HomeMy WebLinkAboutCity of Tamarac Resolution R-80-074Introduced bey: Lt Temp. 1567
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. e` 6-7,V �
A RESOLUTION AMENDING RESOLUTION NO. R-80-28 BY AMENDING
SECTION 4 AND THE TERMS OF THE NOTE ITSELF TO PROVIDE FOR
PAYMENT OF INTEREST FROM THE DATE OF CLOSING TO OCTOBER 1,
1980 ON OCTOBER 1, 1980 AND SUBSEQUENT TO THAT TIME PROVIDING
FOR EQUAL QUARTERLY PAYMENTS OF PRINCIPAL AND INTEREST FOR
THE LIFE OF THE NOTE; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That Resolution No. R-80-28 adopted by the City
of Tamarac on February 27, 1980 is amended in Section 4 and in the form of
the Note to provide that interest from the date of the loan to October 1,
1980 will be due on October 1, 1980 with subequent payments of principal
and interest due in equal quarterly amounts for fifteen consecutive quarters.
SECTION 2: Section 4 of Resolution No. R-80-28 is amended to read
as follows:
Section 4: AUTHORITY OF ISSUANCE OF NOTE:
For the purpose of financing the cost of the Acquisition, there
is hereby authorized to be issued a Note of the City in the aggregate amount
of Eighty Seven Thousand Dollars ($87,000.00). The Note shall be in fully
registered form, be dated as of the date of delivery, shall be payable to
Century National Bank of Broward, shall be payable in lawful money of the
United States of America, shall be numbered one, shall mature in five (5)
years. The payments shall be scheduled as follows:
Principal and interest to be paid quarterly on the first
day of October, 1980, in equal quarterly installments of
$6,325.37 for fifteen consecutive quarters. In addition
to the first payment of $6,325.37 an additional amount will
be due on October 1, 1980 representing interest due and
accrued to that date.
The Note shall be issued in the amount of Eighty Seven Thousand
Dollars ($87,000.00), shall bear interest at the rate of Seven and thirty-five
hundredths percent (7.35%) per annum, and shall be payable with respect to
both principal and interest at the Bank by check or draft mailed to the Bank
at its office at P.O. Box 5100, Fort Lauderdale, Florida 33310, or as otherwise
designated in writing by Bank. The City shall have the right and privilege
to redeem the Note in full at any time prior to maturity upon payment of the
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF BROWARD
CITY OF TAMARAC
PROMISSORY NOTE
No. 1
$87,000.00
i
March -1 1980
FOR VALUE RECEIVED the Undersigned, promise to pay to the order of
of CENTURY NATIONAL BANK OF BROWARD, at Post Office Box 5100, Fort
Lauderdale, Florida 33310, or such other place as the holder of this
Note may designate in writing, the principal sum of EIGHTY SEVEN
THOUSAND AND N0/100 DOLLARS ($87,000.00), in legal tender of the
United States of America, with interest on such of the principal
amount as may be advanced and outstanding from time to time, at the
rate of 7.35 percentage (7.35%). Principal and interest in the amount
of (�6,325.37 are to be paid quarterly with notice, commencing on the
first day of October, 1980 and continuing on the first day of each
quarter thereafter until paid in full. In addition to the first
payment of $6,325.37, an additional amount will be due on October 1,
1980, representing interest due and accrued to that date.
Nothing herein will entitle the holder hereof to receive a rate of
return on the money loaned or advanced from time to time which is
in excess of the rate allowed by Chapter 687, Florida Statutes, as
it may be amended from time to time. In the event any term hereof
would require payment of a sum which could render the rate of re-
turn usurious as defined in said statutes, then the amount thereof
will be forthwith credited toward the principal.
Time is of the essence of each payment required hereunder, and if
any payment is not made promptly when due, the the holder may, at
its option, accelerate the due date and declare the entire princi-
pal amount immediately due, payable and collectible without prior
notice. Failure to exercise this option in event of any default
will not constitute a waiver of the right to exericse this option
in event of future default. Furthermore, any delay or forebearance
in the event of default will not, in the absence of written agree-
ment to the contrary, be deemed a waiver of the option to accelerate
Promissory Note - Page 2
on account of that default. The Maker, its successors, and assigns,
reserve the right to prepay the principal amount in whole or in part,
at any time and from time to time, before due, with liability for
interest on any sums so prepaid to extend only to the date of pre-
payment. Should
it be necessary to incur
costs and attorneys'
fees
in collecting or
enforcing this Note, the
Undersigned and all
other
parties liable hereunder agree to pay all costs for collection or en-
forcement, including reasonable attorneys' fees which may be incurred
prior to suit, and for instituting and prosecuting any suit in the
trial court of any appellate court.
