Resolution 134-1987
Jim Matthews, Finance Director
RESOLUTION NO. 134 -1987
A RESOLUTION ADJUSTING THE INTEREST RATE OF
THOSE NOTES ISSUED IN ACCORDANCE WITH RESOLU-
TION NO. 198-1983 TO PROVIDE FOR INTEREST
INCREASE/DECREASE FOR THE CROSS KEY WATERWAY
ESTATES SPECIAL ROAD AND BRIDGE TAXING
DISTRICT AND AUTHORIZING ISSUANCE OF NEW TAX
ANTICIPATION WARRANTS AND PROMISSORY NOTES
REFLECTING SAID CHANGE IN INTEREST RATE.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, previously borrowed $200,000 from the BOULEVARD 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 1985/86 with an interest rate of 7.75%, and for fiscal year
1986/87 with an interest rate of 6.90%, 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 BOULEVARD
BANK's offer to renew the loan with said Bank with an adjusted
interest rate of 7.75% for fiscal year 1985/86 and 6.90% for
fiscal year 1986/87.
2. That said Board hereby authorizes the issuance of tax
anticipation warrants and promissory notes reflecting these
adjusted interest rates for fiscal years 1985/86 and 1986/87.
PASSED AND ADOPTED by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board held
onthejflb dayof (fJAfiGH ,A.D. 1987.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
(Seal)
Attest: DANNY L. KOLHAGE, Clerk
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BY
PROMISSORY NOTE
The undersigned, BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, hereby promises to pay to the order of the
BOULEVARD 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 BOULEVARD BANK, the sum of
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One Hundred Sixty Thousand Dollars ($160,000.00), together with
interest thereon at the rate of 7.75% per annum in fiscal year
1985-1986 and 6.90% in fiscal year 1986-1987 from the date hereof
until fully paid as follows:
On or before the 12th day of September, 1986, the sum
of Twenty Thousand Dollars ($20,000.00) with interest
thereon at the rate of 7.75% per annum, from date
hereof until fully paid, and on or before the 12th day
of September, 1987, the sum of Twenty Thousand Dollars
($20,000.00) w~th interest thereon at the rate of 6.90%
per annum from September 12, 1986, until fully paid,
and subsequent payment on or before the 12th day of
September for fiscal years 1987-88, 1988-89, 1989-90,
1990-91, 1991-92, and 1992-93, the sum of Twenty
Thousand Dollars ($20,000.00) with interest thereon at
the rate to be renegotiated each year until fully paid.
This promissory note is secured by a Tax Anticipation
Warrant of even date herewith pledging taxes imposed and co11ect-
ed by the Board for the fiscal year 1985-1986 and 1986-1987.
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 BOULEVARD BANK, this 3Rb. day of
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.
, 1987.
BOARD OF COUNTY COMMISSIONERS
OF NROE COUNTY, FLORIDA
( Seal)
Attest:
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PROMISSORY NOTE
The undersigned, BOARD OF COUNTY COMMISSIONEft5 O~ MONROE
COUNTY, FLORIDA, hereby promises to pay to the order of the
BOULEVARD BANK, a banking corporation existing under the laws of
the United States, with of~ices in Key West, Monroe County,
Florida, at the offices of, the said BOULEVARD BANK, the sum of
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One Hundred Sixty Thousand' Dollars ($160,000.00), together with
interest thereon at 6.907. in fiscal year 1986-1987 from the date
hereohereof until fully paid as follows:
On or before the 12th day of September, 1987, the sum
of Twenty Thousand Dollars ($20,000.00) with interest
thereon at the rate of 6.907. per annum from September
12, 1986, until fully paid, and subsequent payment on
or before the 12th day of September for fiscal years,
1987-88, 1988-89, 1989-90, 1990-91, 1991-92, and
1992-93, the sum of Twenty Thousand Dollars
($20,000.00) with interest thereon at the rate to be
renegotiated each year until fully paid.
This promissory note is secured by a Tax Anticipation
Warrant of even date herewith pledging taxes imposed and collect-
ed by the Board for the fiscal year 1986-1987.
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 BOULEVARD BANK, this 3,f!../> day of
/IJ"~{,I/
, 1987.
OF COUNTY COMMISSIONERS
ROE COUNTY, FLORIDA
( Seal)
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APPROVED AS TO rO,7M
AND LEGAL SUFFICIEArCY.
TAX ANTICIPATION WARRANT
KNOW ALL MEN BY THESE PRESENTS, that the BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA, will pay BOULEVARD BANK,
a banking corporation existing under the laws gf th~ U~!t~p
States, at its banking offices in Key West, Monroe C9~nty,
Florida, the sum of One Hundred Sixty Thousand Dollars
($160,000.00) with interest thereon from date hereof until fully
paid as follows:
a. On or before the 12th day of September, 1986, the
sum of Twenty Thousand Dollars ($20,000.00) with
interest thereon of 7.75% per annum from the date
hereof until fully paid.
b. On or before the 12th day of September, 1987, the
sum of Twenty Thousand Dollars ($20,000.00) with
interest thereon of 6.90% per annum from the date
hereof until fully paid.
c. All subsequent payments will be due and payable on
the 12th day of September, for the years 1988,
1989, 1990, 1991, 1992, and 1993, in the amount of
Twenty Thousand Dollars ($20,000.00) with interest
thereon at a rate to be renegotiated each year
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 Cross Key
Waterway Estates Special Road and Bridge Taxing District in
fiscal years 1983-84, 1984-85, 1985-86, 1986-87, 1987-88,
1988-89, 1989-90, 1990-1991, 1991-1992, and 1992-1993, 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 years 1985-86, 1986-87, 1987-88, 1988-89,
1989-90, 1990-91, 1991-92, and 1992-93, 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 for each
year only 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
of the ..J I!!b
day of //!Atlt:.H
same to be signed by its Chairman and attested to by its Clerk as
( Seal)
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est:
, A.D. 1987.
COUNTY COMMISSIONERS
COUNTY, FLORIDA
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