HomeMy WebLinkAboutResolution No. 1986-22RESOLUTION NO. 86 -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, 17, AVON -BY- THE -SEA SUBDIVISION; AUTHORIZING
THE MAYOR AND CITY CLERK TO .EXECUTE THE
NECESSARY LOAN DOCUMENTS TO RENEW THATLOANt.
BY PLEDGING CERTAIN FRANCHISE FEES AS
COLLATERAL FOR SAIDLOANj BY PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the voters of the,City of Cape Canaveral, Florida,
approved by referendum election in November, 1976, the purchase
of Block 47, Avon -By- The -Sea Subdivisions and
WHEREAS, said referendum provided for the purchase price of
this property to be paid from existing City fundsi, and
WHEREAS, First American Bank and Trust agreed to loan the
City the necessary funds to affect said purchase, provided the
City pledge certain franchise feeef and
WHEREAS, the City' Council 'of the City of Cape Canaveral,
Florida, approved Resolution No. 79 -15 to effectuate the said
loam
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
balance of $41,632.67 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,'' 1976. This loan shall bear,intereat at the 'rate of
6.75 percent par 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 Clark are hereby authorized,
to execute the necessary documents to renew this loan.
RESOLLITION NO. 86 -22
PAGE 1 OF 2
MICROFILMED AUG 87
SECTION 3. This Resolution shall become effective
immediately upon its adoption.
ADOPTED BY the City Council of the City of Cape Canaveral,
Florida, this lst day of April , 1986.
Mayor
ATTEST:
; NAME FES' Clerk FISCHETTI LEE Approved as to Form: MARCHETTI NICHOLAS
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RESOLUTION NO. 86 -22
PAGE 2 OF 2
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RENEWAL NOTE # 1008528-5983,07
PROMISSORY NOTE
$61,329.61
MICRbNL'Mb AUG 87
Cocoa Beach, Florida
April 6, 1986
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 American, 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:
** *FORTY NINE THOUSAND NINE HUNDRED SIXTY SEVEN AND 79/100's ** *DOLLARS
together with interest thereon from April 6, 1986, at the rate of 6.750
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, 1986 with the entire principal
balance of $41,632.67 PLUS ( +) accrued interest be-
coming due and payable on April 6, 1987.
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 (9) NINE consecutive years, this being the (7th)
seventh renewal. 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 notf
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 noti.c re hereby
(seal)
'MAYOR
F��'�Y