Resolution 191-1985
"
James R. Paros, Director
Emergency Services Department
RESOLUTION NO. 191 -1985
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR MUNICIPAL SERVICE
TAXING DISTRICT NO 6.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, desires to borrow the sum of $88,000.00 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. 6 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 $88,000.00, together with interest
thereon at a rate of 7.5
% per annum from date, until fully
t
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
purchase of one (1) type III ambulance and associated and/or
related equipment and to remount and refurbish an existing
modular patient compartment onto a new cab and chassis, 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 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
, 1986, as set forth
in the Promissory Note made and entered into on the
lath 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 $88,000.00 together
with interest thereon at a rate of 7.8
% 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 $88,000.00 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
BY~:>~~.; '-~~'&"'r
ayor a1rman ·
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
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APPROVED AS TO FORM
All . ~L SUFFICIENCY.
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AU"me,'. OUice f(
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 EIGHTY-
EIGHT THOUSAND DOLLARS ($88,000.00) with interest thereon at the
rate of 7.5
% per annum from date hereof 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 Municipal
Service Taxing District No. 6 in fiscal year 1985-86 for the use
and benefit of said Municipal Service Taxing District No. 6
located in Monroe County, Florida.
This Warrant is issued in anticipation of said taxes so
levied for the fiscal year 1985-86 for the use and benefit of
said Municipal Service Taxing District No.6, for the amount of
principal and interest due for the fiscal year 1985-86 only to
provide a fund for the purpose of purchasing one (1) type III
ambulance and associated and/or related equipment and to re~ount
and refurbish an existing modular patient compartment onto a new
cab and chassis, 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
By
(Seal)
At t est: DANNY L. KOLHAGE, Clerk
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Attorney's Office
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PROMISSORY NOTE
The undersigned, BOARD OF COUNTY COMMISSIONERS 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 Eighty-eight Thousand Dollars
($88,000.00), 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 the fiscal year 1985-86.
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
ByL'~~v- ~'.N.t
ayor al.rman
(Seal)
Attest VANNY L. KOLHAGE, Clerk
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BY
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