1986-10 Wastewater Treatment PlantRESOLUTION NO 86-10
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE
REQUESTING THE FARMERS HOME ADMINISTRATION TO CHANGE THE INTEREST
• RATE ON THE $1,000,000.00 LOAN EXTENDED TO THE CITY TO FINANCE
CONSTRUCTION OF THE CITY'S WASTEWATER TREATMENT AND COLLECTION
SYSTEM FROM 9.750 PERCENT TO 8.625 PERCENT AND AUTHORIZING THE
MAYOR AND CITY CLERK TO SIGN THE REQUIRED REQUEST FORM.
WHEREAS, the City of Okeechobee, Florida on October 3 , 1983
entered into a $1,000,000.00 loan agreement with the Farmers Hoi<<e
Administration, and
WHEREAS, the interest rate in effect at the time of approval of
said loan was 9.750 percent and the interest rate in effect at
the time of the closing of said loan was 8.625 percent, and
WHEREAS, pursuant to Public Law 99-88, 7 U.S.C. 1927 (a) and
implementing regulations 7 CFR 1951.221, a borrower has the
option to select the lower interest in effect at either the time
of approval of the loan or at the time of closing of the loan.
NOW, THEREFORE, Be it resolved by the City Council of Okeechobee
as follows:
1. The City of Okeechobee hereby requests the Farmers Home
Administration to change the interest rate on the loan closed
October 1 , 1985 from 9.750 percent to 8.625 percent.
2. The Mayor and the City Clerk are hereby authorized to
execute the necessary documents to submit this request to Farmers
Home Administration.
3. This Resolution shall be effective immediately upon its
adoption.
ADOPTED this 19 day of August, 1986.
CITY OF OKEECHOBEE, FLORIDA
l
-MAYOR OAKLAN)���APC
ATTEST:
BONNIE THOMAS, CITY C ERK