HomeMy WebLinkAboutCity of Tamarac Resolution R-79-103Introduced by: C'/ril _ Temp. # 1292
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO.2-7`/03
A RESOLUTION AUTHORIZING CLOSING ON A LOAN FOR
THE PURCHASE OF AN AERIAL LADDER -PLATFORM FIRE
TRUCK'WITH'THE SUNNILAND BANK
WHEREAS, through the competitive bidding process the City of
Tamarac selected a bid from Jack Cocke (Jacko) for an LTI 85 Foot Aerial Ladder
Platform fire truck and related equipment; and
WHEREAS, said bid was accepted on January 11, 1978, subject to
a referendum vote of the citizens of Tamarac; and
WHEREAS, on March 14, 1978, the voters of Tamarac approved the
purchase of this fire equipment for a period not to exceed five (5) years at the
best terms available; and
WHEREAS, the Sunniland Bank has offered to finance the purchase
of a portion of the fire equipment for a period of up to five (5) years at an
annual percentage rate of 4.5 percent with closing no later than May 19, 1979.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF TAMARAC, FLORIDA:.
SECTION 1: The Mayor, City Manager and every other appropriate
City official is hereby authorized to close on the loan and to execute an
Installment Note in essentially the form attached hereto as Exhibit 1 and any
other necessary documents to complete the loan for the fire equipment mentioned
above. The loan shall be for a period not to exceed five (5) years and shall
be at an annual percentage rate not to exceed 4.5 percent.
SECTION 2: The City Manager is authorized to expend any
necessary closing costs, currently estimated to be three hundred dollars ($300.00).
SECTION 3: This Resolution shall be effective upon passage.
PASSED, APPROVED AND ADOPTED this__K_day of_,1979.
ATTEST:
CITY CLERK
I HEREBY CERTIFY that I have
approved the form and correctness
of this RESOLUTION
CITY ATTORNEY
RECORD OF COUNCIL VOTE
MAYOR:
DISTRICT 1:
DISTRICT 2:
DISTRICT 3:
DISTRICT 4: — a�
J3T�rn� ' l2� 7 ��..
May 18 .,,
INSTALLMENT NOTE
s_223, 716.60
The undersigned (and If more than one, each of them jointly and severally), hereinafter called "Maker" promises to pay to the order of
SUNNILAND BANK
: ... t.. , Floridahereinafter called "Bank," at its office at ' Tamarac s Fl(or at such other place as the holder hereof may
designate) the sum of *TWO HUNDRED TWENTY-THREE THOUSAND SEVEN HUNDRED SIXTEEN AND 60/1100 *
DOL�Fy2S0(TOTAL OF PAYMENTS) In 6O monthly installments of: 3461, on the 20th day of each successive month commencing
on / , 19 // 9 , together with a BALLOON PAYMENT In the amount of s one
due on . 10.Ali payments made hereunder shall be credited first to interest and lawful charges then accrued and the remainder to
'incipal• BASIC TERMS OF LOAN CONTRACT:
1. LOAN PROCEEDS 200 s 000.00
111,
INSURANCE: Physical damage and comprehensive
insurance is required on the collateral described
below but maker may obtain such insurance
through any duly licensed insurance agent or
broker of his choice provided that the deductibles
thereunder are acceptable to the Bank.
2. OTHER CHARGES (in cash)
300.00
a. Total Premium, Credit Life Insurance
b. Total Premium, Accident & Health Insurance
—0
c. Documentary Stamps
300 . 00
d. Recording Fees
—O—
TOTAL CHARGES
300 . 00
3. Amount Financed
200,000.00
4. FINANCE CHARGE
23,716.60
a. Interest
23,716.60
b. Credit Investigation Fee
-0-
5. TOTAL OF PAYMENTS
223,716.60
5. ANNUAL PERCENTAGE RATE
4.50
THE MAKER HAS THE RIGHT TO PREPAY THIS LOAN IN FULL AND OBTAIN A REFUND OF THE UNEARNED PORTION OF THE FINANCE
CHARGE COMPUTED UNDER THE "SUM OF THE DIGITS" METHOD.
CREDIT LIFE AND CREDIT LIFE 6 DISABILITY INSURANCE, ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such insurance coverage is
available at the cost designated below for the term of the credit:
(a) $ for Credit Life Insurance (b) S for Credit Life 6 Disability Insur.
Check ❑Credit Life Insurance is desired on the life of Birthdate
Appl. ❑ Credit Life & Disability Insurance is desired on
Box. M Credit Life and/or Disability Insurance is not desired.
(Date) 5/18/79 (Signature)
DEFAULT CHARGE: A delinquency, and collection charge will be assessed on each payment in default for a period of 10 days in the amount of 5% of the
principal payment except that this provision shall not apply to loans in excess of $5.000. If the amount of the loan hereunder exceeds $5,000. than in the event of
zfault or delinquency interest shall be charged at the rate of 10% per annum on the principal and deferred interest then outstanding.
