HomeMy WebLinkAboutResolution No. 1988-26 y
MICROFILMED JUNE 89
RESOLUTION NO. 88-26
A RESOLUTION AUTHORIZING A LOAN FROM
THE GENERAL FUND TO THE LIBRARY 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 5 , 1985 ,
the imposition of an ad valorem tax to construct and maintain a
library facility; and
om-
WHEREAS , the City Council imposed an ad valorem tax not to
exceed .5 mil by the adoption of Ordinance No. 14-86; and
WHEREAS, said tax is now being collected and the amount of
revenue collected from the imposition of the aforesaid ad valorem
tax is $216,760.82; and
WHEREAS , construction of the new Library building has
already been initiated; and
WHEREAS , the City Council is desirous of providing
sufficient funding for the completion of the construction of the
Library building.
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 Library
Capitol Projects Fund in the amount of $250 , 000 . 00 is hereby
authorized . Revenue collected from the imposition of the ad
valorem tax shall be used to repay the loan and any adminis-
trative costs , with interest calculated at the current market
commercial loan rate.
SECTION 2 . This Resolution shall become effective immediate-
ly upon its adoption.
ADOPTED BY the City Council of the City of Cape Canaveral,
Florida, this 17th day of May , 1988.
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