HomeMy WebLinkAboutCity of Tamarac Resolution (93)March 27, 2002 - Temp Reso #9726
Revision No. 1 — April 1, 2002
Revision No. 2 - April 2, 2002
Revision No. 3 — April 2, 2002
Revision No. 4 — April 4, 2002
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2002-93
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA,
AUTHORIZING THE PROVISION OF
TEMPORARY CITY STAFF TO THE GREATER
TAMARAC CHAMBER OF COMMERCE, INC.
FOR A MAXIMUM OF SIXTY (60) DAYS;
AUTHORIZING THE REVIEW OF MONTHLY
FINANCIAL STATEMENTS BY CITY STAFF
WITH APPROPRIATE DOCUMENTATION
PREPARED BY A PRIVATE ACCOUNTANT FOR
THE GREATER TAMARAC CHAMBER OF
COMMERCE, INC. BOARD OF DIRECTORS;
AUTHORIZING FINANCIAL ASSISTANCE IN
THE FORM OF AN INTEREST -FREE, ONE (1)
YEAR DEFERRED PAYMENT LOAN FOR A
MAXIMUM TERM OF SIX (6) YEARS TO THE
GREATER TAMARAC CHAMBER OF
COMMERCE, INC. IN AN AMOUNT NOT TO
EXCEED THIRTY THOUSAND ($30,000.00)
DOLLARS; AUTHORIZING THE APPROPRIATE
BUDGETARY TRANSFERS; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, economic welfare is one of the main concerns of a modern city; and
WHEREAS, the Mayor and City Commission of the City of Tamarac support The
Greater Tamarac Chamber of Commerce, Inc. (the "Chamber") in their mission to promote
business activity in the City; and
WHEREAS, the services and activities of the Chamber compliment the City's efforts
to promote economic development; and
WHEREAS, the Chamber has provided economic data, assistance, advice and
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services to businesses in the City of Tamarac; and
WHEREAS, a healthy local economy and strong business climate is in the public's
best interest and in the interest of the citizens of the City of Tamarac; and
WHEREAS, the City of Tamarac authorizes the provision of City staff to temporarily
assist the Chamber in its daily operations until permanent staff can be employed but for no
longer than sixty (60) days; and
WHEREAS, City staff will provide review of monthly financial statements together
with appropriate documentation prepared by a private accountant for the Chamber Board
of Directors for a period not to exceed one (1) year; and
WHEREAS, it is the further recommendation of the City Manager that the City
Commission authorize financial assistance in the form of an interest -free, maximum six (6)
year term loan with deferred payments for the first year to the Chamber in an amount not to
exceed Thirty Thousand ($30,000.00) Dollars; and
WHEREAS, F.S. 166.021(9)(b) states: "The governing body of a municipality may
expend public funds to attract and retain business enterprises, and the use of public funds
toward the achievement of such economic development goals constitutes a public purpose.
The provisions of this chapter which confer powers and duties on the governing body of a
municipality, including any powers not specifically prohibited by law which can be exercised
by the governing body of a municipality, shall be liberally construed in order to effectively
carry out the purposes of this subsection."; and
WHEREAS, this expenditure is for the public purpose of ensuring the continued
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operation of the Chamber which is instrumental in improving the economic well being of the
City of Tamarac; and
WHEREAS, funding exists within the City of Tamarac's budget; and
WHEREAS, a budgetary transfer is necessary to make these funds available; and
WHEREAS, the City Manager and Director of Community Development recommend
approval; and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interests of the citizens and residents of the City of Tamarac to authorize the
provision of temporary City staff to The Greater Tamarac Chamber of Commerce, Inc. for a
maximum of sixty (60) days; authorize the review of monthly financial statements by City
staff with appropriate documentation prepared by a private accountant for The Greater
Tamarac Chamber of Commerce, Inc. Board of Directors; authorize financial assistance in
the form of an interest -free, one (1) year deferred payment loan for a maximum term of six
(6) years to The Greater Tamarac Chamber of Commerce, Inc. in an amount not to exceed
Thirty Thousand ($30,000.00) Dollars; and authorizing the appropriate budgetary transfers.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this Resolution.
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Revision No. 2 - April 2, 2002
Revision No. 3 — April 2, 2002
Revision No. 4 — April 4, 2002
SECTION 2: That the City Commission hereby authorize the provision of
temporary City staff to The Greater Tamarac Chamber of Commerce, Inc. for a maximum
of sixty (60) days; authorize the review of monthly financial statements by City staff with
appropriate documentation prepared by a private accountant for The Greater Tamarac
Chamber of Commerce, Inc. Board of Directors; authorize financial assistance in the form
of an interest -free, one (1) year deferred payment loan for a maximum term of six (6) years
to The Greater Tamarac Chamber of Commerce, Inc. in an amount not to exceed Thirty
Thousand ($30,000.00) Dollars, upon execution of a Promissory Note, which form is
approved by the City Manager and City Attorney.
