HomeMy WebLinkAboutCity of Tamarac Resolution R-79-264Introduced by: (?IA Temp. #
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. _ 7L.74
A RESOLUTION AUTHORIZING THE CITY OF TAMARAC TO BORROW
UP TO $300,000.00 FROM SUNNILAND BANK
WHEREAS, the voters of the City of Tamarac have authorized
acquisition of Tamarac Utilities, Inc., and
WHEREAS, the authorization perceives the need for certain
amounts of working capital, and '
WHEREAS, the Sunniland Bank has offered to lend the City up to
$300,000.00 for ninety daysat the interest rate of 5.5% per cent per annum.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF TAMARAC, FLORIDA:
SECTIO4(: That the appropriate officials of the City of
T,,amarac, Florida,are hereby authorized to execute the Promissory Note with the
O-unniland Bank in an amount not to exceed $300,000.00 at an annua] percentage
rate of 5.5% for a period of up to ninety days.
SECTION 2: This Resolution shall be effective immediately upon
adoption.
PASSED, APPROVED AND ADOPTED this a 1day of �1, ,1979.
ATTEST:
MAYOR:
I HEREBY CERTIFY that I have DISTRICT
approved the form and correctness
of this RESOLUTION DISTRICT
DISTRICT
DISTRICI
CITY ATO E
RECORD OF COUNCIL VOTE
R i I
PROMISSORY NOTE — COMMERCIAL
No.
}
s300 , 000.00 Tamarac , F,,r;da November 6 ; „_7
„j On Time As hereinafter set forth, for value received, the undersigned obligors jointly and severally promise
to pay to the order of the Sunniland Bank hereinafter called "Bank" at its banking house
'Tamarac * *THREE HUNDRED THOUSAND AND NO/100 # # * # # # # .
In Florida._ C C Dollars,
together with Interest thereon from date at the rate of 5.5 per annum
(after maturity = er cent per annum until paid); principal and interest payable as follows: '
at the rate of (18*) "
Principal and interest at maturity.
-Due February 4, 1980.
As Collateral security for the payment of all sums payable hereunder and of any and all liabilities and obligations of the obligors, or any of them.
to the Bank, whether absolute or contingent, now existing or hereafter arising, due or to become due, secured or unsecured, whether incurred directly
or indirectly by the obligors, or any of them, to the Bank, including as well promissory notes, bills of exchange and other evidences of indebtednes!
in writing made, indorsed or accepted by the obligors, or any of them, and acquired, purchased or owned by the Bank, the following property, together
with all profits, Income, increases, and dividends thereon, and additions thereto, or substitutions therefor, all hereinafter called "Collateral" is hereb;
{
pledged to the Bank, viz:
"j ,
and the Bank Is a�(so given a lien upon and a security interest in all property and securities of the obligors and any of them, now In or at any time hereafter com
Ing into the control, custody or possession of the Bank, whether for the expressed purpose of being used by the Bank as collateral, or for any other purpose, anc
^ - upon any balance or balances to the credit of any accounts, including trust and agency accounts maintained with the Bank by any of the obligors, and the ob
ligors agree to deliver to the Bank additional collateral or make such payments in reduction of the principal amount of the loan as shall be satisfactory to the
Bank In the event the aforementioned collateral shall decline in value or become unsatisfactory to the Bank.
Additions to, reduction or exchanges of, or substitutions for the Collateral, payments on account of this loan or Increases of the same, or other loans made
partially or wholly upon the Collateral, may from time to time be made without affecting the provisions of this note. Bank shall exercise reasonable care in the
custody and preservation of the Collateral in its actual possession to the extent required by applicable statute, and shall be deemed to have exercised reason
able care if It taker; such action for the purposes as obligors shall reasonably request in writing, but no omission to do any act not requested by obligors shall b,
deemed a failure to exercise reasonable care, and no omission to comply with any request of obligors shall of itself be deemed a failure to exercise reasonable
care. Bank shall not be bound to take any steps necessary to preserve any rights in the Collateral against prior parties, and obligors, at obligors cost and expense
shall take all necessary steps for such purposes. Bank or its nominee need not collect interest on or principal of any Collateral or give any notice with respect to it
The Bank !may continue to hold any Collateral deposited hereunder after the payment of this note, if at the time of the payment and discharge 1e eo
any of the parties liable for the payment hereof shall be then directlyor contingently liable to the Bank as maker, indorser, surety, guarantor or accommoda
ton
party (all collectively herein called obligors) of any other note, draft, bill of exchange, or other instrument, or otherwise, and the Bank may thereafte
exercise all rights with respect to said collateral granted herein even though this note shall have been surrendered to the maker.
Plus all terms and conditions printed below and on the reverse side of this note.
