HomeMy WebLinkAboutResolution No. 1979-05 MICROFILMED 4-11-80A
RESOLUTION NO. 79-5
A RESOLUTION AUTHORIZING THE CITY OF CAPE CANAVERAL,
FLORIDA TO BORROW FUNDS FOR THE PURCHASE OF BLOCK 47,
AVON-BY-THE-SEA SUBDIVISION, FROM THE FIRST NATIONAL
BANK OF CAPE CANAVERAL; BY AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE THE NECESSARY LOAN
DOCUMENTS TO PERFECT THAT LOAN; BY PLEDGING CERTAIN
FRANCHISE F.FES AS COLLATERAL FOR SAID LOAN; BY
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the voters of the City of Cape Canaveral 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, the First National Bank of Cape Canaveral has agreed to
loan the City the necessary funds to effect said purchase, provided that
the City pledge certain franchise fees;
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 borrow $110, 000.00 from the First National Bank of Cape Canaveral,
Florida, to be used for thepurchase 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 7 1/2% per
annum, principal to be paid in ten equal annual installments, beginning one
[11 year from date of the loan, and interest to be paid quarterly from the date
of the loan. The City is further authorized to pledge to the First National
Bank of Cape Canaveral, Florida the necessary revenue to meet the
payments described above derived from the Florida Power & Light franchise
fee as collateral for this loan.
SECTION 2. The Mayor and City Clerk are hereby authorized to
execute the necessary documents to perfect this loan.
•'
• MICROFILMED 4-11-80
SECTION 3. This resolution shall become effective immediately
upon its adoption.
ADOPTED by the City Council of the City of Cape Canaveral,
Florida, this 20 day of February, 1979.
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RESOLUTION NO. 79-5
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