Resolution 198-1983
RESOLUTION NO. 198 -1983
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR CROSS KEY
WATERWAY ESTATES SPECIAL ROAD AND BRIDGE
TAXING DISTRICT.
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, desires to borrow the sum of $200,000.00, and to repay
the said loan, together with interest thereon as set forth herein-
after, from anticipated tax on receipts to be received by said
Board from tax revenue on taxable property in Cross Key Waterway
Estates Special Road and Bridge Taxing District for the fiscal
years 1983-84, 1984-85, 1985-86, 1986-87, 1987-88, 1988-1989,
1989-1990, 1990-1991, 1991-1992, and 1992-1993, and
WHEREAS, the BOULEVARD BANK has agreed to loan said money to
said Board of County Commissioners at an interest rate of 7% per
annum, now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
1. That the sum of $200,000.00, together with interest there-
on at the rate of 7% per annum from date, until fully paid, be and
the same is hereby authorized to be borrowed from the BOULEVARD
BANK, a banking corporation existing under the laws of the State
of Florida, for the purpose of building, reconstructing and repair-
ing the roads in Sections 1, 2, and 3 of Cross Key Waterway Estates
located on Key Largo, Monroe County, Florida, and as the Tax Collec-
tor shall collect 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990,
1991, and 1992 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 anti-
cipated to be collected for 1983, 1984, 1985, 1986, 1987, 1988,
1989, 1990, 1991, and 1992. In addition to the said periodic pay-
ment against principal, the Board shall pay interest as accrued
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until the full amount of the principal debt and accrued interest
shall have been paid at maturity on ,
1984 as set forth in the Promissory Note made and entered into on
the above date by and between the Board and the Bank.
BE IT FURTHER RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA, that the said Board is hereby authorized
to issue a tax anticipation warrant and a promissory note payable
to the BOULEVARD BANK in the amount of $200, 000. 00 together with
interest thereon at the rate of 7% per annum from date until fully
paid, payable from anticipated tax revenues for the years 1983 ,
1984, 1985 , 1986, 1987 , 1988 , 1989, 1990, 1991, and 1982 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 and to deliver the same to the BOULEVARD BANK
upon the receipt of the said sum of $200, 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 22nd day of July, A.D. 1983.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
51fairman
(Seal) , B
r
Attest : u� d. �Ls '9.1CLERK
Clerk �
APPROVED AS TO FORM
A 'GAL SUFFICIENCY,"
. 7
BY
Attorney's Office