1. Proceeds 1'............................................ % 300 , 000 . 00 INSURANCE
_ 2. a
Credit Life and/or Disability Insurance Is Is not require:
(Other Charges, Itemized) to obtain this loan. If not required, it will not be provide
unless maker signs below.
Doc Stamps (in cash) 450.00
(Other Charges, Itemized)
a' ! I (we) desire Credit Life and Disability Insurance, Q Credi
' 3. Credit Life and Disability Insurance Life Insurance only, at the cost set forth in Item 3 for th
@r Credit Life Insurance only $ E-- term of the loan.
C
u 4' Amount Financed (1 + 2 + 3, but excluding 3 if said
w 00 000.00
Item is required to obtain this loan) i -
5.. FINANCE CHARGE ... .. ....... 4,o68.49
l Consisting of: Date:
Interest L4,068.4
9
Item 3 If required to
j obtain this loan .......... _ (Insured Maker's Signature)
9,. S
ANNUAL PERCENTAGE RATE 5. 50 o/. In the event that maker(s) default(s) on payment, a charge o
S. Total of Payments .................................. 000 , 000 . 00 plus_-lntere st._ ._.
(Explain) -,
7. Single payment In amount of 'Total of Payments," due on
February 4 . 19 80 may be assessed
If this loan Is paid prior to maturity. actual finance charge due will be computed by applying interest rate set forth above to date of payment
By executing this note, the undersigned acknowledge receipt of a completely filled -in copy prior to execution.
5811 N.W. 88 Avenue CITY OF TAMARAC, FLORIDA
Tamarac, Fla.
33321
(City and State)
(Telephone No.) (zip)
Signed, sealed and delivered in the presence of
,
r r
(SEAL
PROMISSORY NOTE — COMMERCIAL
No.
S3000000.00
Tamarac ,Florida November 6 _ 19 79
On Time :.
As hereinafter set forth, for value received, the undersigned obligors jointly and severally promise
to pay to the order of the SUTif11�a11C! Bank- hereinafter called "Bank" at its banking house
Tamaracether with interest the * *THREE HUNDRED THOUSAND AND N01100
n _.. Florida
g thereon from date at the rate of 5e 50/o Per annum
` (after maturity er cent per annum until paid); principal and interest payable as follows:"(
at the rate of (18'A) d
Principal and interest at maturity.
.. Due February 4, 1980.
As Collateral security for the payment of all sums payable hereunder and of any and all liabilities and obligations of the obligors, or any of them.
to the Bank, whether absolute or contingent, now existing or hereafter arising, due or to become due, secured or unsecured, whether incurred directly
or indirectly by the obligors, or any of them, to the Bank, including as well promissory notes, bills of exchange and other evidences of indebtedness
in writing made, indorsed or accepted by the obligors, or any of them, and acquired, purchased or owned by the Bank, the following property, together
with all profits, Income, increases, and dividends thereon, and additions thereto, or substitutions therefor, all hereinafter called, "Collateral" is hereby
pledged to the Bank, viz:
and the Bank Is also given a lien upon and a security interest in all property and securities of the obligors and any of them, now in or at any time hereafter com-
ing into the control, custody or possession of the Bank, whether for the expressed purpose of being used by the Bank as collateral, or for any other purpose, and
upon any balance or balances to the credit of any accounts, including trust and agency accounts maintained with the Bank by any of the obligors, and the ob-
iigors agree to deliver to the Bank additional collateral or make such payments in reduction of the principal amount of the loan as shall be satisfactory to the
Bank, in the event the aforementioned collateral shall decline in value or become unsatisfactory to the Bank.
Additions to, reduction or exchanges of, or substitutions for the Collateral, payments on account of this loan or increases of the same, or other loans made
partially or wholly upon the Collateral, may from time to time be made without affecting the provisions of this note. Bank shall exercise reasonable care in the
custody and preservation of the Collateral in its actual possession to the extent required by applicable statute, and shall be deemed to have exercised reason•
able care if it takes such action for the purposes as obligors shall reasonably request in writing, but no omission to do any act not requested by obligors shall be
deemed a failure to exercise reasonable care, and no omission to comply with any request of obligors shall of itself be deemed a failure to exercise reasonable
care. Bank shall not be bound to take any steps necessary to preserve any rights in the Collateral against prior parties, and obligors, at obligors cost and expense,
' shall take all necessary steps for such purposes. Bank or its nominee need not collect interest on or principal of any Collateral or give any notice with respect to it.
The Bank may continue to hold any Collateral deposited hereunder after the payment of this note, if at the time of the payment and discharge I,..eof
any of the parties liable for the payment hereof shall tx then directlyor contingently liable to the Bank as maker, indorser, surety, guarantor or accommode
lion party (all coiledively the called obligors) of any other note, draft, bill of exchange, or other instrument, or otherwise, and the Bank may thereafter
exercise all rights with respect to said collateral granted he
even though this note shall have been surrendered to the maker.
