Resolution 076-1988
/'
James R. Paros, Director
Emergency Services Department
RESOLUTION NO. 076 -1988
A RESOLUTION AUTHORIZING ISSUANCE AND
EXECUTION OF A PROMISSORY NOTE AND TAX
ANTICIPATION WARRANT FOR MUNICIPAL SERVICE
TAXING DISTRICT NO I-D.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, acting as the Board of Governors of Municipal Service
Taxing District No. l-D, desires to borrow the sum of $101,644.00
and to repay said loan, together with interest thereon as set
forth hereinafter, from anticipated tax on receipts to be
received from tax revenue on taxable property in Municipal
Service Taxing District No. l-D located in Monroe County,
Florida, for the fiscal year 1987-88, and
WHEREAS,
First State Bank
has agreed to loan
said money to the Board at an interest rate of
7 % per
annum, said interest to be levied upon withdrawal of funds as
needed by the district, now, therefore,
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-D, as follows:
1. That the sum of $101,644.00, together with interest
thereon at a rate of
7 % per annum from date, until fully
paid, be and the same is hereby authorized to be borrowed from
First State Bank
, a banking corporation existing
under the laws of the State of Florida, for the purpose of
providing additional funding to operate ambulance services in the
district, and as the Tax Collector shall collect 1987 taxes, he
shall pay the same directly 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
1988, as set forth in the Promissory Note made and entered into
on the
2nd day of
February
, 1988, 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-D, that the Board is
hereby authorized to issue a tax anticipation warrant and
promissory note payable to
First State Bank
in the
amount of $101,644.00 together with interest thereon at the rate
of 7 % per annum from date hereof until fully paid, payable
from anticipated tax revenues for the year 1987 as set forth
above, and the Chairman and the Clerk of the Board are hereby
authorized to execute the said tax anticipation warrant and
promissory note and to deliver the same to
First State
Bank
upon receipt of the the said sum of $101,644.00.
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. 1-D, at a regular meeting
of said Board held on the
2nd
day of
February
, A.D. 1988.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE
TAXING DISTRICT NO. l-D
(SEAL)
By: ~~ g
CJ Chcfi;r~ J .
Attest:
\
.. I
PROMISSORY NOTE
The undersigned, BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, hereby promises to pay to the order of
First State 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
First
State Bank
, the sum of One Hundred One Thousand Six
Hundred Forty-four Dollars ($101,644.00), together with interest
thereon at the rate of
7
% 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 years 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
First State Bank
, this 2nd
day of
February
, 1988.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
Mayor/Chairman
(Seal)
Attest:
Clerk
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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 1-D will pay
First State 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 ONE HUNDRED ONE THOUSAND SIX HUNDRED FORTY-FOUR DOLLARS
($101,644.00) with interest thereon at the rate of
annum from date hereof until fully paid.
Principal hereof and interest thereon will be paid in lawful
7 % per
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. 1-D in fiscal year 1987-88 for the
use and benefit of said Municipal Service Taxing District No. 1-D
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. 1-D, for the amount of
principal and interest due for the fiscal year 1987-88 only to
provide addditional funding to operate ambulance services in the
district, and is payable, both principal 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.
IN WITNESS WHEREOF, the BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, ACTING AS THE BOARD OF GOVERNORS OF
MUNICIPAL SERVICE TAXING DISTRICT NO. 1-D, has issued this
Warrant and has caused same to be signed by its Chairman and
attested to by its Clerk as of the
2nd day of
February
A.D. 1988.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA,
ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE
TAXING DISTRICT NO. 1-D
By
Mayor/Chairman
(Seal)
Clerk
Attest: