HomeMy WebLinkAboutR-89-0709J-89-776
7/27/89
RESOLUTION NO. 89-709
A RESOLUTION AUTHORIZING THE PROVISION OF AN
OPERATING CAPITAL LOAN IN THE PRINCIPAL
AMOUNT OF $300,000 TO CAREY TECHNICAL
INSTITUTE IN ACCORDANCE WITH CERTAIN TERMS
AND CONDITIONS, AS DESCRIBED HEREIN; FURTHER
AUTHORIZING THE USE OF COMMUNITY DEVELOPMENT
BLOCK GRANT FUNDS FOR SUCH LOAN SUBJECT TO
FEDERAL GUIDELINES REGARDING USE OF SUCH
FUNDS AND REQUIRING THAT SUCH LOAN BE
PROCESSED THROUGH MIAMI CAPITAL DEVELOPMENT,
INC.
WHEREAS, Carey Technical Institute, a vocational and
technical training institution located in the City of Miami faces
the immediate threat of financial insolvency; and
WHEREAS, Carey Technical Institute provides a valuable
service to the Miami community through the training of Miami
residents for vocational and technical iobs which assist in
creating full employment in the local economy; and
WHEREAS, the Commission of the City of Miami has determined
that the retention of Carey Technical Institute is in the best
interest of the City by virtue of the employment training it
provides in the community;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
provide an operating capital loan to Carey Technical Institute as
follows:
1. Principal amount of loan: $300,000
2. Interest Rate: 3%, 15 year amortization
3. Term of loan: 7 years
Section 2. Community Development funds in the amount of
$300,000 are hereby authorized subject to federal guidelines for
use in providing such loan, further it is required that said loan .
be processed through Miami Capital Development, Inc.
CITY COMMISSION
MEETING OF
Rescinded ByA C% " )L3 I I JUL 27 1989
1 RESOLUTION Nd 9-- ( 09,
1. Carey Technical Institute will provide loan collateral
consisting of all accounts receivable and fixtures. `-
2. Carey Technical Institute agrees to provide 25 full
scholarships per year for Miami residents for each year
the loan is outstanding.
Si
3. In the event the college relocates from its present 3=
Miami facility, it must relocate within the City of
Miami limits.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 27th day of Jul _ 1989.
VIER L. SUAREZL MAYOR
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ATTES
MATTY HIRAI-
CITY CLERK
PREPARED AND APPROVED BY:
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ROBERT F. CLARK
CHIEF ASSISTANT CITY ATTORNEY
LEGISLATION/SPECIAL PROJECTS DIVISION
APPROVED AS TO FORM AND CORRECTNESS:
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JO NANDEZCItGE
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