HomeMy WebLinkAboutR-77-0946CITY OF MIAMI, FLORIDA:
MEA/rb
12/15/77
RESOLUTION NO,
16
A RESOLUTION CONFIRMING THE ACTION OF THE
MAYOR AND CITY CLERK IN SIGNING THE NOTE
TO BORROW THE SUM OF THREE HUNDRED TWENTY-
FIVE TI-IOUSAND ($325,000) DOLLARS FROM THE
CITY NATIONAL BANK OF MIAMI AT AN ANNUAL
INTEREST RATE OF FOUR AND ONE-HALF (4'1A)
PERCENT, PAYABLE IN SEMI-ANNUAL INSTALLMENTS
OVER A 3-YEAR PERIOD, FOR THE PURPOSE OF
MAKING NEEDED IMPROVEMENTS TO THE OLYMPIA
BUILDING TO HOUSE CITY OFFICES, AND TO
PLEDGE TIIE RENTS RECEIVED AS SECURITY FOR
THE LOAN.
WHEREAS, on July 28, 1977, the City Commission passed
Motion No. 77-628 authorizing and directing Richard La Baw,
Director of the Department of Off -Street Parking, to negotiate
a loan to make needed improvements to the Olympia Building at an
interest rate not exceeding four and one-half (4'2 ) percent; and
WHEREAS, said loan has been negotiated;
NOW, TIHEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
ITEM NO.
Section 1. The action of the Mayor and City Clerk in
signing the note to borrow the sum of Three Hundred Twenty --Five
Thousand ($325,000) Dollars from the City National Bank of Miami
at an annual interest rate of four and one-half (41%) percent,
payable in semi-annual installments over a 3-year period, for
the purpose of making needed improvements to the Olympia Building
to house City Offices, and to pledge the rents received as security
for the loan be, and the same is, hereby confirmed.
PASSED AND .DOPTED this 15TH day of December, 1977.
ATTEST:
RALPG. ONGIE, CITY CLERK
MAURICE A, FERRE
MAURICE A. FERRE, MAYO R
CITY COMMISSION
MEETING OF
OF 1 5 1977
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PREPARED AND APPROVED BY:
MICHEL E. ANDERSON
ASSISTANT CITY ATTORNEY
APPRO' /)AS TO FORM
GEORGE F. KNOX, JR.
CITY AT' EY
CORRECTNESS:
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