1983-01 Fire Dept. RenovationRESOLUTION NO. 83-1
A RESOLUTION 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 is in
the process of expanding and improving its Okeechobee City Fire Station and City Hall,
and
WHEREAS, such action is necessary and essential due to the increase, expansion and
growth of the city and the financing of the purchase is an essential step in accomplish-
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 immediately available for
this purpose, and
WHEREAS, it is necessary to issue a note to the Flagship Bank of Okeechobee
(herinafter sometimes called the "Bank") in the amount of NINETY FIVE THOUSAND DOLLARS
($95,000.00) in order to provide funds to pay the cost of the renovation and construc-
tion, and
WHEREAS, it is necessary to pledge funds of the city derived from sources other
than ad valorem taxes, legally available therefore,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE,
FLORIDA AS FOLLOWS:
1. For the purpose of financing the construction 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 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 of 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 1, 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 attested
• 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 part 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 pay-
ment from the funds, as hereinafter 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 Resolution or any subsequent Resolution 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
as 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 en-
titled to payment of such principal and interest from any other funds of the
city except from the special funds in the manner provided herein.
6. The city, in preparing, approving and adopting its budget controlling or pro-
viding for the expenditures of its funds so long as any principal or interest
on the Note is outstanding or unpaid, will appropriate, allot and approve, from
funds derived from the city'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 Resolution or of any Resolution
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 Resolution
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 be held invalid, then such covenants, agree-
ments 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 Resolution or of the Note issued
thereunder.
9. The authority granted by this Resolution shall be automatically repealed if not
exercised on or before 5:00 P.M. on Friday, April 15, 1983.
10. This Resolution shall take effect immediately upon its adoption.
Introduced and adopted in regular session assembled this 8th day of Februar
1983.
Mayor
ATTEST:
City Clerk