_ __
Plus all terms and conditions printed below and on the reverse side of this note
_. 300 g000sOO INSURANCE
} 1. Proceeds
t" Credit Life and/or Disability Insurance ❑ is ❑ Is not required
2 e to obtain this loan. If not required, it will not be provided
(Other Charges, Itemized) unless maker signs below.
bDoc Stamps (in cash) _ 450.00
(Other Charges. Itemized)
(we) desire ❑ Credit Life and Disability Insurance. ❑ Credit
3. Credit Life and Disability insurance 0 Life Insurance only, at the cost set forth In Item 3 for the
or Credit Life Insurance only ❑ i E-- term of the loan.
4. Amount Financed (1 + 2 + 3, but excluding 3 if said 3009000.00
Item is required to obtain this loan) . . . . . . ............
5. FINANCE CHARGE s 4.068.49
.........
Consisting of: Date:
Interest .............
.......
Item 3 if required to (Insured Makers Signature)
-
obtain this loan .......... S
5* 50 O In the event that maker(s) default(s) on payment, a charge of
ANNUAL PERCENTAGE RATE /o
30a,000.00 plus interest
6. Total of Payments (Explaln)
;t 7. Single payment in amount of 'Total of Payments," due on
i February 4 19 80 may be assessed.
6
If this loan is paid prior to maturity, actual finance charge due will be computed by applying interest rate set forth above to date of payment.
i �t � q FLORIDA'
�t
By exec in this not the da igned acknowledge receipt of a completely filled -in copy prior��pcutjpgs Tt���.lililCe FZO�IDA
5�1s1 N.i. �'� lvenue llii tU1it'' —
( _. (Signature of Borrowelr)
Tamarac, Fla.
I (City and State)
r -
r (Telephone No.)_ __ (Zip) (Signature of Borrower)
(SEAL)
Signed, sealed and delivered in the presence of
V(SEAL)
(SEAL)
`, (SEAL)
_
All parties liable for the payment or collection hereof (1) agree to pay all expenses incurred or paid in the protection of collateral or the enforcement
hereof, whether the Bank is obligated therefor or not, including reasonable attorneys' fees for services and expenses incurred in the enforcement hereof
either prior or subsequent to judgment and whether in judicial proceedings, or otherwise, (2) waive presentment for payment, demand, notice of non.
payment, notice of protest and protest of this note, (3) consent and waive notice of any and all renewals or extensions of time, (whether or not
longer than the original period of this note), waivers, or modifications that may be granted by the Bank with respect to the payment or other provisions
of thiirs note or to the release of any obligor or the collateral or any part thereof, with or without substitution, and (4) agree that additional makers, in -
guarantors or sureties may become parties hereto without notice to them or affecting their liability hereunder.
If the Bank deems itself insecure, o, upon the happening of any of the following events, which shall be deemed to be defaults hereunder, anything
herein to the contrary notwithstanding, the Bank, at its option, may forthwith accelerate maturity and the unpaid balance hereof shall thereupon become
immediately due and payable without demand or notice, via: (1) failure to pay any instalment"of principal or of interest on the due date thereof whether
at maturity, or after notice of intention to prepay, or otherwise; (2) failure to pay, perform or observe any obligation, liability or claim to the holder of
any of the parties liable for the payment or collection hereof; (3) death of any individual obligor or the dissolution, merger or consolidation without Bank's
consent of any corporate obligor liable for the payment or collection hereof; (4) if any obligor makes an assignment for the benefit of creditors, files a
petition in bankruptcy, is adjudicated insolvent or bankrupt, petitions or applies to any tribunal for any receiver or any trustee of obligor or for any part of obligor's property, commences any proceeding relating to obligor under any reorganization, arrangement, readjustment of debt, dissolution or liquida-
tion, under the law or statute of any jurisdiction, whether now or hereafter in effect, or if there is commenced against obligor any such proceeding, o ,
OMgor by any 'rt lnd?cites its consent to, approval of, or acquiescense in any proceeding for the appointment of any .eceiver of or any trustee for obli-"
gor, or any part of obligor's property; (5) if at any time the collateral deposited -as security for the loan evidenced hereby shall decline in value or become
unsatisfactory to the Bank, and the parties liable fonr the payment or collection hereof shall not upon demand, written or oral, make payment in reduction
of the principal or furnish additional collateral security satisfactory to the Bank; (6) failure on the part of the parties liable for the payment or collection
hereof to do all things necessary to preserve and maintain the value and collectibility, of the collateral, including, but not limited to the payment of
taxes and premiums on policies of insurance on the due date without benefit of the grace period; (7) the assignment of any equity in any of the collateral
without the written consent of the Bank
If Bank deems itself insecure or upon the occurrence of any default hereunder, Bank shall have the remedies of a secured party under the Florida
Uniform Commercial Code or other applicable law and, without limiting the generality of the foregoing, Bank shall have 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 not due, and also to set off
