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HomeMy WebLinkAboutCity of Tamarac Resolution R-80-074Introduced bey: Lt Temp. 1567 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 .8 19 20 21 22 23 24 25 26 27 28 29 31 32 33 34 35 36 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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 31 32 33 34 35 36 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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 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 2. 1 the due date and declare the entire principal amount immediately, due payable 2 and collectible without prior notice. Failure to exercise this option in the 3 event of any default will not constitute a waiver of the right to exercise this 4 option in event of future default. Furthermore, any delay or forebearance in 5 the event of default will not, in the absence of written agreement to the 6 contrary, be deemed a waiver of the option to accelerate on account of that 7 default. The Maker, its successors, and assigns, reserve the right to prepay 8 the prinicpal amount in whole or in part, at any time and from time to time, 9 before due, with liability for interest on any sums so prepaid to extend only 10 to the date of prepayment. Should it be necessary to incur costs and 11 attorneys' fees in collecting or enforcing this Note, the undersigned and all 12 other parties liable hereunder agree to pay all costs for collection or 13 enforcement, including reasonable attorneys' fees which may be incurred prior 14 to suit, and for instituting and prosecuting any suit in the trial court of any 15 appellate court. 16 All parties of this Note waive presentment, protest, notice of protest, 17 and notice of dishonor as well as all other defenses which might be available 18 to them under the Uniform Commercial Code and the laws of suretyship and 19 guaranty as parties secondarily liable. The principal of and interest on this 20 Note are -payable from a pledge of all revenues received from American Video 21 Corporation pursuant to its franchise granted by the City of Tamarac in 22 Ordinance No. 73-36, as amended, and by a pledge of certain revenues received 23 from Southern Bell pursuant to its franchise granted by the City of Tamarac 24 in its Ordinance No. 70-4. This Note shall not and does not pledge the property, 25 credit, or general tax revenue of the City, nor shall it constitute a lien or 26 charge upon the ad valorem taxes of the City. The Note does not constitute an 27 indebtedness of the City within the meaning of any constitutional or statutory 28 provision or limitation and it is expressly agreed by the holder of this Note 29 and the interest appertaining thereto that such holder shall never have the 30 right to require or compel the exercise of the ad valorem taxing power of the 31 City for the payment of the principal of and interest on this Note. 32 It is further agreed between the City and the holder of this Note that this 33 Note and the obligations evidenced thereby shall not constitute a lien upon the 34 Acquisition, or any part thereof, or on any property of or in the City. 35 THE CITY OF TAMARAC represents that it has the legal authority to execute 36 3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 . 0 31 32 33 34 35 36 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: .40 RECORD OF COUNCIL VOTE MAYOR: , D STZCT t: OtST;,3CT 2: DISTRICT 3: DISTRICT 4: CENTURY NATIOW BANK/ OF BROWARD 4.