HomeMy WebLinkAboutResolution No. 1987-13 MICROFILMED JUNE 89
RESOLUTION NO. 87-13
A RESOLUTION AUTHORIZING A LOAN FROM THE
GENERAL FUND TO THE BEAUTIFICATION FUND;
ESTABLISHING AD VALOREM TAX REVENUE BE
USED FOR REPAYMENT; ESTABLISHING INTEREST;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the electors of the City of Cape Canaveral approved
by referendum at the General Election held on November 4, 1986,
the imposition of an ad valorem tax for beautification projects;
and
WHEREAS, the City Council imposed an ad valorem tax not
w
to exceed .5 mil by the adoption of Ordinance No. 2-87; and
WHEREAS, said tax shall initially be collected for the
Fiscal Year beginning October 1, 1987; and
WHEREAS, the City Council is desirous of implementing the
Beautification Projects as soon as possible;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Cape Canaveral, Florida, as follows:
SECTION 1. A loan from the General Fund to the
Beautification Fund in the amount of $120,000 is hereby
authorized. Revenue collected from the imposition of the ad
valorem tax shall be used to repay the loan, with interest
calculated at the current market rate.
SECTION 2 . This Resolution shall become effective immediately
upon its adoption.
ADOPTED BY the City Council of the City of Cape Canaveral,
Florida, this 3rd day of March , 1987.
V :4;)/
Mayor
ATTEST:
dc:_
YES NO
u HO
F 070
Approkaeeak to Form:
11"142n
C . y Attor -y