Resolution 266-1987
".
James R. Paros, Director
Emergency Services Department
RESOLUTION NO. 266 -1987
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR MUNICIPAL SERVICE
TAXING DISTRICT NO, I-C.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, acting as the Board of Governors of Municipal Service
Taxing District No. l-C, desires to borrow the sum of $30,000.00
and to repay the said loan, together with interest thereon as set
forth hereinafter, from anticipated tax on receipts to be re-
ceived from tax revenue on taxable property in Municipal Service
Taxing District No. 1-C located in Monroe County, Florida, for
the fiscal year 1987-88, and
WHEREAS, The Islamorada Bank has agreed to loan said money
to said Board at an interest rate of 7.8% per annum, now, there-
fore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, ACTING AS THE BOARD OF GOVERNORS OF
MUNICIPAL SERVICE TAXING DISTRICT NO. l-C, as follows:
1, That the sum of $30,000.00, together with interest
thereon at a rate of 7.8% per annum from date, until fully paid,
be and the same is hereby authorized to be borrowed from The
Islamorada Bank, a banking corporation existing under the laws of
the State of Florida, for the purpose of securing funds to
provide paid temporary staff for the Sugarloaf Ambulance Corps
due to a current volunteer manpower shortage, and as the Tax
Collector shall collect 1987 taxes, he shall pay the same direct-
ly to the Board, and concurrently with each such payment of taxes
received, the Board shall pay to the Bank in repayment of said
loan, a portion of said taxes collected and remitted to the Board
which bears the same ratio to the principal amount of the initial
debt as to the amount of the taxes so collected bears to the
total amount of taxes anticipated to be collected for 1987. In
addition to the said periodic payment against principal, the
Board shall pay interest as accrued until the full payment of the
principal debt and accrued interest shall have been paid at
maturity on~;)'1
Promissory NGE'e m;de and
1988,
as set
forth
in the
entered into
on the
7t:L
day of
~ ' 1987, by and between the Board and the Bank.
BE IT FURTHER RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA ACTING AS THE BOARD OF GOVERNORS OF
MUNICIPAL SERVICE TAXING DISTRICT NO. 1-C, that the Board is
hereby authorized to issue a tax anticipation warrant and a
promissory note payment to The Islamorada Bank in the amount of
$30,000,00 together with interest thereon at a rate of 7.8% per
annum from date until fully paid, payable from anticipated tax
revenues for the year 1987 as above set forth, and the Chairman
of the Board of County Commissioners of Monroe County, Florida,
acting as the Board of Governors of Municipal Service Taxing
District No. 1-C, and the Clerk of said Board shall be, and
hereby are authorized to execute the said tax anticipation
warrant and promissory note to deliver the same to The Islamorada
Bank upon the receipt of the said sum of $30,000.00 by the Board.
PASSED AND ADOPTED by the Board of County Commissioners of
Monroe County, Florida, acting as the Board of Governors of
Municipal Service Taxing District No. l-C, at a regular meeting
of said Board held on the -fil-- day of J fA / ~ ' A. D. 1987.
BOARD Orr.COUNTY COMMISSIONERS
OF MONRO~ COUNTY, FLORIDA
ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE
~XING ~ISTRICT NO. I-C
w~ ~--4/;t.
alrman
(SEAL)
Attest : DANNY L. KOLHAGE, Clerk
L)~ ~I JJ.,t.
APP OVE AS TO ~~~~ j)
~=CUL:-L /J
8Y ~ IlttmneV',<; Office. -' Y ( I
2
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TAX ANTICIPATION WARRANT
KNOW ALL MEN BY THESE PRESENTS, that the BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA, ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE TAXING DISTRICT I-C will pay The
Islamorada Bank, a banking corporation existing under the laws of
the United States, at its banking offices in Key Largo, Monroe
County, Florida, the sum of THIRTY THOUSAND DOLLA~S ($30,000.00)
with interest thereon at the rate of 7.8% per annum from date
hereof until fully paid.
Principal hereof and interest thereon will be paid in lawful
money of the United States of America from the first proceeds of
taxes when received, which will be levied by the County of
Monroe, State of Florida, on all taxable property in Municipal
Service Taxing District No. I-C in fiscal year 1987-88 for the
use and benefit of said Municipal Service Taxing District No. l-C
located in Monroe County, Florida.
This Warrant is issued in anticipation of said taxes so
levied for the fiscal year 1987-88 for the use and benefit of
said Municipal Service Taxing District No. I-C, for the amount of
principal and interest due for the fiscal year 1987-88 only to
provide a fund for the purpose of securing funds to provide the
paid temporary staff for the Sugar loaf Ambulance Corps due to a
current volunteer manpower shortage, and is payable, both princi-
pal and interest, and shall be paid solely from said taxes when
collected and not otherwise, which taxes are hereby assigned and
pledged to the payment of this Warrant.
It
IN WITNESS WHEREOF, the BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, ACTING AS THE BOARD OF GOVERNORS OF
MUNICIPAL SERVICE TAXING DISTRICT NO. l-C, has issued this
Warrant and has caused same to be signed by its Chairman and
attested to by its Clerk as of the ~ day of ~,
A.D. 1987.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA,
ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE
TA G DISTR~NO. l-C
A~~ AS TO FORM
BY ~::~~.
Attomev"s Off... '/ L
...
~
~i
PROMISSORY NOTE
The undersigned, BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, acting as the Board of Governors of Municipal
Service Taxing District No. l-C, hereby promises ,to pay to the
order of The Is lamorada Bank, a banking corporation existing
under the laws of the United States, with offices in Key Largo,
Monroe County, Florida, at the offices of the said The Islamorada
Bank, the sum of Thirty Thousand Dollars ($30,000.00), together
with interest thereon at the rate of 7.8% per annum from the date
hereof until fully paid. This promissory note is secured by a
Tax Anticipation Warrant of even date herewith pledging taxes
imposed and collected by the Board for fiscal year 1987-88.
IN WITNESS WHEREOF the BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, has caused this Promissory Note to be
signed by the Chairman of said Board, attested to by its Clerk
and delivered to the said The Islamorada Bank, this ~ day of
~~/~ ' 1987.
BOARD OF COtfflTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
( Seal)
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Attest:
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