HomeMy Public PortalAbout15-8918 Negotiate a Revolving Line of Credit not to Exceed Six Million Dollars w/City National BankSponsored by: City Manager
RESOLUTION NO. 15 -8918
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA- LOCKA, FLORIDA AUTHORIZING THE
CITY MANAGER TO NEGOIATE A REVOLVING LINE
OF CREDIT NOT TO EXCEED SIX MILLION DOLLARS
WITH CITY NATIONAL BANK IN ORDER TO INSURE
SOUND FISCAL STABILITY FOR THE CITY;
PROVIDING FOR INCORPORATION OF RECITALS;
PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the City Commission of the City of Opa -locka desires to maintain a sound,
fiscally responsible budget; and
WHEREAS, in order for the City to provide proper departmental spending in accord with
the adopted FY 2014 -2015 budget, the City Manager has advised that a revolving line of credit
should be obtained by the City.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF OPA- LOCKA, FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission of the City of Opa -locka hereby authorizes the City
Manager to negotiate with City National Bank for a revolving line of credit not to exceed six
million dollars to insure the City having available funds to maintain sound fiscal budgetary
responsibilities for all City departments.
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 28h day of January, 2015.
Resolution No. 15 -8918
Attest to:
anna Flores
ity Clerk
Moved by:
Seconded by:
Commission Vote:
Commissioner Kelley:
Commissioner Pinder:
Commissioner Santiago:
Vice -Mayor Holmes:
Mayor Taylor:
Ni�'R4 TAYLOR
MAYOR
Approved as to form and legal sufficiency
Jo��h S. Geller / John C. Della
G ENSPOON MARDER PA
VICE MAYOR HOLMES
COMMISSIONER PINDER
5 -0
YES
YES
YES
YES
YES
City Attorney