Resolution 190-1985
James R. Paros, Director
Emergency Services Department
RESOLUTION NO. 190 -1985
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR MUNICIPAL SERVICE
TAXING DISTRICT NO 3.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, desires to borrow the sum of $28,000.00 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 Municipal Service Taxing District
No. 3 located in Monroe County, Florida, for the fiscal years
1985-86 and 1986-87, 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 $28,000.00, 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
the remounting, refurbishing and modifying of a type III
ambulance, and as the Tax Collector shall collect 1985 and 1986
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, ajportion 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 and 1986. 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
July 10
, 1987, as set forth in the
Promissory Note made and entered into on the 10th day of
July
, 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 $28,000.00 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 and 1986 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 $28,000.00 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 25th day of
June
, A.D. 1985.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
(SEAL)
Attest : DANNY L. KOLHAGE,- Clerk
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APPROVED AS TO FORM
AND AL SUFFICIENCY.
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BY
2
TAX ANTICIPATION WARRANT
KNOW ALL MEN BY THESE PRESENTS, that the BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA, will pay
The Islamorada Bank
, a banking corporation existing under
the laws of the United States, at its banking offices in
Islamorada
, Monroe County, Florida, the sum of TWENTY-
EIGHT THOUSAND DOLLARS ($28,000.00) with interest thereon at the
7.5 % per annum from date hereof until fully paid.
rate of
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. 3 in fiscal years 1985-86 and
1986-87, for the use and benefit of said Municipal Service Taxing
District No. 3 located in Monroe County, Florida.
This Warrant is issued in anticipation of said taxes so
levied for fiscal years 1985-86 and 1986-87, for the use and
benefit of said Municipal Service Taxing District No.3, for the
amount of principal and interest due for fiscal years 1985-86 and
1986-87 only to provide a fund for the purpose of remounting,
refurbishing and modifying a type III ambulance, 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, has issued this Warrant and has caused
same to be signed by its Chairman and attested to by its Clerk as
of the 25th day of
June
, A.D. 1985.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
(Seal)
Attest: DANNY L. KCLTIAGE, ~lerk
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PROMISSORY NOTE
The undersigned, BOARD OF COUNTY CO~1ISSIONERS OF MONROE
COUNTY, FLORIDA, hereby promises to pay to the order of
The Islamorada Bank
, a banking corporation existing under
the laws of the United States, with offices in Islamorada
Monroe County, Florida, at the offices of the said The
Islamorada Bank
, the sum of Twenty-eight Thousand Dollars
($28,000.00), together with interest thereon at the rate of
7.5 % 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 1985-86 and 1986-87.
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 The Islamorada Bank
, this 10th
day of
July
, 1985.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
(Seal)
Attest: DANNX I... KOLHAGE, Clerk
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. Clerk
APPRfNED AS TO FOR!SIJ )
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