HomeMy WebLinkAboutResolution No. 1984-09RESOLUTION NO. 84 -9
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; SAID LOAN; By PROVIDING ANC COLLATERAL
EFFECTIVE DATE
FOR
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 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 refer-
' endum 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.
SECTION 3. This Resolution shall become effective immedi-
ately upon its adoption.
RESOLUTION N0. 84 -9
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� � A
ADOPTED BY the City Council of the City of Cape Canaveral,
Florida, this 17th day of April , 1984.
NAME tYES� NO
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NICHOLAS
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WINCHESTER
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Appro to
Form:
NAME tYES� NO
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FISCHETTI
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NICHOLAS
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RUTHERFORD
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WINCHESTER
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RESOLUTION NO. 84 -9
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