TO SECURE PAYMENT of this Note, all obligations, liabilities, (including any extensions, renewals, or charges in form of any thereof) of the Maker
sunder, and all other obligations of Maker to Bank, its successors and assigns howsoever created, arising or evidenced; whether direct or indirect, absolute or
ntingent, or now or hereafter existing, or due or to become due (the loan and debt evidenced by this Note and secured by this pledge, assignment or conveyance
all other present and -future obligations of MAKER owed to BANK are hereinafter collectively termed the "OBLIGATIONS"), the undersigned MAKER hereby
mortgages, conveys and grants to BANK a security interest in, and herewith pledges and deposits as collateral the following described and identified personal or real
property, hereinafter termed 'SPECIFIC COLLATERAL," and any and all additions, accessions, and substitutions thereto or therefore, (including all cash, stock or
other dividends and all proceeds thereof, and all rights to subscribe for securities incident thereto) and also any personal property of funds belonging to any of the
undersigned which now or hereinafter are in the control or possession of or on deposit in or with BANK for any reason or purpose, including the pledge of some as
security For payment of any debt whatsoever due said BANK, or in which BANK now or hereafter has any security interest. (All such personal or real property•
funds and the like, including SPECIFIC COLLATERAL, are hereinafter collectively termed the "COLLATERAL"). The surrender of this note, upon payment or
otherwise, shall not affect the right of BANK to retain the COLLATERAL for any other liabilities. Maker shall within one day after demand pledge and deposit
with BANK as part of the COLLATERAL additional property which is satisfactory to BANK.
AS USED HEREIN THE TEJRM "COLLATERAL" SHALL MEAN AND INCLUDE THE FOLLOWING PROPERTY WHICH HAS BEEN OR IS HEREBY
DGEO, Assl NED R CONVEYED TO, OR DEPOSITED WITH THE BANK: One (1) 85a Ladder TOWer Unit (Serial
al
umber 7�10�1) mounted on an. Oshkosh ehassiR (Serial N,umhar IAOOK1 mi+t, ci114sA
Bank is hereby granted a security interest in all property of each Obligor (which term shall mean and include each Maker, indorser, surety and guarantor of this
note) now or at any time hereafter in the possession of Bank in shy capacity whatsoever, including but not Fruited to Lny balance or share of any deposit, trust, or
Money account, as security for the payment of this nbte, and a similar security interest in all such property of each Maker as security for the payment of all other
liabilities; and Bank shall have the same rights as to such property as it has with respect to the Collateral.
Maker shall at all times keep the property insured against loss or damage from all causes, with loss payable to the Bank, as its interest may appear by
endorsement providing that no act or default of Maker shall prejudice the Bank's right to insurance proceeds, and if at any time while monies are owed hereunder
Maker fails to furnish the Bank with insurance policy or policies for the aforesaid insurance coverages with the aforesaid loss payable endorsement or if the
premiums therefor be not promptly paid, the Bank may pay the premiums or acquire insurance from another source without waiving or affecting any rights under
this contract and every payment so made shall bear interest from the date thereof at an ANNUAL PERCENTAGE RATE of 10%andeach such payment and interest
thereon shall be secured by this contract.
The Collateral shall at all times remain personalty. Maker will keep the Collateral in good condition and free from liens and other security interests; will pay
promptly all taxes and assessments on the Collateral or with respect to its use, and on or on account of this contract; and Maker will not remove the Collateral from
the State of Florida without the prior written consent of the Bank except for temporary periods of not more than fourteen consecutive days in the course of the
ordinary use of the Collateral; and Maker will not use or permit the use of the Collateral illegally and will not dispose of or permit the Collateral to become
encumbered. This writing contains the full, final and exclusive statement of the contract of the parties. Time is expressly declared to be of the essence of this
contract. Each of the promises, agreements, warranties, terms and conditions of this contract is expressly declared to be an essential part of the consideration but if
any part of this contract is adjudged invalid the remainder will not thereby be invalidated. Damage to or loss or destruction of the Collateral will not release Maker
from his obligations hereunder.
Bank shall have -but shall not be limited to, the following rights, each of which may be exercised at any time whether'or not this note is due: (1) to pledge or
transfer this note and the Collateral and Bank shall thereupon be relieved of all duties and responsibilities hereunder and relieved from any and all liability with
respect to any Collateral so pledged or transferred, and any pledgee or transferee shall for all purposes stand in the place of Bank hereunder and have all the rights of
ink hereunder; (2) to transfer the whole or any part of the Collateral into the name of itself or its nominee; (3) to vote the Collateral; (4) to notify the obligors on
y Collateral to make payment to Bank of any amounts due or to become due thereon: (5) to demand, sue for, collect, or make any compromise or settlement it
ems desirable with reference to the Collateral; and (6) to take possession and control of any proceeds of Collateral.