All parties of this Note waive presentment, protest, notice of protest,
and notice of dishonor as well as all other defenses which might be
available to them under the Uniform Commercial Code and the laws of
suretyship and guaranty as parties secondarily liable. The prinicpal
of and interest on this Note are payable from a pledge or all revenues
recieved from American Video Corporation pursuant to its franchise
granted by the City of Tamarac in Ordinance No. 73-36, as amended, and
by a pledge of certain revenues received from Southern Bell pursuant
to its franchise granted by the City of Tamarac in its Ordinance No.
70-4. This Note shall not and does not pledge the property, credit,
or general tax revenue of the City, nor shall it constitute a lien
or charge upon the ad valorem taxes of the City. This Note does not
constitute an indebtedness of the City within the meaning of any
constitutional or statutory provision or limitation and it is expressly
agreed by the holder of this Note and the interest appertaining thereto
that such holder shall never have the right to require or compel the
exercise of the ad valorem taxing power of the City for the payment of
the principal of and interest on this Note.
It is further agreed between the City and the holder of this Note that
this Note and the obligations evidenced thereby shall not constitute
a lien upon the Acquisition, or any part .thereof, or on any property
of or in the City.
THE CITY OF TAMARAC represents that it has the legal authority to
execute and deliver this Promissory Note; that the City
Charter, Ordinances, laws of the State of Florida, and any
Promissory Note
Page 3
applicable Federal laws, do not prohibit the execution and
delivery of this Promissory Note.
These representations shall survive the execution and delivery
of this Promissory Note.
IN WITNESS WHEREOF, the CITY OF TAMARAC has caused this
Note to be signed by its Mayor, attested and countersigned by
the City Manager and City Clerk, and its corporate seal to be
affixed hereto, all as of the day of lgop(, % ,1980.
ATTESTED ,'D COUNTERSIGNED:
ty Manager
�f� . /M VQr
L1
THE CITY OF TAMARAC
By: -
24 ,jW . MAYOR
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I, ARTHUR M. BIRKEN, City Attorney of Tamarac, Florida,
certify that I have reviewed and that I am familiar with the pro-
visions of that Ordinance No. 73-36, as amended, and Ordinance No.
70-4 of the City of Tamarac and the Promissory Note in the amount
of $87,000.00, for the acquisition of a fire engine. It is my
opinion, that the Ordinances and Note are legal and are in com-
pliance with all requirements of the City Charter and Ordinances
and that the City is authorized to borrow the $87,000.00 and
execute necessary documents pertaining thereto.
It is also my opinion that payments under Ordinance
No. 73-36, as amended, are 5% of the gross revenue derived by the
American Video Corporation from its monthly CATV subscriber charges;
and effective for its fiscal year commencing July 1, 1980 the
payment under Ordinance 73-36, as amended, are 5% of the gross
revenue derived by the American Video Corporation from its monthly
CATV subscriber charges of $20,000.00 per annum, whichever is
greater.
&4L., * F061$�
This Zt� day of 1980
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unpaid principal sum plus accrued interest, to the date of redemption and
without penalty and without prior notice to the Bank.
SECTION 3: Section 7 of Resolution No. R-80-28 is amended to read
as follows:
Section 7: FORM OF NOTE
The text of the Note shall be in substantially the following form
and tenor, with such variations, omissions and insertions as may be necessary,
desirable and authorized or permitted by this Resolution or any subsequent
Resolution adopted prior to the issuance thereof:
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF BROWARD
CITY OF TAMARAC
PROMISSORY NOTE
No. 1
$87,000.00
March 1980
FOR VALUE RECEIVED, the Undersigned, promise to pay to the order of CENTURY
NATIONAL BANK OF BROWARD, at Post Office Box 5100, Fort Lauderdale, Florida
33310, or such other place as the holder of this Note may designate in writing,
the principal sum of EIGHTY SEVEN THOUSAND AND NO/100 DOLLARS ($87,000.00) in
legal tender of the United States of America, with interest on such of the
principal amount as may be advanced and outstanding from time to time, at the
rate of 7.35 percentage. Principal and interest in the amount of $6,325.37
are to be paid quarterly with notice, commencing on the first day of October,
1980 and continuing on the first day of each quarter thereafter until paid
in full. In addition to the first payment of $6,325.37, an additional amount
will be due on October 1, 1980, representing interest due and accrued to that
date. Nothing herein will entitle the holder thereof to receive a rate of
return on the money loaned or advanced from time to time which is in excess
of the rate allowed by Chapter 687, Florida Statutes, as it may be amended
from time to time. In the event any term hereof would require payment of a
sum which could render the rate of return usurious as defined in said statutes,
then the amount thereof will be forthwith credited toward the principal.
