Resolution 081-1988
James R. Paros, Director
Emergency Services Department
RESOLUTION NO. 081 -1988
A RESOLUTION AUTHORIZING ISSUANCE AND
EXECUTION OF A PROMISSORY NOTE AND TAX
ANTICIPATION WARRANT FOR MUNICIPAL SERVICE
TAXING DISTRICT NO 2.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, acting as the Board of Governors of Municipal Service
Taxing District No.2, desires to borrow the sum of $179,084.00
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.2 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 i. 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.2, as follows:
1. That the sum of $179,084.00, together with interest
thereon at a rate of
7 i. per annum from date, until fully
paid, said interest be levied upon withdrawal of funds as needed
by the district, 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 Februarv
, 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.2, that the Board is hereby
authorized to issue a tax anticipation warrant and promissory
note payable to
First State Bank
in the amount of
$179,084.00 together with interest thereon at the rate of
7 %
per annum from date hereof until fully paid, said interest to be
levied upon withdrawal of funds as needed by the district,
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 funds as the same are withdrawn
as needed by the district.
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.2, at a regular meeting of
said Board held on the 2nd day of
Februarv
.
, A.D. 1988.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE
TAXING DISTRICT NO. 2
By: ~'~Jt.
a an '
(SEAL)
Attest:
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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 Seventy Nine Thousand
Eighty-four Dollars ($179,084.00), together with interest thereon
at the rate of
7 % per annum from the date hereof until
fully paid; said interest to be levied upon withdrawal of funds
as needed by the district. 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, tha t the BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA, ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE TAXING DISTRICT 2 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 SEVENTY NINE THOUSAND EIGHTY-FOUR DOLLARS ($179,084.00)
with interest thereon at the rate of 7 % per annum from date
hereof until fully paid; said interest to be levied upon
withdrawal of funds as needed by the district.
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. 2 in fiscal year 1987-88 for the
use and benefit of said Municipal Service Taxing District No. 2
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.2, for the amount of
principal and interest due for the fiscal year 1987-88 only to
provide a fund to provide additional 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.2, has issued this
Warrant and has caused same to be signed by its Chairman and
A.D. 1988.
attested to by its Clerk as of the 2nd day of
(Seal)
Attest:
Clerk
February
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA,
ACTING AS THE BOARD OF
GOVERNORS OF MUNICIPAL SERVICE
TAXING DISTRICT NO. 2
By
Mayor/Chairman
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