Resolution 290-1980RESOLUTION NO.290 -1980
RESOLUTION AUTHORIZING BOULEVARD BANK TO ADJUST
INTEREST RATE ON LOANS FOR SPECIAL TAX DISTRICTS
AND REPEALING RESOLUTION NO. 235-1980.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, previously adopted Resolution No. 235-1980 which said
resolution the Board now desires to repeal, and
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, on July 29, 1980, did award loans for Special Tax
Districts as follows:
District
1-A & B
$ 42,000.00
District
1-C
$140,000.00
District
1-D
$1953,000.00
District
3
$166,000.00
District
4-A $ B
$ 42,000.00
District
6
$ 42,000.00
for a total loan commitment of $627,000.00 at an interest rate of
6.200, and
WHEREAS, said bid was substantially less than the next highest
bid, and
WHEREAS, said bid was accepted on the basis that same did not
include the cost of recording fees, documentary stamps, and mis-
cellaneous expenses, and
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, is prevented from making such payments from the proceeds
of said loan, now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COP•MISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
1. That Resolution No. 235-1980 is hereby repealed.
2. That the Boulevard Bank is hereby authorized and directed
to proceed to adjust the interest rate from 6.20% to 6.50% to in-
clude the necessary expenses associated with the expenses associ-
ated with the executing of the loan such as recording fees, docu-
mentary stamps and other miscellaneous expenses and said adjusted
interest rate is hereby approved by the Board of County Commis-
sioners of Monroe County, Florida.
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3. That said loans are for a one year period payable out
of tax proceeds levied for the year 1980-81 or other revenues.
It is also understood that the Boulevard Bank and the Board of
County Commissioners of Monroe County, Florida can negotiate for
an additional term of one-year at maturity.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida at a special meeting held on the 28th day
of October, 1980.
BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY FLORIDA
By ? /
Chairman
(Seal)
Attest:
/jerk �.
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