HomeMy WebLinkAboutResolution No. 1985-22 MICROFILMED AUG 87
RESOLUTION NO. 85-22
A RESOLUTION AUTHORIZING THE CITY OF CAPE CANAVERAL,
FLORIDA TO RENEW A LOAN WITH FIRST AMERICAN BANK
AND TRUST FOR THE PURCHASE OF BLOCK 47 , AVON-BY-THE-
SEA SUBDIVISION; AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE THE NECESSARY LOAN DOCUMENTS TO
RENEW THAT LOAN; BY PLEDGING CERTAIN FRANCHISE FEES
AS COLLATERAL FOR SAID LOAN; BY PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the voters of the City of Cape Canaveral, Florida,
approved by referendum election in November, 1978 , the purchase
of Block 47 , Avon-By-The-Sea Subdivision; and
WHEREAS, said referendum provided for the purchase price
of this property to be paid from existing City funds; and
WHEREAS, First American Bank and Trust agreed to loan the
City the necessary funds to effect said purchase, provided the
City pledge certain franchise fees; and
WHEREAS, the City Council of the City of Cape Canaveral,
Florida, approved Resolution No. 79-15 to effectuate the said
loan;
NOW, THEREFORE BE IT RESOLVED by the City Council of the
City of Cape Canaveral, Florida as follows:
SECTION 1. The City of Cape Canaveral, Florida, is hereby
authorized to renew the $110 ,000 loan, with a remaining principal I
balance of $61 ,329 . 61 , from First American Bank and Trust which
was used for the purchase of Block 47 , Avon-By-The-Sea Subdivision,
as said purchase was approved by referendum election in November,
1978 . This loan shall bear interest at the rate of 6-3/4 percent
per annum principal and interest to be paid quarterly, beginning
three months from date of loan. The City is further authorized
to pledge First American Bank and Trust the necessary revenue to
meet the payments described above, derived from the Florida Power
and Light franchise fee as collateral for this loan.
SECTION 2. The Mayor and City Clerk are hereby authorized
to execute the necessary documents to renew this loan. 1
SECTION 3 . This Resolution shall become effective immedi-
ately upon its adoption.
MICROFILMED AUG 87
ADOPTED BY the City Council of the City of Cape Canaveral,
Florida, this 2nd day of April , 1985 .
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Approved as to Form:
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FISCHETTI IX '
All P,1AKCHETTI ;X
NICHOLAS X ._
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Resolution No. 85-22
Page 2 of 2
RENEWAL NOTE #1008528/598305
Cocoa Beach, Florida
April 6, 1985
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PROMISSORY NOTE
$61,329.61
FOR VALUE RECEIVED, the undersigned jointly and severally
promise to pay to the order of 1st American Bank & Trust, a banking
corporation organized and existing under the National Banking Laws of
the United States of America, located at 82 N. Atlantic Ave. , Cocoa Beach
Florida 32931 or a such place as the holder)s) of this note may designate
in writing the principal sum of:
*** SIXTY -ONE THOUSAND THREE HUNDRED TWENTY-NINE & 61/100 DOLLARS***
together with interest thereon from April 6, 1985, at the rate of 6.75%
per annum on the unpaid balance until paid.
TERMS: Three (3) quarterly payments of $3,804.90 each
which sums shall include principal and interest
commencing on July 6 , 1985 with the entire principal
balance of $52,890.79 PLUS (+) accrued interest becoming
due and payable on April 6, 1986 .
Provided, however, if each of the quarterly payments
required under this note have been timely paid, then
the borrower shall have the option of renewing this note
for the unpaid balance at the same rate of interest and
the same quarterly payments each year for (6) conse-
cutive years. Said annual renewals to be evidenced by
a certified copy of a resolution authorizing said renewal.
IF DEFAULT be made in the payment of any installment under this
note, and if such default is not made good within THIRTY (30) days,
the entire principal sum and accrued interest shall at once become due
and payable without notice at the option of the holder(s) of this note.
Failure to exercise this option shall not constitute a waiver of the
right to exercise the same at a later time for the same default or for
any subsequent default. In the event of defaults in the payment of this
note, and if the same is placed in the hands of an attorney at law for
collection, the undersigned hereby agree(s) to pay all costs of collection,
including a reasonable attorney's fee. Presentment, protest and notice
are hereby waived.
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Mayor y
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City Clerk