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Resolution 468A-1988 FILEO FnR pc-CORD "88 SEP 28 P\2 :09 Board of County Commissioners C. '. ' 'I-' ~E~QLUTION NO. 468A -1988 1'10NPC; RESOLUTION AUTHORIZING ISSUANCE ANTICIPATION WARRANT FOR MONROE FLORIDA. OF TAX COUNTY, . WHEREAS, the Board of County Commissioners of Monroe County, Florida, desires to borrow the sum of $125,000.00 and to repay the 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 Monroe County, Florida, for the fiscal year 1988-89; and WHEREAS, the Marine Bank of Monroe County has agreed to loan said money to said Board at an interest rate of 7% per annum; now, therefore, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, as follows: That the sum of $125,000.00, together with interest thereon at a rate of 7% per annum from date, until September 30, 1989, be and the same is hereby authorized to be borrowed from the Marine Bank of Monroe County, a banking corporation existing under the laws of the United States, for the purpose of securing funds to pay certain bills to doctors and hospitals for trauma care, and as the Tax Collector shall collect 1988 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 1988. 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 September 30, 1989, as set forth in the Promissory Note made and entered into on the day of September, 1988, by and between the Board and the Bank. BE IT FURTHER RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, that the Board is hereby authorized to issue a tax anticipation warrant and a promissory note payment to the Marine Bank in the amount of $125,000.00, together with interest thereon at a rate of 7% per annum from date until fully paid on or before September 30, 1989, payable from anticipated tax revenues for the year 1988 as above set forth, and the Chairman of the Board of County Commissioners of Monroe County, Florida is hereby authorized to execute the said tax anticipation warrant and promissory note to deliver the same to the Marine Bank upon the receipt of the said sum of $125,000.00 by the Board. PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular meeting of said Board held on the 20th day of September, A.D., 1988. BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By ~~,. (SEAL) Attest: AP..PROV~lsS TO FORM ANr<t: FICIENCY. BY I Attomey'. OHice PRONISSORY NOTE The undersigned, BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, hereby promises to pay to the order of the Marine Bank of Monroe County, a banking corporation existing under the laws of the United States, with offices in Marathon, Monroe County, Florida, at the offices of the Marine Bank, the sum of One Hundred Twenty-five Thousand ($125,000.00) Dollars, together with interest thereon at the rate of 7% per annum from the date hereof until on or before September 30, 1989, when note is 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 the fiscal year 1988-89. 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 Marine Bank, this ;11>/;_ day of ~~.,. , 1988. BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By t"l ~ (;/ Z~'~~ '_I .d'r . May n, an (SEAL) Attest: \ BY TAX ANTICIPATION WARRANT KNOW ALL MEN BY THESE PRESENTS, that the BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, will pay the Marine Bank of Monroe County, a banking corporation existing under the laws of the United States, at its banking offices in Marathon, Monroe County, Florida, the sum of One Hundred Twenty-five Thousand ($125,000.00) Dollars with interest thereon at the rate of 7% per annum from date hereof until September 30, 1989. 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 located in Monroe County, Florida. This Warrant is issued in anticipation of said taxes so levied for the fiscal year 1988-89 for the amount of principal and interest due for the fiscal year 1988-89 only to provide a fund for the purpose of securing funds to make payment of certain bills to doctors and hospitals for trauma care 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 ""'HEREOF, the BQARD 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 ~qf~ day of September, A.D. 1988. BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By ~i1(~f k Mcfy'or C _ an (SEAL) \ A~;~ I~~f. z ::~'~ BY / ~ !-JI~ Attorney'. Offic.