0480 Loan for Fire Dept. Bldg.ORDINANCE NO. 480
AN ORDINANCE PROVIDING FOR THE ISSUANCE BY THE CITY OF OKEECHOBEE,
FLORIDA, OF A CAPITAL IMPROVEMENT NOTE IN THE AMOUNT OF NINETY FIVE
THOUSAND DOLLARS ($95,000.00) TO THE FLAGSHIP BANK OF OKEECHOBEE,
TO PROVIDE CONSTRUCTION FUNDS FOR THE EXPANSION AND RENOVATION OF
THE OKEECHOBEE CITY FIRE DEPARTMENT AND CITY HALL.
• WHEREAS, it is hereby found, determined and declared the City of Okeechobee requires
the expansion and improvement of its City Fire Station and City Hall Complex, and
WHEREAS, such action is necessary and essential due to the increase, expansion and
growth of the city and the financing of the construction is an essential step in accomplist
ing such purpose, and
WHEREAS, it is contemplated the city will finance the purchase over a five (5) year
period and it is necessary in order to provide for the city's completion of the work, that
NINETY FIVE THOUSAND DOLLARS ($95,000.00) be made available immediately for this purpose,
and
WHEREAS, it is necessary to issue a note to the Flagship Bank of Okeechobee (herein-
after sometimes called the "Bank") in the amount of NINETY FIVE THOUSAND DOLLARS ($95,000.C
in order to provide funds to pay the cost of the renovation and construction, and
WHEREAS, it is necessary to pledge funds of the city derived from sources other than
ad velorem taxes, legally available therefore,
NOW THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OEKECHOBEE, FLORIDA, AS FOLLOWS:
SECTION I: 1. For the purpose of financing the consturction costs associated with the
expansion and renovation of the City Fire Station and City Hall properties there is
hereby authorized to be issued a Capital Improvement Note of the city in the aggregate
principal amount of Ninety Five Thousand Dollars ($95,000.00) (hereinafter referred
to as the "Note"). The Note shall be in fully registered form, be dated as the date
of delivery, shall be payable to the Flagship Bank of Okeechobee, shall be payable in
lawful money of the United States of America, shall be numbered one, shall mature in
ten (10) equal semiannual installments of Principal together with accrued interest,
thereof, at the rate of seven percent (7%) commencing November 9, 1983, and every six
(6) months thereafter until paid in full. The Note shall be payable with respect to
both principal and interest at the Bank by check or draft mailed to the Bank at its
principal office in Okeechobee, Florida. The city shall have the right and privilege
to redeem the Note in full at any time prior to maturity upon payment of the unpaid
principal sum plus accrued interest, to the date of redemption and without penalty
and without prior notice to the Bank.
• 2. The Note shall be executed in the name of the city by the Mayor and attest(
and countersigned by the city Clerk and its corporate seal shall be affixed thereto.
3. In case the Note shall be mutilated, or be destroyed, stolen or lost, the
city may, in its discretion, issue and deliver a new Note of like tenor as the Note
so mutilated, destroyed, stolen or lost. Any such duplicate Note issued pursuant to
• this section shall constitute original, additional contractual obligations on the par
of the city whether or not the lost, stolen or destroyed Note be at any time found by
anyone, and such duplicate Note shall be entitled to equal and proportionate benefits
and rights as to lien on and source and security for payment from the funds, as herei
after pledged, to the same extent as the other Note issued hereunder.
4. The text of the Note shall be in substantially the following form and
tenor, with such variations, omissions and insertions as may be necessary, desirable
and authorized or permitted by this Ordinance or any subsequent Ordinance adopted
prior to the issuance thereof:
(Attached)
5. The principal and interest on the Note are secured by and payable from a
pledge of the city's one half cent Florida State Sales Tax, however, such pledge shall
not constitute a lien on such funds. The Note shall not and does not pledge the
property, credit, or general tax revenue of the city. The holder of the Note issued
hereunder shall never have the right to compel the exercise of the ad valorem taxing
power of the city or taxation in any form of any real or personal property therein to
pay such Note or the interest thereon or be entitled to payment of such principal and
interest form any other funds of the ciyt except form the special funds in the manner
provided herein.
6. The city, in preparing, approving and adopting its budget controlling or
providing for the expenditures of its funds so long as any principal or interest on
the Note is outstanding and unpaid, will appropriate, allot and approve, form funds
derived from the citt's share of the one half cent Florida State Sales Tax in the
amounts sufficient to pay the principal of and interest on the Note as the same shall
become due.
7. No material modification or amendment of this Ordinance or of any
ordinance amendatory hereof or supplemental hereto, may be made without the consent
in writing of the holder of Said Note.
8. If any one or more of the covenants, agreements or provisions of this
ordinance shall be held contrary to any express provisions of law or contrary to the
policy of express law, though not expressly prohibited, or against public policy, or
. shall for any reason whatsoever he held invalid, then such covenants, agreements or
provisions shall be null and void and shall be deemed separate from the remaining
covenants, agreements or provisions, and in no way affect the validity of all the
other provisions of this ordinance or of the Note issued thereunder.
