two (2) business days prior to
said anticipated date of such payment. The note shall
not be nor constitute a general obligation of the Village
nor shall it constitute a pledge of the full faith and
credit of the Village. the note shall be repaid by the
Village through taxes, fees and other revenues received
by the Village which are lawfully available for payment.
The budget of the Village shall provide a line item, if
and as necessary, for payment of the interest and
principal of the note.
SECTION 4. This resolution shall be effective immediately
upon adoption.
PASSED AND ADOPTED this 13th day of July , 1993.
MAYOR RAC L CONTE
ATTEST -
VILLAGE `CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
VILX+AG7E ATTORNEY
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