against all other liabilities of each obligor to Bank, all money owed by Bank in any capacity to each and any obligor, and Bank shall be deemed to have
exercised such right of set off, and to have made a charge against any such money immediately upon the occurrence of such default even though such
charge is made or entered on the books of Bank subsequent thereto. Unless the collateral is perishable or threatens to decline speedily in value or is of
a type customarily sold on a recognized market, Bank will give reasonable notice of the time and place of any public or private sale thereof. The require-
ment of reasonable notice shall be met if such notice is mailed, postage prepaid, to any obligor at any address shown on the records of the Bank at least
ten (10) days before the time of the sale. Upon disposition of any Collateral after the occurrence of any default hereunder, each and every obligor, jointly
and severally shall be and remain liable for any deficiency, and the Bank shall account to obligors for any surplus, but Bank shall have the right to apply
all or any part of such surplus (or to hold the same as a reserve against) any and all other liabilities of each and any obligor to Bank. At any such sale,
the Bank may purchase any or all of the collateral so sold, free from any right of redemption in any of the parties liable for the payment or collection
hereof, which right of redemption is hereby expressly waived, and Bank may apply the amount due hereon on account of or in full satisfaction of the
purchase price.
The Bank is authorized by all parties liable for the payment or collection hereof, without notice to any of them to date this note as of the
date when the first disbursement -of the loan evidenced hereby is made and to fill in any blank spaces herein to conform to the terms upon which the
loan evidenced hereby is made.
The Bank may at any time in its sole discretion compromise. settle or extend the time of payment of any demands or obligations, represented by
any of the securities pledged hereunder and all of the parties liable for the payment hereof hereby make, constitute and appoint the Bank, his or their true
and lawful attorney for this purpose with full power and author'ty to compromise, settle or extend payment of said demands or obligations and to ac-
quire, satisfy or discharge the same of record or otherwise as the parties liable for the payment or collection hereof might or could do if personally
present. The Bank shall not be under any liability or obligation to take any steps whatsoever to fix any liability upon or to collect or to enforce pay._,_-`
ment of any obligation pledged as security hereunder whether by giving any notice, presenting, demanding payment, protesting, instituting suit or
otherwise.
The Bank shall not by any act of omission or commission be deemed to waive any of its rights or remedies hereunder unless such waiver shall be
in writing and signed by the Bank and then only to the extent specifically set forth therein; a waiver on one event shall not be construed as continuing
or as a bar to or waiver of such right or remedy on a subsequent" event.
but
ll
to
he
pledge Bank
transfeth have, notesand the Collateral randt Banklshallgthereupon be each rel eked of aich ll dutiesexercised
responsibilities hereunder and time whether or not this
elieved fromdue;
any and
all liabilities with respect to any Collateral so pledged or transferred, and any pledgee or transferee shall for all purposes stand in the place of the Bank
hereunder and have all of the rights of Bank 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 of any Collateral to make payment to Bank of any amounts due or to become due thereon; (5) to derrra,rd,
sue for, collect, or make any compromise or settlement it deems desirable with reference to the Collateral; and (6) to take control of any proceeds of
Collateral.
The liability of each obligor shall be absolute and unconditional and without regard to the liability of any other party hereto. Any notice shall be
r-- sufficiently served -upon all obligors by serving such notice "upon any one obligor. Thenotice.shall be sufficiently served if -"placed in the mail, postage--
prepaid, addressed to, or left upon the premises of any obligor at any address shown on the Bank's records.
"Notwithstanding any other provision of
this Note, this Note shall not constitute
a lien or charge upon Ad Valorem taxes of
the City, nor shall it be payable out of
Ad Valorem sources of the City. Payment
will be made solely from water and sewer
^ PAYMENT GUARANTEED BY revenue bond proceeds or from money that
flows into the Renewal and Replacement
Fund established in Tamarac Resolution -
Noe 79-252e"
R(SEAL) -
(SEAL)
l (SEAL)
S -- - --" -- (SEAL)
-- — ----- (SEAL)
l
STATE OF FLORIDA ..
COUNTY OF BROWARD _.
The undersigned officer hereby certifies that the persons who -
executed the foregoing Promissory Note were personally known
to me, and this day they personalty appeared before me and —
ackno�"(Iedged that they voluntarily, knowingly and freely executed
the saute in the capacity recited in said Promissory Note.
IN WITNESS WHEREOF, 1 hereunto set my hand and seal at said
County and State, this day of
Notary Public. -
State of Florida at large
My Commission expires•. _._