Resolution 159-1985
'-.'
Commissioner Edwin O. Swift, III
RESOLUTION NO. 159 -1985
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR GULF DRIVE SPECIAL
ROAD AND BRIDGE TAXING DISTRICT.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, desires to borrow the sum of $28,500.00 and to repay the
said loan, together with interest thereon as set forth hereinaf-
ter, from anticipated tax on receipts to be received from tax
revenue on taxable property in Gulf Drive Special Road and Bridge
Taxing District located in Monroe County, Florida, for the fiscal
year 1985-86, and
WHEREAS,
The Islamorada Bank
has agreed to loan said
money to said Board of County Commissioners of Monroe County,
Florida, at an interest rate of
7.5 % per annum, now, there-
fore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, as follows:
1. That the sum of $28,500.00, together with interest
thereon at a rate of 7.5
% per annum from date, until fully
paid, be and the same is hereby authorized to be borrowed from
The Islamorada Bank
, a banking corporation existing under
the laws of the State of Florida, for the purpose of funding
building, reconstructing and repairing Gulf Drive located on Big
Coppitt Key, Monroe County, Florida, and as the Tax Collector
shall collect 1985 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 1985. In addi-
tion 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
June 4
, 1986, as set forth
in the Promissory Note made and entered into on the
4th day of
June
, 1985, 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 Islamorada Bank
in the amount of $28,500.00 together
with interest thereon at a rate of
7.5 % per annum from date
until fully paid, payable from anticipated tax revenues for the
year 1985 as above set forth, and the Chairman of the Board of
County Commissioners of Monroe County, Florida, and the Clerk of
said Board shall be, and hereby are authorized to execute the
said tax anticipation warrant and promissory note to deliver the
same to The Islamorada Bank
upon the receipt of the
said sum of $28,500.00 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
10t-h day of
M::J}'
, A.D. 1985.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
.
By
.
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a1.rman
(SEAL)
Attest:
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