Time is of the essence of each payment required hereunder, and if any payment
is not made promptly when due,then the holder may, at its option, accelerate
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the due date and declare the entire principal amount immediately, due payable
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and collectible without prior notice. Failure to exercise this option in the
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event of any default will not constitute a waiver of the right to exercise this
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option in event of future default. Furthermore, any delay or forebearance in
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the event of default will not, in the absence of written agreement to the
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contrary, be deemed a waiver of the option to accelerate on account of that
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default. The Maker, its successors, and assigns, reserve the right to prepay
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the prinicpal amount in whole or in part, at any time and from time to time,
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before due, with liability for interest on any sums so prepaid to extend only
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to the date of prepayment. Should it be necessary to incur costs and
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attorneys' fees in collecting or enforcing this Note, the undersigned and all
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other parties liable hereunder agree to pay all costs for collection or
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enforcement, including reasonable attorneys' fees which may be incurred prior
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to suit, and for instituting and prosecuting any suit in the trial court of any
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appellate court.
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All parties of this Note waive presentment, protest, notice of protest,
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and notice of dishonor as well as all other defenses which might be available
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to them under the Uniform Commercial Code and the laws of suretyship and
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guaranty as parties secondarily liable. The principal of and interest on this
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Note are -payable from a pledge of all revenues received from American Video
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Corporation pursuant to its franchise granted by the City of Tamarac in
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Ordinance No. 73-36, as amended, and by a pledge of certain revenues received
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from Southern Bell pursuant to its franchise granted by the City of Tamarac
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in its Ordinance No. 70-4. This Note shall not and does not pledge the property,
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credit, or general tax revenue of the City, nor shall it constitute a lien or
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charge upon the ad valorem taxes of the City. The Note does not constitute an
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indebtedness of the City within the meaning of any constitutional or statutory
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provision or limitation and it is expressly agreed by the holder of this Note
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and the interest appertaining thereto that such holder shall never have the
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right to require or compel the exercise of the ad valorem taxing power of the
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City for the payment of the principal of and interest on this Note.
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It is further agreed between the City and the holder of this Note that this
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Note and the obligations evidenced thereby shall not constitute a lien upon the
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Acquisition, or any part thereof, or on any property of or in the City.
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THE CITY OF TAMARAC represents that it has the legal authority to execute
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and deliver this Promissory Note; that the City Charter, Ordinances, laws
of the State of Florida, and any applicable Federal laws, do not prohibit the
execution and delivery to this Promissory Note. These representations shall
survive the execution and delivery of this Promissory Note.
IN WITNESS WHEREOF, the CITY OF TAMARAC has caused this Note to
be signed by its Mayor, attested and countersigned by the City Manager and
City Clerk, and its corporate seal to be affixed thereto, all as of the
day of ,1980.
Attested and Countersigned
City Manager
City Clerk
THE CITY OF TAMARAC
By
MAYOR
SECTION 4: This Resolution shall be and constitute a portion of the
contract between the City and Century National Bank of Broward.
SECTION 5: This Resolution shall be effective immediately upon adoption
PASSED, APPROVED AND ADOPTED this�-Vtday of_21t4j4k ,19&O
ATTEST:
r;
CITY CLERK
I HEREBY CERITFY that I have
approved the form and correctness
of this RESOLUTION
� A �
1:
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RECORD
OF COUNCIL VOTE
MAYOR: ,
D STZCT t:
OtST;,3CT 2:
DISTRICT 3:
DISTRICT 4:
CENTURY NATIOW BANK/ OF BROWARD
4.