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SECTION 3: That the City Commission hereby authorizes the appropriate
budgetary transfers.
SECTION 4: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 5: If any clause, section, other part or application of this Resolution
is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or
application, it shall not affect the validity of the remaining portions or applications of this
Resolution.
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SECTION 6:
passage and adoption.
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Revision No. 3 — April 2, 2002
Revision No. 4 — April 4, 2002
This Resolution shall become effective immediately upon its
PASSED, ADOPTED, AND APPROVED this 10th day of April, 2002.
ATTEST:
i'
MARION3ENSON, CMC
CITY CLERK
I HEREBY CERTIFY that I
have approved this
RE_SOL]UTIO,N as to form.
ITCHELL S. K
CITY ATTORI'
com mdev\u:\pats\userdata\wpdata\res\9726reso
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION VOTE:
MAYOR SCHREIBER Al el
DIST 1: V/M. PORTNER fly&
DIST 2: COMM. MISHKIN A-yel
DIST 3: COMM. SULTANOF_Ayel
DIST 4: COMM. ROBERTS Ave.,
PROMISSORY NOTE S
Date:
Tamarac, Florida, Broward County
Borrower:
The Greater Tamarac Chamber of Commerce, Inc., a Florida Non Profit
Corporation with principal address at 10080 McNab Road, Tamarac, Florida
33321.
Lender:
The City of Tamarac, a Municipal Corporation of the State of Florida with
principal address at 7525 Northwest 88th Avenue, Tamarac, Florida 33321.
1. BORROWER'S PROMISE TO PAY
The Greater Tamarac Chamber of Commerce, Inc. (Borrower) promises to
pay United States Thirty Thousand Dollars ($30,000.00) ("principal"), with no
interest, to the order of the City of Tamarac (Lender). The Borrower will make
all payments under this Note in the form of cash, check or money order. The
Lender may transfer this Note. The Lender or anyone who takes this Note by
transfer and who is entitled to receive payments under this Note is called the
"Note Holder".
2. INTEREST
The Borrower will pay interest at a yearly rate of: zero percent (0%). Interest
will not be charged on unpaid principal. The interest rate, if required, is the
rate the Borrower will pay both before and after any default described in
Section 7(B) of this Note.
3. TERMS
The loan term is for a period of six years, commencing May 1, 2003.
4. PAYMENTS
(A) Time and Place of Payments
The Borrower will pay principal without interest by making a payment
each year, with no payment due for the first twelve (12) months of the
loan, commencing May 1, 2002. The Borrower will make the first
annual payment on May 1, 2003. The Borrower will make payments
annually until the Borrower has paid all principal and any other charges
described below. Each yearly payment will be applied as of its
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scheduled due date. If, on May 1, 2009, the Borrower still owes
amounts under this Note, the Borrower will pay those amounts in full
on that date, which is called the "maturity date."
Annual payments are to be made to the City of Tamarac at City Hall,
7525 NW 88th Avenue, Tamarac, FL 33321.
(B) Amount of Annual Payments
The annual payment will be in the amount of U.S. $ 5,000.00 (Five
Thousand Dollars).
5. BORROWERS RIGHT TO PREPAY
The Borrower has the right to make payments of principal at any time before
they are due. A payment of principal only is known as a "prepayment". When
the Borrower makes a prepayment, the Borrower shall inform the Lender in
writing.
The Borrower may make a full prepayment or partial prepayments without
paying a prepayment charge. The Note Holder will use prepayments to
reduce the amount of the principal owed under this Note. If the Borrower
makes a partial prepayment, there will be no changes in the due date or in the
amount of the yearly payment unless the Note Holder agrees in writing to
those changes.
6. LOAN CHARGES
If a law, which applies to this loan and which set maximum loan charges is
finally interpreted so that the interest or other loan charges collected in
connection with this loan exceed the permitted limits, then: (i) any such loan
charge shall be reduced by the amount necessary to reduce the charge to the
permitted limit; and (ii) any sums already collected from the Borrower which
exceeded permitted limits will be refunded to the Borrower. The Note Holder
may choose to make this refund by reducing the principal owed under this
Note or by making a direct payment to the Borrower. If a refund reduces
principal, the reduction will be treated as a partial prepayment.
