HomeMy WebLinkAboutResolution No. 1979-15 . ,
MICROFILMED 441-80
RESOLUTION NO. 79-15
A RESOLUTION AUTHORIZING THE CITY OF CAPE CANAVERAL,
FLORIDA, TO BORROW FUNDS FOR THE PURCHASE OF BLOCK
47, AVON-BY-THE-SEA SUBDIVISION FROM UNITED NATIONAL
BANK; BY AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE THE NECESSARY LOAN DOCUMENTS TO PERFECT
THAT LOAN; BY PLEDGING CERTAIN FRANCHISE FEES AS
COLLATERAL FOR SAID LOAN; BY RESCINDING RESOLUTION
NO. 79-5; 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, United National Bank 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 United National Bank to be 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 3/4% per annum, principal and
interest to be paid quarterly, beginning three months from date of the loan.
The City is further authorized to pledge to United National Bank the
necessary revenue to meet the payments described above, derived from the
Florida Power & Light franchise fee as collateral for this loan.
SECTION 2. Resolution No. 79-5 is hereby rescinded.
SECTION 3. The Mayor and City Clerk are hereby authorized to
execute the necessary documents to perfect this loan.
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... MICROFILMED 4-11-80
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SECTION 4. This resolution shall become effective immediately
upon its adoption.
ADOPTED by the City Council of the City of Cape Canaveral,
Florida, this 3• 1 day of April , 1979.
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perqv-elgto...-7.1,4rm.:' / LEE MEI
MURPHY nil
/, _ R1GERMAN Fill
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4Irty Attorney
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RESOLUTION NO. 79-15
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