HomeMy WebLinkAboutResolution No. 1982-15 „ .
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'RESOLUTION NO. 82-15
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A RESOLUTION AUTHORIZING THE CITY OF CAPE CANAVERAL, FLORIDA
TO RENEW A LOAN WITH UNITED NATIONAL BANK FOR THE PURCHASE
• . OF BLOCK 47, AVON-BY-THE-SEA SUBDIVISIONS; AUTHORIZING THE
MAYOR AND CITY CLFRK TO EXECUTE THE NECESSARY LOAN DOCUMENTS
TO RENEW THAT LOAN; BY PLEDGING CER1A1N FRANCHISE FEES 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,
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WHEREAS, said referendum provided for the purhcase 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
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fees; and
WHEREAS, the City Council of the City of Cape Canaveral, Florida,
approved Resolution No. 79-15 to effectuate the said loan; .
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NOW, THEREFORE RE 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
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to renew the $110,000.00 loan from the United National Bank which was 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 cent per annum principal and interest to
be paid quarterly, beginning three months from date of loan. The City is
further authrozied 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 ,adpptjpn. . • . ' '
.p.._.,Apsz)g,Ilaylittie,.,City Council of the City of Cape Canaveral, Florida,
March
, 1982.
41,4140014.410VW,..-
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NAME i YES!NO
Apprias to form: .
CALVERT
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HARRIS
MURPHY
' (Weir/ 14/ ' NICHOLAS 1 L'i.
1 , ,ttorney RUTHERFORti L-f-
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