Resolution 243-1982o
RESOLUTION NO.243 -1982
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR MONROE COUNTY,
FLORIDA.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, desires to borrow the sum of $1,500,000.00, and to repay
the said loan, together with interest thereon as set forth herein-
after, from anticipated tax receipts to be received by the County
from tax -revenue on taxable property within the County on the tax
roll for the year 1983, and
WHEREAS, Boulevard Bank,has agreed to loan said money to the
County at an interest rate of 10.48% per annum, now, therefore,
BE .IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
1. That the sum of $1,500,000.00, together with interest
thereon at the rate of 10.48% per annum from date, until fully paid,
be and the same is hereby authorized to be borrowed from Boulevard
Bank, a banking corporation existing under the laws of the State of
Florida, for the purpose of funding the budget requirements of the
Monroe county Sheriff's Department and to afford emergency repairs
to the Monroe County Jail, and as the Tax Collector shall collect
1983 taxes, he shall pay the same directly to the County, and con-
currently with each such payment of taxes received, County shall
pay to Bank in repayment of said loan, a portion of said taxes
collected and remitted to County 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 1983. In addition to the said periodic payment
against principal, the County shall pay interest as accrued until
the full amount of the principal debt and accrued interest shall
have been paid at maturity on February 24, 1984, as set forth
in the Promissory Note made and entered into on the above date
by and between the County and the Bank.
BE IT FURTHER RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, that the said County is hereby authorized
to issue a tax anticipation warrant and a promissory note payable to
-2-
Boulevard-Bank in the-amount'ofc 1,500,000.00 together with interest
thereon at the rate of 10.48% per annum from date until fully paid,
payable from anticipated tax revenues for the year 1983 as above
set forth, and the Chairman of the Board of County Commissioners of
Monroe County, Florida,'and the Clerk of the said County shall be,
and hereby are authorized to execute the said tax anticipation
warrant and promissory note and to deliver the same to Boulevard
Bank upon the receipt of the -said sum of $1,500,000.00 by the said
County.
Passed andadopted by the Board of County Commissioners of
Monroe County, Florida, at a -regular meeting of said Board held
on the 20th day of September, A.D. 1982.
(Sea;.)
Attest: o ?fin � CLERK
V Clerk
BOARD OF COUNTY COMMISSIONERS
OF M 'i COUNTY, FI;ORIDA
By
Mayor/Chairman U
r61•
KNOW ALL MEN BY THESE PRESENTS, That the County of Monroe,
State of Florida, a political subdivision of the State of Florida,
will pay Boulevard Bank, a banking corporation existing under the
laws of the United States, with offices in the City of Key West,
Monroe County, Florida, on or before one year from the date hereof,
at the banking offices of the Boulevard Bank, aforesaid, the sum of
One Million Five Hundred Thousand Dollars ($1,500,000.00), together
with interest thereon at the rate of 10.48% 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 from the proceeds of taxes
when received, which will be levied by the County of Monroe, State
of Florida, on all taxable property in Monroe County, Florida, for
the tax year 1983 for the use of the said County.
This Warrant is issued in anticipation of said taxes so levied
for the tax year 1983, for the use and benefit of Monroe County,
Florida, for the purpose of funding the budget requirements for the
Sheriff's Office and to afford emergency repairs to the Monroe
County, Florida, Jail, 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.
I14 WITNESS WHEREOF, the County of Monroe, State of Florida, has
issued this Warrant
and has
caused
same to be
signed
by its Chairman
and attested to by
its Clerk
as of
the Loth
day of
SQ ole rn� a r- ,
A.D. 1987-.
(Seal) @[
Attest: { ���� i LPW. ���� ILy CLERK
a 6 .�.
Clerk '
BOARD OF COUNTY COMMISSIONERS
OF MO COUNTY, FLORIDA
By -
Mayor/Chairman
APPROVED .AS TO FORM
AA'D LSUFFICIENCY.
eY
Attorneys Office