Resolution 372-1987
Jim Matthews, Finance Director
RESOLUTION NO. 372 -1987
A RESOLUTION ADJUSTING THE INTEREST RATE OF
THE NOTE ISSUED IN ACCORDANCE WITH RESOLUTION
NO. 198-1983 TO PROVIDE FOR INTEREST INCREASE
FOR THE CROSS KEY WATERWAY ESTATES SPECIAL
ROAD AND BRIDGE TAXING DISTRICT AND
AUTHORIZING ISSUANCE OF A NEW TAX
ANTICIPATION WARRANT AND PROMISSORY NOTE
REFLECTING SAID CHANGE IN INTEREST RATE.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, previously borrowed $200,000 from the BARNET BANK for
the purpose of building, reconstructing and repairing the roads
in Sections 1, 2, and 3 of Cross Key Waterway Estates located on
Key Largo, Monroe County, Florida, and
WHEREAS, in accordance with the terms and conditions of said
loan, the interest rate is to be renegotiated each year, and
WHEREAS, the Bank has agreed to renew said loan for fiscal
year 1987-88 with an interest rate of 8.75%, now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, as follows:
1. That said Board hereby approves and accepts BARNET
BANK's offer to renew the loan with said Bank with an adjusted
interest rate of 8.75% for fiscal year 1987-88.
2. That said Board hereby authorizes the issuance of a tax
anticipation warrant and promissory note reflecting the adjusted
interest rate for fiscal year 1987-88.
PASSED AND ADOPTED by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board held
on the Lt1 day of OG-tD~&r
, A.D. 1987.
(Seal)
F COUNTY COMMISSIONERS
ROE COUNTY, F ORIDA
Attest:
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TAX ANTICIPATION WARRANT
KNOW ALL MEN BY THESE PRESENTS, that the BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA, will pay BARNET BANK, a
banking corporation existing under the laws of the United States,
at its banking offices in Key West, Monroe County, Florida, the
sum of Twenty Seven Thousand Six Hundred Fifty Dollars
($27,650.00) with interest thereon from the date hereof until
fully paid as follows:
On or before the 26th day of September, 1988, the sum
of Twenty Seven Thousand Six Hundred Fifty Dollars
($27,650.00) with interest thereon of 8.75% per annum.
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 Cross Key
Waterway Estates Special Road and Bridge Taxing District in
fiscal year 1987-88 for use and benefit of Cross Key Waterway
Estates located in Monroe County, Florida.
This Warrant is issued in anticipation of said taxes so
levied for fiscal year 1987-88 for the use and benefit of said
Cross Key Waterway Estates Special Road and Bridge Taxing
District, for the amount of principal and interest due in order
to provide a fund for the purpose of building, reconstructing,
and repairing the roads in Sections 1, 2, and 3 of Cross Key
Waterways Estates located on Key Largo, Monroe County, Florida,
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.
IN WITNESS WHEREOF, the BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, 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 ONROE COUNTY, FLORIDA
(Seal)
Attest:
Clerk
.
t
2
PROMISSORY NOTE
The undersigned, BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, hereby promises to pay to the order of BARNET
BANK, a banking corporation existing under the laws of the United
States, with offices in Key West, Monroe County, Florida, at the
offices of the said BARNET BANK, the sum of Twenty Seven Thousand
Six Hundred Fifty Dollars ($27,650.00), together with interest
thereon at the rate of 8.75% per annum in fiscal year 1987-88
from the date hereof until fully paid as follows:
On or before the 26th day of September, 1988, the sum
of Twenty Seven Thousand Six Hundred Fifty Dollars
($27,650.00) with interest thereon at the rate of 8.75%
per annum.
This promissory note is secured by a Tax Anticipation
Warrant of even date herewith pledging taxes imposed and collect-
ed 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 BARNET BANK, this
day of
, 1987.
..
F COUNTY COMMISSIONERS
ROE COUNTY, FLORIDA
II
(Seal)
Attest:
Clerk
APP -D AS TO r-on~~ /J
I LEG I S!l~flClrN~
BY Att"mcv..<J~