HomeMy WebLinkAboutResolution No. 1980-14 MICROFILMED 1.18-83
RESOLUTION NO. 80-14
A RESOLUTION AUTHORIZING_.THE CITY OF CAPE CANAVERAL,
FLORIDA, TO BORROW FUNDS FOR THE CONSTRUCTION OF TWO
RACQUETBALL COURTS FROM FIRST NATIONAL BANK OF CAPE
CANANVERAL; BY AUTHORIZING THE. MAYOR AND CITY CLERK .
TO EXECUTE THE NECESSARY IRAN DOCUMENTS TO PERFECT
THAT LOAN; BY PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Cape Canaveral, Florida, is desirous of the
[1] Recreation Complex paying for itself; and
WHEREAS, the recommendation of the Recreation Board has determined
the addition of two racquetball courts as a step in achieving said goal;
and
WHEREAS, the First National Bank-of Cape Canaveral has agreed to loan .
the City of Cape Canaveral the necessary funds to effect such purchase.
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 $50,000.00 from the First National Bank of Cape Canaveral for the
construction of two racquetball courts in the City of Cape Canaveral's
Recreation Complex. This loan shall bear interest at the rate of 7.5 percent
per &uium, principal and interest to be paid quarterly, beginning three
months from date of the loan, to be paid within 5 years from date.
SECTION 2. If at any time during the term of this loan, the interest
rate which the City is receiving on the Recreation Department's escrowed
funds shall fall below that which the City is paying under Section 1 above,
the City Manager shall immediately pay off this loan in full from the Recreation
Board's escrowed funds.
[I/ SECTION 3. The Mayor and the City Clerk are hereby authorized to execute
the necessary documents to perfect this loan.
M CROF I LMED -1-18-83
•
SECI'ION 4. This Resolution shall become effective, immedintely upon
its adoption.
ADO.F.D_,D by the City Council of the City' of Cape Canaveral, Florida,
this 20 th da.iof May, 1980
•0,:*
Jto *;`
k 4 Aiti.
Zi/x
V,* . ,z/.1••.i
‘40T- :`q
•-•
Lo• • •
L"." A I.--
,
f •
NAMS r YES NO
CrlY/el "21. •"
'4rf. I I P.
t lti‘
BOYD
• e
Appr. ;-d as toC ALV ERT )7/Form:
LEE
URPHY
RUTH ERFOF J /
# oRNEY
•
2