HomeMy WebLinkAboutResolution No. 1987-14RESOLUTION NO. 87-14
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 LOAM 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 feesl 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
balance of $28,169.09 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
6.75 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.
RESOLUTION N0. 87-14
PAGE 1 OF 2
MICROFILMED JUNE 89
SECTION 3 . This Resolution shall become effective
immediately upon its adoption.
ADOPTED BY the City Council of the City of Cape Canaveral,
Florida, this 17th day of March , 1987.
Mayor
ATTEST:
NAME YES NO
C ty Clerk
HOOG X
Approved as to Form: KIDD X
LEE
MARCHETTI X u j
dYlt _
y Atto. ney �-
RESOLUTION NO. 87-14
PAGE 2 OF 2
Renewal 01008528/598307 Cocoa Beach. Florida
April 6. 1987
PROMISSORY NOTE
$37,822.77
FOR VALUE RECEIVED, the undersigned Jointly and severally promise
to pay to the order of First American Bank and Trust, a banking corp-
oration organized and existing under the Laws of the State of Florida,
located at 82 North Atlantic Avenue, Cocoa Beach, Florida 32931 or a
such place as the holder (s) of this note may designate in writing the
principal sum of:
****THIRTY SEVEN THOUSAND EIGHT HUNDRED TWENTY TWO AND 77/100****DOLLARS
together with inerest thereon from April 6, 1981, at the rate of 6.755
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
July 16, 1987 with the entire principal balance of
=28,169.09 PLUS (+) accrued interest becoming due and
payable on April 6, 1988.
Provided, however, if each of the quarterly payments
required under this note have bean 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 (8th) eighth 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
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.
CITY OF E CAVA` ML^
(seal)
MAYOR
(seal)
`C6tY CLERK
Ir