9. The authority granted by this ordinance shall be automatically repealed
if not exercised on or before 5:00 P.M. on Friday, April 15, 1983.
SECTION II: This ordinance shall take effect upon its adoption.
Introduced on first reading and set for public hearing this 22nd day of February
1983.
ATTEST:
L-
C'ty Clerk
Mayor
Following public hearing this ordinance was passed on the 8th
1983.
ATTEST:
day of March
.
Mayor
City Clerk
APPROVED AS TO FORM:
1
City Att ey
• $9,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF OKEECHOBEE
CITY OF OKEECHOBEE
CAPITAL IMPROVEMENT NOTE
KNOW ALL MEN BY THESE PRESENTS, THAT THE City of Okeechobee, Florida (herein-
after referred to as "city") for value received, hereby promises to pay to the
Flagship Bank of Okeechobee, the principal sum of Ninety Five Thousand Dollars
($95,000.00) with interest thereon from date at the rate of seven percent (7%)
per annum with the first payment of principal and interest due November 9, 1983
and each six (6) months thereafter until paid. Roth principal of and interest on
this Note are payable in lawful money of the United States of America at the
Flagship Bank of Okeechobee, by check or draft mailed to the Bank at its principal
a
office in Okeechobee, Florida.
This Note is authorized to pay the construction costs associated with the
expansion and renovation of the City Fire Station and City Hall properties under
the authority of and in full compliance with the Constitution and Statutes of the
State of Florida, including Chapter 166, Part II, Florida Statutes, and other
applicable provisions of law, and pursuant to the Ordinance of the City of
Okeechobee adopted on the 8th day of March, 1983 (hereinafter called "Ordinance").
It is hereby certified and recited that all acts, conditions and things required
to happen, to exist and to be performed, precedent to and in the issuance of this
Note, have happened, exist, and have been performed in due time, from and in the
amount as required by the Constitution and Laws of the State of Florida, applicable
thereto and that the issuance of this Note does not violate any constitutional,
statutory ci27 charter limitation or provision.
The principal of and interest on this Note are secured by and payable from the
city's one half cent Florida State Sales Tax which revenue is derived from sources
other than ad valorem taxation in the manner provided in the Ordinance in connection
herewith. This Note shall not and does not pledge the property, credit or general
tax revenue of the city.
This Note does not constitute an indebtedness of the city within the meaning
of any constitutional or statutory provision or limitation and it is expressly
agreed by the holder of this Note that such holder shall never have the right to
require or compel the exercise of the ad valorem taxing power of the city for the
payment of the principal of and interest on this Note.
S
-2-
It is further agreed between the city and the holder of this Note that this
Note and the obligation evidenced thereby shall not constitute a lien upon any
property of or in the city.
This Note shall mature in ten (10) semiannual installments of principal
together with accrued interest, thereof, at the rate of seven percent (7%) commenc-
ing November 9, 198.3, and every six (6) months thereafter until paid in full.
Mo.
& Day/
Year
Principal
Interest
-
Total Payment
Nov.
9,
1983
$9,500.00
$4
463
67
May
9,
1984
$9,500.00
,
.
$2
984
29
$13,963.67
Nov.
9,
1984
$9,500.00
,
.
~
.
2
681
85
$12,484.29
May
9,
1985
$9,500.00
,
,
.
$2
308
35
$12,181.85
Nov.
9,
1985
$9,500.00
,
.
$2
011
38
$11,808.35
May
9,
s
1986
500.00
$9,500.00
,
.
$1
648
82
$11,511.38
Nov.
9,
1986
,
.
340
$1
$11,148.82
May
9,
1987
$9,500.00
,
.
229 9
$989
$10,840.92
Nov.
9,
1987
xr
9,500.00
.
$670
46
$10,489.29
May
9,
1988
~
~
X00
00
.
$10,170.46
1
.
5331 58
_L916.31 - 58
$95,000.00
$19,430.61
a`114,430.61
The city shall have the right and privilege to redeem the Note in full at
any time prior to maturity upon payment of the unpaid principal sum plus accrued
interest, to the date of redemption and without penalty and without prior notice
to the Bank.
IN WITNESS WHEREOF, the City of Okeechobee has caused this Note to be
signed by its Mayor, attested and countersigned by the City Clerk and its corporate
seal to be affixed hereto, all as of the 8th day of March A.D., 1983.
t
CITY OF OKEECHOBEE, FLORIDA
B
Mayor
ATTESTED AND COUNTERSIGNED:
,7~
/ < Zh..'Rh` 4 Cf,,RTIGIC.I Th
City Clerk
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CERTII') TH T I our thn duly
l"i'i
APPROVED
AS TO
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City Attorney
l*
BOA)NIE S. Tl1O141AS
CITY' GLERti