Resolution 221-1984
RESOLUTION NO. 221 -1984
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR MONROE COUNTY,
FLORIDA, FOR FUNDING CONSTRUCTION OF THE
MONROE COUNTY JAIL ADDITION PROJECT.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, desires to borrow the sum of $400,000.00 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 1984-85, and
WHEREAS, the BARNETT BANK has agreed to loan said money to
said Board of County Commissioners of Monroe County, Florida, at
an interest rate of 7.25% per annum, now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, as follows:
1. That the sum of $400,000.00, together with interest
thereon at a rate of 7.25% per annum from date, until fully paid,
be and the same is hereby authorized to be borrowed from the
BARNETT BANK, a banking corporation existing under the laws of
the State of Florida, for the purpose of funding construction of
the Monroe County Jail Addition project, and as the Tax Collector
shall collect 1984 taxes, he shall pay the same directly to the
County, and concurrently with each such payment of taxes
received, the County 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 1984. In
addition to the said periodic payment against principal, the
County shall pay interest as accrued until the full payment of
the principal debt and accrued interest shall have been paid at
maturity on
October 1
, 1985, as set forth
in the Promissory Note made and entered into on the 11/~ day of
IJ\! ~uc,-t' , 1984, by and between the County and the Bank.
BE IT FURTHER RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA, that the County is hereby authorized
to issue a tax anticipation warrant and a promissory note payment
to the BARNETT BANK in the amount of $400,000.00 together with
interest thereon at a rate of 7.25% per annum from date until
fully paid, payable from anticipated tax revenues for the year
1984 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 BARNETT BANK upon the receipt of the said sum of $400,000.00
by the County.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board held
on the # day of ,,/t~ . A.D. 1984.
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BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By ~/if~
(SEAL)
Attest :DANNY L. KOLHAGE, Clerk
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TAX ANTICIPATION WARRANT
KNOW ALL ~lliN BY THESE PRESENTS, That the Board of County
Commissioners of Monroe County, Florida, will pay the BARNETT
BANK, a banking corporation existing under the laws of the United
States, with offices in Key West, Monroe County, Florida, on or
before one (1) year from the date hereof, at the banking offices
of the BARNETT BANK, aforesaid, the sum of Four Hundred Thousand
Dollars ($400,000.00), together with interest thereon at the rate
of 7.25% per annum from the date hereof until fully paid.
Principal hereof and interest thereon will be paid in lawful
money of the United States of America frorn the proceeds of taxes
when received, which will be levied by the Board of County
Commiss ioners of Monroe County, Florida" on all taxable property
in Monroe County for the tax year 1984 for funding construction
of the Monroe County Jail Addition project.
This Warrant is issued in anticipation of said taxes so
levied for the tax year 1984, for the use and benefit of Monroe
County, Florida, for the purpose of funding construction of the
Monroe County Jail Addition project, and is payable, both as to
principal and interest, from the said taxes first collected,
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
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of the /1/;( day of /(<" ~~_ ,/ ,A.D. 1984.
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BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
BY~~
- Mayor/C alrman
(SEAL)
Attest: DANNY L. KOLHAGY:, Clerk
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APPROVED AS TO FORM
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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
BARNETT BANK, a banking corporation existing under the laws of
the United States, with offices in Key West, Monroe County,
Florida, on or before one (1) year from the date hereof at the
offices of said BARNETT BANK, the sum of Four Hundred Thousand
Dollars ($400,000.00), together with interest thereon at the rate
of 7.25% 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 County
for the fiscal year 1984-85.
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 by its Clerk, and
delivered to the said BARNETT BANK, this
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. ,U',fLP} , A.D. 1984.
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BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
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ayorlC a~rman
(SEAL)
Attest: DAr"-NY L KOT TT "c'"
. - .L.J.t1.tl L'" Clerk
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