Resolution 096-1983 RESOLUTION NO. 096 -1983
RESOLUTION AUTHORIZING THE CHAIRMAN OF THE BOARD OF
COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, TO
EXECUTE AN AGREEMENT BY AND BETWEEN THE COUNTY OF
MONROE, STATE OF FLORIDA, AND BOULEVARD BANK, IN .
REGARDS TO BORROWING THE SUM OF $1, 500, 000. 00 FOR
THE PURPOSE OF FUNDING THE SHERIFF' S DEPARTMENT.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, as follows :
That the Mayor and Chairman of the Board of: County Commis-
sioners of Monroe County, Florida, is hereby authorized to execute
an Agreement by and between the County of Monroe, State of Florida.,
and Boulevard Bank, a copy of same being attached hereto, in regards
to borrowing the sum of $1, 500, 000 . 00 for the purpose of funding
the Sheriff' s Department.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida at a regular meeting of said Board held on
the 31st day of March, A.D. 1983 .
BOARD OF COUNTY COMMISSIONERS
OF MOM),. =COUNTY, ORIDA
By
yor%Chairman
(Seal) - .. .. . ..
Attest: et WHçtR1(
!
e0L) , OV\fikA .
Clerkk
APP VED AS TO FORM
GAL-SUFFICIENCY.
BY - 4 .41"le
Attorney's Office
AGREEMENT
The undersigned, County of Monroe, State of Florida,
a political subdivision, hereinafter referred to as County,
and Boulevard Bank, a banking corporation existing under the
laws of the States of Florida, hereinafter referred to as
Bank, hereby agree as follows:
1. At a regular meeting of the Board of County Co~missioners
of County, held on the 18th day of February, 1983, County
adopted a Resolution authorizing the borrowing of the sum of
$1,500,000.00 from the Bank, and authorized issuance of a Tax
Anticipation Warrant evidencing the said debt, which sum shall
be repaid lvithin one year from the date of the said Tax Anticipation
Harrant, together with interest thereon at the rate of 8.25%
per annum.
2. The meanIng and intent of the language contained in
paragraph one of the said Resolution is that as the Monroe County
Tax Collector shall collect 1983 taxes, he shall pay the same
directly for and in behalf of Boulevard Bank anJ Monroe County,
jointly either by check, voucher or otherwise with each such
payment of taxes received until notified by bank that the debt
has been satisfied. Out of each said payment, the bank
shall receive the same ratio to the principal amount of the
initial debt as the amount of the taxes so collected bears
to the total amount of taxes anticipated to be collecteJ for 1983.
In addition to the said periodic payment against principal, 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 21, 1984, as set forth in the promissory note.
3. The anticipated taxes to be collected for 1983 shall be
the amount estimated by the Monroe County Tax Collector, for tIle
purposes of this agreement.
4. Within 10 days of the date hereof, this agreement shall
be ratified and confirmed by the Board of County Commissioners,
otherwise this agreement shall be null and void, and any funds
advances by Bank shall immediately be returned by County.
WITNESS the execution of this agreement the
31stday of
Harch, 1983.
County of Monroe, d~lte of ~lor~d, a i~
BY: -I.' I l~~/I
Mayor a a man 0 t e Board~
of Co y Com issioners of
Monr e County, Florida
(SEAL)
ATTEST: kL~ /}). ~,O<..
C 1 e &-----0-
BOULEVARD BANK
BY:
President/Chairman of the Board
ATTEST:
Executive Vice Pres./Cashier
(CORP. SEAL)