HomeMy WebLinkAboutResolution No. 1983-15RESOLUTION NO. 83 -15
A RESOLUTION AUTHORIZING THE CITY OF CAPE CANAVERAL, FLORIDA
TO RENEW A LOAN SMITH UNITED NATIONAL BANK FOR THE PURCHASE
OF BLOCK 47, AVON -BY -THE -SEA SUBDIVISIONS; 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
be paid from existing City funds; and
WHEREAS, United National Bank 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 from the United National Bank 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 per
cent per annum principal and interest to be paid quarterly, beginning three months
from date of loan. The City is further authorized to pledge United National Bank
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.
SECTION 3. This Resolution shall become effective immediately upon
its adoption.
ADOPTED BY the City Council of the City of Cape Canaveral, Florida, this
15th day of
March , 1983.
Approved as-to Form:
'cilty Attorney
�o.
PROMISSORY NOTIE
$81,870.75
C060A. BEACH, FLORIDA.
April 6, 1983
FOR uTALTTE RECE1VED, the undersigned jointly and severally
promise to pay to the order of UNITED NATICNAL BANK, 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:
"EIGHTY ONE THOUSAND EMT HTJDNRED SEVENTY 75/100 DOLLARS * * **
together with interest thereon from April 6, 1983 at the rate of
6.75% per annum on the unpaid balance until paid.
TEI�&S: Three (3) quarterly payments of $3,804.90 each which
sums shall include principal and interest corm encing
on July 5, 1983 with the entire principal balance of
$74,421.34 PLUS ( +) accrued interest becoming due and
payable on April 6, 1984.
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 saw quarterly payments each year for (6) conse-
cutive years. Said annual renewals to be evicenced
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
sane 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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ATTACHMENT TO RES. # 83 -15