HomeMy WebLinkAboutResolution No. 1980-09 MICROFILMED 1.18-83 081
RESOLUTION NO. 80-9
A RESOLUTION AUTHORIZING THE CITY OF CAPE
CANAVERAL, FLORIDA TO RENEW A LOAN WITH
UNTIED NATIONAL BANK 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 LOAN; BY PLEDGING CERTAIN
FRANCHISE BEES 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 be paid from existing City funds; and,
WHEREAS, United National Bank agreed to loan the City the
necessary funds to effect said purchase, provided the City pledge
certain franchise fees; 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 $110,000.00 loan from the United Nationa.l, Bank
which was used for the purchase of Block 47, Avon-By-The-Sea Subdivision,
-as said purchase was approved by referendum election in Novenber, 1978.
This loan shall bear interest at the rate of 6 3/47 per annum principal
and interest to be paid quarterly, beginning three months from date of
loan. The City is further authorized to pledge United National Bank
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.
SECTION 3. This Resolution shall become effective immediately
upon its adoption.
MICROFILMED 1-18-83 007
ADOPTED by the City Council of the City of Cape Canaveral,
Florida, this 1 day of April , 1980.
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