The happening of any of the following events shall constitute a default hereunder: (a) failure of any Obligor to pay in full any installment payable hereunder
1"omptlV
when it becomes der; (b) failure of any Obligor to pay in full when due any indebtedness, obligation, or liability to Bank whatsoever, or any installment
thereof or interest thereon; (c) failure of any Obligor to perform any agreement hereunder; (d) the death of any Obligor; (e) any Obligor becomes insolvent or any
Insolvency proceedings (as mid terms "insolvent" and "insolvency proceedings" are defined in the Uniform Commercial Code) are instituted or made by or against
any Obligor, or application for the appointment of a receiver for any Obligor or for any of the assets of any Obligor; (f) the issuing of any attachment or
garnishment, or the filing of any lien against any property of any Obligor; (g) failure of maker to obtain or maintain the insurance required hereunder; (h) env
warranty, representation or statement furnished to Bank by Maker proves to be materially incorrect; (i) Maker transfer possession or custody of Collateral for a
pe. iod in excess of twenty-four hours, or possession is transferred from Maker by operation of Law (j) the Collateral is permitted to remain in a damaged condition
for one month after the occurrence of said damage.
Maker understands and agrees that the additional agreements and provisions on the reverse side hereof, hereby
incorporated by reference, constitute agrewmnts of the Maker and a part of this note.
Maker acknowledges I lot of a completed copy of this -note on the above dew. City of Tamarac t Florida
AODRE=S 15817 N=thyest 88th Avenue (SEAL)
Tasarac . Florida 33321 (SEAL)
(SEAL)
REGULATION '2" DISCLOSURE COPY NON-NEGOTIABLE
No delay or omission On the pan of Bank In exercising any right hereunder shall operate as a waiver of such right or of any other right under this note. As usad
heroin, the singular shall include the plural and the plural shall moot and include the singuler; end any pronoun. Of whatever gentler, shall kviude all genders. Any
notice to Maker shall be sufficiently served for all purposes if placed In the mail, postage prepaid, addressed to, or left upon the promises at, the address showr
hereon or any other address appearing on Bank'i records,
If at any time any warranty, representation, certificate or statement of any Obligor (whether contained in this note or not) pertaining to Or in connection with
this note or the loan or credit evidenced by this note. Is not true. Or upon the happening of any went of default as defined herein, or If Bank at any time feel:
Insecure for any reason whatsoever; (1) the amount of all lawful charges and the amount of the Original principal sum loaned hereunder together with interest on the
balance thereof remaining from time to time unpaid at the highest lawful rate. Ion all payments that have been made hereunder, applied, at the data of each such
Payment, to accrued lawful charges and to. interest at the highest lawful rate on said unpaid principal balance and than to principal, shall become due end payable
forthwith or thereafter at the option of the Bank and without notice Or demand (but In no event and under no circumstances shall Bank -or any holder hereof be
entitled to unaccrued or unearned interest or other charges, and in no advent and under no circumstances shall Bank or any holder hereof be entitled hereunder tc
receive at any time any charges, not allowed or permitted by low or any interest or interest rate in excess of the maximum allowed by low); (11) Bank may, at its
option, thereupon or thereafterdeclare all Other liabilities, Or any of than selected by Bank (notwithstanding any provisions thereof), immediately due and payable
without demand or notice of any kind (but with -such adjustments, if any, with respect to any interest or other charges as may be provided for in the promissory
r note or other writing evidencing such liability); (III) Bank shall have and may exercise without demand any and all the rights and remedies granted to a secured parts
upon default under the Uniform Commercial Code or otherwise available to Bank (including those available under any written instrument in addition to this note
relating to any of the liabilities or any security therefore); (1110 enter any premises or private property where collateral is located and without breach of peace take
possession of collateral and Maker agrees to surrender possession of said collateral, on demand and, without limiting the generality of the foregoing, Bank shall haw
the right, immediately and without further action by it, to set off against this note all money owed by Bank in any capacity to each or any Obligor, whether or no -
due. and also to set off against all other liabilities of each Maker to Bank all money owed by Bank in any capacity to each or any Maker; and Bank shall be deemec
a to have exercised such right of setoff and to have made a charge against any such money immediately upon the Occurrence of such default or other event ever
though such charge is made or entered on the books of Bank, subsequent thereto; and (Iv) the Obligors, jointly and severally, promise and agree to pay all expense:
Bank in the collection of. this note and in the enforcement of rights hereunder and in the enforcement of rights under or with respect to any of the Collateral
t7otice
cluding reasonable attorneys' fees. Any proceeds of any Collateral or of any disposition of any Collateral may be applied by Bank to the payment of expenses it
nnection with the Collateral, including reasonable attorney's fen and legal expenses• If any notification Of intended disposition of any of the Collateral ie
uired by law, all requirements of reasonable notice shall be met, and such notice shall be doomed properly given, If at least five days before such disposition suet
is served on Maker in the manner hereinafter provided. Upon disposition of any Collateral Maker shall be and remain liable for any deficiency; and Bank shag
account to Maker for any surplus, but Bank shall have the right to apply all or any part of such surplus payment of env liabilities whether or not they, or any o+
them, be then due, and in such order of application as Bank may from time to time elect.
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