Resolution 040-1983
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RESOLUTION NO. 040 -1983
RESOLUTION AUTHORIZING ISSUANCE OF TAX
ANTICIPATION WARRANT FOR MONROE COUNTY,
FLORIDA, AND RESCINDING RESOLUTION NO.
243-1982.
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
~mEREAS, Boulevard Bank has agreed to loan said money to the
County at an interest rate of 8.25% per annum, and
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, previously adopted Resolution No. 243-1982 on the 20th
day of September, A.D. 1982, which said resolution said Board now
desires to rescind, now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY C0M11ISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
1. That Resolution No. 243-1982 is hereby rescinded.
2. That the sum of $1,500,000.00, together with interest
thereon at the rate of 8.25% 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
-2-
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 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
Boulevard Bank in the amount of $1,500,000.00 together with interest
thereon at the rate of 8.25% 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 $1,500,000.00 by the said
County.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board held on
the 18th day of February, A.D. 1983.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
/f
(Seal)
Attest: RALPH VI. ''HITE, CLERK
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APPROVED AS TO FORM
AND Li$AL SUFFICIENCY. /1
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BY - Att~rney'lI Offic;~' - t L~...~."- ...
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PROMISSORY NOTE
"
The undersigned, COUNTY OF HONROE, STATE OF FLORIPA, a
political subdivision of the State of Florida, hereby Rromises to
pay to the order of Boulevard Bank, a banking corporation existing
under the laws of the United States, with offices i~ the City of
Key West, Monroe County, Florida, on or before one year from the
date hereof at the offices of the said Boulevard Bank the sum of
One l1ill.ion Five Hundred Thousand Dollars ($1,500,000.00) together
with interest thereon at the rate of 8.25% per annum from the date
hereof until fully paid. This promissory note is secured by a Tax
,
Anticipation Warrant of even date herewith pledging taxes imposed
and collected by Monroe County, Florida, for the fiscal year 1983-
84.
IN WITNESS WHEREOF, th~ COUNTY OF MONROE, STATE OF FLORIDA,
has caused this Promissory Note to be signed by the Chairman of the
Board of County Commissioners of Monroe County, Florida, attested
to by its Clerk, and delivered to the said Boulevard Bank, this 22nd
day of
February
, A.D. 1983
COUNTY OF MONROE, STATE OF FLORIDA
irnian
nty mmissioners
oe County, F~orida
"d
;r
(Seal)
.
RALPH W. V;UlTE. CLERK
4'f~ f\1.f~.o.c.
Clerk
Attest:
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,
,
,
'.
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,
.
.
.1PPROVEFJ AS TO FORM
AND'I'GAL SUFFICIENC( :J /)
y ~C~9..<--'-' r;J /L~L, <J
. Attorney'$ OttiC#} ") h
TAX ANTICIPATION WARRANT •
•
KNOW ALL MEN BY THESE PRESENTS , That the County' ofi Monroe, ,
State of Florida, a political subdivision of the Sta.de 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 8. 25X 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 , t.ax 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.
IN WITNESS WHEREOF, the County of Monroe, State o:f Florida, has
issued this Warrant and has caused same to be signed. by its Chairman
and attested to by its Clerk as of the 22nd day of,. .February
A.D. 1983.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY,. FLORIDA
BY
ay r/Chairman 4;
(Seal)
Attest : 1u.,1� ®"lslrr CIEe la r�g�,
•
r n . O• C . APPROVED AS TO FORM
Clerk mod® SL'ARCIENOY0
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