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charge for Overdue Payment
The Lender will not charge the Borrower a late charge for an
overdue payment.
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(B) Default CO
If the Borrower does not pay the full amount of each annual
payment on the date it is due, the Borrower will be in default.
(C) Notice of Default
If the Borrower is in default, the Note Holder may send a written
notice to the Borrower stating that if the overdue amount is not paid
by a certain date, the Note Holder may require the Borrower to pay
immediately the full amount of principal, which has not been paid.
That date must be at least 30 (thirty) days after the date on which
the notice is mailed to the Borrower or delivered by other means.
(D) No Waiver By Note Holder
Even if, at a time when the borrower is in default, the Note Holder
does not require the Borrower to pay immediately in full as
described above, the Note Holder will still have the right to do so if
the Borrower is in default at a later time.
(E) Payment of Note Holder's Costs and Expenses
If the Note Holder has required the Borrower to pay immediately in
full as described above, the Note Holder will have the right to be
paid back by the Borrower for all of its costs and expenses in
enforcing this Note to the extent not prohibited by applicable law.
Those expenses include, but are not limited to, reasonable
attorney's fees.
8. GIVING OF NOTICES
Whenever either party desires or is required under this Note to give notice
to any other party, it must be given by written notice, sent by registered
United States mail, with return receipt requested, addressed to the party
for whom it is intended at the following addresses:
LENDER
City Manager
City of Tamarac
7525 N.W. 88t" Avenue
Tamarac, FL 33321
With a copy to City Attorney at the same address.
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BORROWER C�Ay
The Greater Tamarac Chamber of Commerce, Inc.
10080 McNab Road
Tamarac, FL 33321
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person, in their capacity as an Officer of The Greater
Tamarac Chamber of Commerce, Inc., signs this Note, each Corporate
Officer is fully obligated to keep all of the promises made in this Note,
including the promise to pay the full amount owed. Any successor to that
corporate office, and any guarantor, surety or endorser of this Note, is also
obligated to do these things. Any person, who takes over these
obligations, including the obligations of a guarantor, surety or endorser of
this Note, is also obligated to keep all of the promises made in this Note.
The Note Holder may enforce its rights under this Note against the
Corporation.
10. INDEMNIFICATION
The Borrower shall indemnify and hold harmless the Lender, its elected
and appointed officials, employees, and agents from any and all claims,
suits, actions, damages, liability, and expenses (including attorneys' fees)
in connection with operations of the Borrower or its officers, employees,
agents, subcontractors, or independent contractors, excepting only such
damage solely attributable to the negligence or willful misconduct of the
Lender or its elected or appointed officials and employees.
Each party shall be responsible for its own acts and will be responsible for
all damages, costs, fees and expense which arise out of the performance
of the Promissory Note and which are due to that party's own negligence,
tortuous acts and other unlawful conduct and the negligence, tortuous acts
and other unlawful conduct of its respective agents, officers and
employees. The above provisions shall survive the termination of this
Note and shall pertain to any occurrence during the term of this Note,
even though the claim may be made after the termination hereof.
Nothing contained herein is intended nor shall be construed to waive
City's rights and immunities under the common law or Florida Statues
768.28, as amended from time to time.
11.VENUE
In case action is brought on this Note, it is agreed that the venue for such
action shall be Broward County, State of Florida.
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12. WAIVERS
The Borrower who has obligations ender this Note waives the rights of
presentment and notice of dishono. "Presentment" means the right to
mand require the Note Holder to depayment of amounts due. "Notice of
Dishonor" means the right to requim Note Holder to give notice to other
persons that amounts due have not been paid.
IN WITNESS WHEREOF, the BORROWER has made and executed this
Note on the respective date under each signature.
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Page $ of 6
CORPORATE ACKNOWLEDGEMENT
:SS
COUNTY OF 8RUA03 :
I HEREBY CERTIFY that on this day, before me, an Officer duly authorized in
the State aforesaid and in the CpAnt�i aforesaid to take acknowledgments,
personally appeared AKR �c-G Beg
2'c�2, to me known to be
the person(s) described in and who executed the foregoing instrument and
acknowledged before me that he/she executed the same.
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WITNESS my hand and official seal this. day of M A V , 200-�-
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MY COMMISSION # IOC 926969
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EXPIRES: Apri111,2004
Bonded ThM Notary Pub4 Undrwft*
Signature of Notary Public
State of Florida at Large
Print, Type or Stamp
Name of Notary Public
[Q---p&rsonally known to me or
❑ Produced Identification
Type of I.D. Produced
❑ DID take an oath, or
P115ID NOT take an oath.
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